Radiance Realty plans a slew of projects in Chennai
Chennai- City based leading developer, Radiance Realty Developers India Ltd is planning to execute series of residential projects in next four to five years.
On one hand, the company has lined up more than 4 million sq. ft. of projects to scale its operations and on the other hand, its promoters are looking forward to diversify into utility scale renewable energy project.
The company is focusing to develop residential projects in Tamil Nadu as it has deep understanding of the market. It will develop residential projects in the suburbs of Chennai with an estimated cost of Rs 7,000 per sq ft. Around 60 percent of the upcoming projects would be developed on IT corridor of Rajiv Gandhi Salai (OMR), Chennai.
Among the ongoing projects, a high end villa project with nine-hole golf course would be developed on 2 million sq. ft. in Coonoor (in Nilgiris). The company has delivered over 3.82 lakh square feet of built up space in 2012. It adopts latest technologies and best techniques to deliver ultra modern and luxurious space to make living joyful and comfortable.
Radiance Realty was established after selling its 64-years-old construction company NAPC to Vinci, a Euro 35 billion French construction major, in January 2012. NAPC generated Rs. 600 crore revenue at the time when it was sold. The sale of this company turned Radiance cash rich.
So far, the company has invested around Rs 650 crore in the projects and is planning to invest another Rs 200 crore soon. It may also look at the initial public offering after 2014 as an alternate source to get funds.
The group is also planning to set up solar farms (less than 10 MW) in Tamil Nadu and Gujarat.
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