Surabhi Chemicals Ventures into Real Estate with Projects in Nagpur, Surat, and Vadodara
Surabhi Chemicals, a textile chemicals firm recently acquired by Mahadhan Vincom from Gala Sarees Group, has announced its ambitious plans to enter the real estate sector. The company has purchased a residential plot in Nagpur, Maharashtra, with the intention of developing either a residential or commercial project on this site. This move signals a significant expansion for Surabhi Chemicals, marking its foray into the competitive real estate market.
Surabhi Chemicals mulls over entering real estate business.
Beyond Nagpur, Surabhi Chemicals is also setting its sights on expanding its real estate business into other key cities, including Surat and Vadodara in Gujarat. This multi-city approach underscores the organization’s commitment to establishing a strong presence in the western Indian real estate landscape.
Under the leadership of its new owner, Mahadhan Vincom, Surabhi Chemicals has embraced a forward-thinking strategy. The company's director, Manish Patni, articulated this vision in discussions with media representatives, sharing their aim to establish Surabhi Chemicals as a leading developer in Western India. This strategic objective includes focusing on the promising real estate markets of Maharashtra and Gujarat.
Surabhi Chemicals to step into realty sector.
"Speaking to the media persons, Surabhi Chemicals & Investments Ltd.’s managing director Manish Patni said that the group, along with the change in the management, plans to focus on real estate."
Mr. Patni outlined the ambition held by the organization's new promoters. They are aiming to position the company as a prominent developer in the western region of India. He emphasized that the firm’s primary focus will be on high-growth western states such as Maharashtra and Gujarat.
With an estimated investment of Rs. 30 crore earmarked for real estate ventures in Nagpur, Surat, and Vadodara, Surabhi Chemicals is prepared to make significant financial commitments. The company intends to secure Rs. 20 crore through its internal accruals, and the remaining Rs. 10 crore will be garnered from external investors. Although Surabhi Chemicals recorded a turnover of Rs. 10 crore in the fiscal year 2012-13, the precise details of how the company plans to raise the additional funding for these ambitious projects remain undisclosed.
While the specific type of project for the Nagpur land acquisition is yet to be determined, Surabhi Chemicals & Investments Ltd. is actively pursuing the acquisition of multiple land parcels in Surat and Vadodara, demonstrating a proactive and opportunistic approach to land acquisition and development. Although the precise nature of the development in Nagpur is still pending a final decision, the company intends to solidify its presence in Surat and Vadodara via the strategic purchases of a variety of land parcels.