Ramky Estates and Farms Limited, the real estate arm of the over INR 3,000 crore Ramky Group, will be enterning Eastern India in the next six months.

M Goutham Reddy group director said that “We are currently evaluating the eastern side, Bhubaneswar and Kolkata to start with. Hopefully, we should close the land acquisition deals, 100 acre in each of these cities, in the next six months.”

Mr Reddy said told Business Standard that the company is looking at creating two integrated townships in joint development with land owners in Bhubaneswar and Kolkata, together having a built up area of about 7 million square feet.

He added that “We will be funding these two projects through internal accruals and debt in the ratio of 50:50. We will commence work on the projects in 2012 and expect to complete them in about five years from then.’

Ramky Estates, which had so far completed 3 million square feet of residential and commercial ventures across Chennai, Bangalore, Hyderabad and Warangal, is executing projects spread over 4 million square feet in Hyderabad, Bangalore and Chennai. These include a 1.8 million square feet Ramky Towers in Gachibowli, a 450,000 square feet commercial development in the financial district and a 500,000 square feet independent villa project ‘Ramky Pearl’.

Mr Reddy said that “These projects, put together, involve an investment of INR 200 crore and we have already achieved financial closure. All these projects will be completed in the 2011 calendar.”

The company is executing two residential projects in Bangalore an 800,000 square feet venture in Yelahanka and a 400,000 square feet project in the Electronic City with an investment of INR 60 crore (50% debt and 50 % equity). He added that “We should be requiring about three years completing these projects.”

Ramky is currently doing one commercial and two residential projects in Chennai, with a total investment of INR 60 crore, fully funded through internal accruals.

(Sourced from BS)