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Nov 5, 2008

Casa Grande Eyes Coimbatore

Reports of slowdown in the realty sector have not upset the business plans of Chennai-based developer Casa Grande from foraying into the premium-end residential segment. Having lined up two buyers for the niche market, it is gearing up to launch its premium project on RK Salai, considered a bustling residential and commercial upmarket area. Early this year, Casa Grande had acquired 4.5 ground property in the prime area. Under the project, six residential units would come up, each covering about 3,300 sq ft. The cost of each dwelling unit would be around Rs 4.5 crore. It has been in the realty business for four years now and developed 1.10 lakh sq ft residential space in the city and suburbs.

“Though all approvals were in place, because of the second master plan for the city, we had to resubmit our plan. We hope to launch the project in a month or two,” Casa Grande MD Arun Kumar told ET. It has got a mid-sized businessman in electronics space and a property investor as its first two clients. These Rs 1 crore to sub-Rs 5 crore category of customers are untouched by the economic downturn, he said.


Claiming it is a zero-debt company, Kumar said last year, the turnover of Casa Grande was over Rs 60 crore. With nine projects in the pipeline, it is looking at doubling it by March 2009. The residential and layout projects on hand include those at Sriperumbadur, Madipakkam, Perungudi, Velachery, Adyar and Maraimalainagar. If all the projects are developed, Casa Grande would release 4 lakh sq ft plus residential space.


At Sriperumbadur, it is promoting a Rs 190-crore project with 780 apartments. Last month, it got DTCP approval and construction is slated to begin by January, Kumar said. The company also plans to enter Coimbatore and Bangalore shortly. While two projects will come up in textile city (one a 400-flat project), it proposes to launch a 14-apartment project in Vijayanagar area in the garden city. In both locations, the ventures would cater to the high-value segment, Mr Kumar said.

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