Ramky Estates & Farms Ltd, part of the Ramky Group, a diversified infrastructure developer, has planned a series of mixed use townships, exclusive residential housing projects, while making entry into the middle income housing category.

Mr M Nanda Kishore executive director of Ramky Estates said that “We expect to invest up to INR 1,000 crore on nine new projects which entail development of 9.8 million square feet of built-up area. This is in addition to 5 million square feet under various stages of development in Hyderabad, Chennai, Bangalore, Visakhapatnam and Warangal.”

Addressing a press conference, Mr Nanda Kishore said the company has partnered with local land owners to expand its footprint across major cities in the country.

As a part of this initiative, Ramky is finalising plans for projects in NCR, Kolkata, Indore and Mumbai (Panvel).

All the projects have been funded through internal accruals, debt and money paid by the customers. He said that “In the near future, we expect to invest up to INR 200 crore. When the market conditions get better, we may look at raising some funds trough a private equity deal. Last year, we closed with revenues of INR 160 crore and are likely to end with INR 250 crore turnover this year.”

(Sourced from BL)