Navanaami Projects has set an ambitious target to achieve Rs 350 crore in revenue for the financial year 2024-25. The Hyderabad-based real estate firm recently unveiled its luxury residential project, The Megaleio, in Hyderabad, with an investment of approximately Rs 800-900 crore.
The project, sprawling over 4.1 acres, includes 150 residences divided into three units: Skyline tower flats (11,111 sq ft), Unity tower flats (9,999 sq ft), and 8,888 sq ft units. The Megaleio is being developed in collaboration with DesignHaaus, Tierra, Arup, and Optimisation Consultants. To fund the project, Navanaami Projects has secured a Rs 250 crore loan from Union Bank of India, with the remainder being financed through internal accruals. The company anticipates a topline of Rs 1,200 crore from this project.
Navanaami Projects recorded a revenue of Rs 200 crore and a profit margin of 12% in FY24. For FY25, the company is targeting a 15% profit margin. Founder and Managing Director, Naveen Gadde, outlined the company's vision to achieve a turnover of Rs 1,000 crore within the next 4-5 years.
In the past two financial years, Navanaami Projects invested Rs 150 crore in commercial and residential projects. For FY25, the company plans to invest an additional Rs 200 crore, primarily to complete ongoing projects.
In 2023, the company was also engaged in a commercial project in Nanakramguda, Hyderabad, investing Rs 100 crore in equity and securing a Rs 150 crore loan. This project, covering 2.45 million sq ft, is being developed in partnership with Pune-based Panchshil Realty. Scheduled for completion by December 2024, the commercial project will see Navanaami partly selling and partly retaining office spaces.
Looking ahead, Navanaami Projects plans to launch another project in Hyderabad in October 2024. This development will feature one million sq ft with 300 apartments ranging from 2,400 to 3,000 sq ft.
Gadde highlighted the robust market for Global Capability Centers (GCCs) in Hyderabad, noting the limited supply of Grade A office spaces. He also mentioned that the average property price for Navanaami's residential projects in Hyderabad has increased from Rs 7,000-8,000 per sq ft in 2022 to Rs 10,000 per sq ft, with an expected rise of 5-10% in FY25.
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