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Century Real Estate, a Bengaluru-based developer, plans an ambitious venture with an investment of Rs 1,700 crore to develop 4.5 million sq ft of residential space by FY25. Ravindra Pai, managing director, says that Century has a pipeline valued at Rs 5,000 crore. Surpassing FY23 sales in the first half of the current fiscal year, the company eyes the launch of six projects in FY25. Current developments cover 0.7 msf of plotted development, 3.8 msf of apartments, and 2.1 msf of mixed-use developments. Notably, 1 million sq ft of luxury projects in Indira Nagar and 0.5 msf of mid-segment apartments in Yelahanka are on the horizon.
Having already delivered 1 million sq ft, the company boasts a total of 6 million sq ft completed in the past year. With a strategic focus on the mid-market segment in FY25, luxury projects remain location-specific, more oriented towards CBD areas with established infrastructure. In the realm of mixed-use development, a substantial 2.1 msf will unfold in East Bengaluru, integrating residential and retail properties. Commercially, Century Real Estate has collaborated with Prestige for a 2.5 million sq ft project near Hebbal and engages with Godrej Properties for a 2.2 million sq ft endeavor.
A noteworthy facet of the company's expansion is the surge in interest and demand for plotted development. A 25-acre project in Devanahalli, North Bengaluru, will be unveiled with approximately 350 plots priced at Rs 57 lakh onwards, catering to sizes ranging from 1200-2400 sq ft. The appeal of plotted development lies in providing buyers the autonomy to build personalized homes while contributing to a larger community. Over the last three years, plotted developments have yielded returns between 13-21% annually, witnessing a notable 30% increase in demand and prices.
Despite the flourishing landscape, the rising cost of land persists as a challenge for developers. Addressing this, Pai emphasizes the significance of securing reasonably decent land, with ongoing developments utilizing the company's owned land.
Transitioning to the commercial arena, Century Real Estate unfolds plans for business parks. Presently, 2.5 million sq ft of commercial spaces are under development in Bengaluru, with 1 million sq ft already completed. A joint venture with Prestige for an additional 2.5 million sq ft is in the final stages of approval. Looking ahead, the company eyes an expansive 7 million sq ft development in northern Bengaluru encompassing office, residential, and retail spaces.
In summary, Century Real Estate's strategic thrust involves a significant investment in residential and commercial spaces, catering to diverse market segments. The planned developments align with market trends, such as the increasing appeal of plotted development and a focus on mid-market residential offerings. The company's collaboration with established peers underscores its commitment to robust and comprehensive real estate projects, shaping the urban landscape of Bengaluru.
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