Patel Realty to launch pan-India project worth Rs 300 cr

Source :Patel Engineering: May 28,2011

Patel Realty India Ltd, a wholly-owned subsidiary of Mumbai-based publicly-held Patel Engineering Group, plans to launch 3-3.5 million sq ft of projects valued around Rs.300 crore during the present financial year across the country.

Presently, around 7 million sq ft of real estate space is under construction across verticals like residential, commercial and retail space by the company.

“The total project cost for these upcoming project is around Rs.300 crore this fiscal, which will be funded from internal accruals and cash flow from clients,” according to the company insiders.

Patel Realty has around 1,100 acres of land in various parts of the country, which has been transferred to the company from parent group.

“As we don’t have to invest in land parcels, which is around 70 per cent of the total project cost, our investments are less in comparison to other real estate companies,” he added.

He, however, said that it was difficult to give a sales figure as the company was working in all verticals of real estate market.

Patel Realty, which has a total sales income of around Rs.700 crore in last two financial years, is also planning to launch an integrated township project in Mauritius. The company will commit around $500 million in this project in a phased manner.

The real estate company also aims to launch more projects in Bangalore, Hyderabad, Mumbai and Chennai in the near future.