Concorde, a leading real estate developer, has announced plans to invest Rs 250 crore in the development of a residential project in North Bengaluru. The project, located in Thanisandra, will cover an expansive area of 4.5 acres, acquired for Rs 100 crore.
This ambitious venture aims to construct six towers comprising a total of 424 residential units, with an estimated development potential of 5.5 lakh sq ft. Construction is slated to commence in July 2024, with completion expected within the next few years.
In a strategic move, Concorde seized a majority stake in the project in October 2023, previously under stress between Arun Shelters and Puravankara. The acquisition, facilitated through NCLT for Rs 65 crore, underscores Concorde's commitment to expansion and strategic investment in the region.
Nesara B.S., Chairman of Concorde, highlighted the company's aggressive growth targets, aiming to achieve pre-sales of Rs 440 crore for the financial year. With a track record of robust performance, Concorde recorded sales of Rs 200 crore in the first half of FY24. In FY22-23, the company boasted sales of Rs 300 crore, with a notable profit margin of 9-10%.
Looking ahead, Concorde is poised for significant expansion, with four launches scheduled in the next 12 months, totaling over two million sq ft in development potential. The company's ambitious plans include the development of 36 luxury towers along the Old Madras Road, expected to be launched by the second quarter of the next financial year. This venture, with a development potential of three lakh sq ft, promises substantial revenue generation, estimated at Rs 1,400 crore, with Concorde's share projected to be around 65%.
Concorde's strategic investments and aggressive expansion signify its unwavering commitment to innovation and growth in the real estate sector, solidifying its position as a key player in the market.
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