Century Real Estate Joins Affordable Housing Trend
Century Real Estate has recently joined the affordable housing movement with the launch of their ‘Century Indus’ project. This initiative offers apartments priced between Rs 20-30 lakh.
Affordability Achieved Through Strategic Land Acquisitions
Mr. P. Ravindra Pai, Managing Director of Century Group, explained that the company has been able to make this project affordable due to acquiring land at historical rates.
Substantial Land Bank
The company boasts a vast land bank of over 3,000 acres, most of which were acquired at historical rates, valued at around $2 billion. Plans are underway to utilize some of these land parcels for the development of additional affordable housing projects in the city.
Ambitious Development Plans
Dr. P. Dayanand Pai, Founder and Chairman of Century Group, stated, "We propose to develop 6,500 apartments targeted at the affordable segment, approximately seven million square feet of development, with a budgeted outlay of Rs 1,050 crore over the next three years." These projects will be situated in North and West Bangalore.
New Entity Formed
Mr. Pai announced that the group has established ‘Century Real Estate Holdings.’ Approximately 300 acres from the land bank, valued at Rs 1,200 crore, have been transferred to this new company. Around 12 projects are planned to be developed on this land.
Financial Strategy
The company is looking at raising funds both at the entity and project levels. At the entity level, it aims to raise Rs 200 crore as bank debt for the pre-development of these 12 projects. Mr. Pai confirmed, "We have almost tied up the debt."