Emami Realty plans to develop two new residential projects in Chennai
Emami Realty, an Emami Group company, is planning to develop two new residential projects, covering a total area of around 20 lakh square feet, in Chennai.
These two projects in Chennai are the parts of the Kolkata-based company’s plan to launch 12 projects, spanning around 220 lakh square feet of residential and commercial spaces, over the next seven years across major cities in the country.
The total estimated investment for all these proposed projects in West Bengal, Uttar Pradesh, Tamil Nadu, Odisha and Jharkhand would be around ₹10,000 crore.
“We are already present in Tamil Nadu. One project we had delivered around three years back in Chennai. Currently, there is an ongoing project in Coimbatore. We will be launching two more residential projects in Chennai. Construction of these two projects will start,” Nitesh Kumar, MD & CEO, Emami Realty, told businessline.
“One project, having 8.5 lakh square feet space, will be completed in 2028, while the other with about 11 lakh square feet will be completed in 2029-end,” Kumar said, adding these two are upper-mid housing projects.
Developing projects
The company has around 100 acres of land in Hyderabad. “Right now we have not decided whether we will be developing projects in Hyderabad or selling off the lands there,” the MD said.
Of the total 12 upcoming projects across the country, as many as five projects will be launched outside West Bengal. For all these new projects, the company has its own land bank.
“These projects will have a total revenue potential of around ₹15,000 crore. Total estimated investment will be around ₹10,000 crore. We already have land. So, we only need construction financing. It will be financed by internal accruals and selling of projects,” Kumar added.
