Construction Industry News
Sumadhura Infracon, a prominent real estate developer, is ready to embark on an ambitious expansion plan, with the aim of investing around Rs 50 billion over the next three years. This significant capital injection aims to more than double the company's existing residential and commercial portfolio, the chairman's statement said.
One of the latest developments in this endeavor is the purchase of 45 hectares of first-class land along Bengaluru's outer ring road. This strategic acquisition will be used for the construction of a state-of-the-art commercial facility.
In the coming year, 2023, Sumadhura Infracon has set its sights on building three million square feet of new homes and developing another two million square feet of land. Chairman G Madhusudhan stressed that a significant part of the project funding will come from internal resources. In addition, the company is actively involved in discussions with financial institutions to explore opportunities for next-level growth through platform deals.
This expansion drive comes in response to strong demand from homebuyers, leading to a significant increase in sales due to new real estate launches by both national and regional developers. Mumbai and Bengaluru markets particularly shone in terms of semi-annual sales, each contributing 21% to the overall figures. The majority of these residential sales have been driven by projects launched in the last 18 months.
The real estate sector has witnessed a significant upturn, with H1 2023 registering the launch of more than 151,000 residential units, a notable increase of 24% compared to the previous year. This growth is also consistent on a quarterly basis, with more than 76,000 units launched in the second quarter of 2023.
