By Accommodation Times Bureau
A Navi Mumbai based realty firm Arihant Superstructures will invest about Rs 4,000 crore over the next six year on development of its 15 ongoing projects in Jodhpur and Navi Mumbai, a top company official said.
According to company’s Chairman and Managing Director Ashok Chhajer told,“We are currently developing 15 projects in Navi Mumbai and Jodhpur comprising 12.9 million sq ft area.”
“We focus on affordable housing. Out of our total portfolio, 66 per cent is low-cost homes in a price range of Rs 20-50 lakh,” he added
Arihant Superstructures have already completed around 2.5 million sq ft area across nine projects.
The development cost would be funded through bank loans, internal accruals and advances from customers. Arihant is expecting Rs 6,000 crore revenues from these 15 projects over the next six years, he said.
Out of 15 projects, 5 are in Jodhpur and rest in Navi Mumbai.
“We are targeting to achieve total sales bookings of 1,500 units having value of about Rs 600 crore,” he said.
On sales bookings, he said they have improved and the company sold 580 units worth about Rs 200 crore in the first half of this fiscal.
The company’s sales booking were hit last fiscal mainly due to demonetisation and it was able to achieve only Rs 200 crore worth bookings.
The company achieved a turnover of Rs 186 crore last fiscal and is expecting about 25 percent growth in 2017-18.