Sumadhura Infracon to invest Rs 5,000 Crores in next three years

  • 10 months ago
  • News

According to the chairman of Sumadhura Infracon, the real estate developer is planning to invest about 5,000 crores to double its residential and commercial portfolio within the next three years. The company has recently acquired 45 acres of land along Bengaluru’s Outer Ring Road to construct a commercial facility. In 2023, they plan to build three million square feet of new homes and develop two million square feet of land.

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Most of the project funding will be through internal accruals, and the company is currently in talks with financial institutions for next-level growth through platform deals. Sumadhura Infracon has purchased almost 100 acres of property in Devanahalli near Bengaluru and is planning to venture into plotted development, with five million square feet of construction already underway.

The chairman stated that they will start with two million square feet of plotted development in FY 2023-24 and balance it with three million square feet in FY 2024-25. The demand from home purchasers has been strong, leading to a significant increase in sales from new launches for prominent national and regional developers. Mumbai and Bengaluru are the leading markets, contributing 21% each of the total sales, with residential sales driven by projects launched in the last 18-month period.

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