Construction Industry News
Alliance Group, a real estate company with offices in Chennai, and its subsidiary Urbanrise plan to spend Rs 216 billion over the next five years to build 36 million square meters of residential projects in the southern market.
The proposed projects will increase their portfolio by more than twice as much and will be built in Bengaluru, Chennai and Hyderabad. The real estate company will build living spaces totaling 10 million square feet in Bengaluru, 16 million square feet in Chennai and 10 million square feet in Hyderabad to expand its presence.
Manoj Namburu, CMD of Alliance Group and Urbanrise said FY 2022-23 has been a very positive year for the organization, where we made record sales of 4,199 homes. The company will raise capital from existing partners and build internally for future projects.
Urbanrise has acquired large tracts of land in premium locations in Bengaluru, Chennai and Hyderabad markets to develop residential projects in these regions. In the past year, it has acquired more than 290 acres of land in southern markets to develop residential projects.
In a recent deal, the company acquired 9.24 hectares of residential land from Mahindra Lifespaces Developers in Chennai.
Namburu also added that all projects will come on the land acquired by the company and this year alone we will build 6 million square feet.
Urbanrise-Alliance raised money through the Kotak-ADIA platform and Motilal Oswal to create projects in Bengaluru and Chennai. In FY 2022-23, the company posted revenue of Rs 25.68 billion. In its most recent fiscal year, the company sold 4,199 homes with a combined saleable space of 4.23 million square feet and has 54 million square feet under construction.
