CeeDeeYes Footprints Coimbatore
Family-run firm CeeDeeYes, which has been in the realty business for over two decades, is keen on bringing professionals on board to fund its projects. The Chennai-based company, which is in the process of raising private equity of around Rs 350 crore, said it has short-listed about five firms for this. “We have domestic and foreign investors showing interest. We plan to offload 15%-30% of stake to fund expansion projects in Chennai and Coimbatore,” CeeDeeYes chairman Deva Das Sundaram said. The company claims to have drawn a list of four to five investors, with whom it would look at striking a deal in the next fortnight or so. It has ongoing projects worth Rs 1,500-2,000 crore and proposes to complete these in two years. CeeDeeYes has undertaken residential and commercial projects. It has executed projects covering 1.8 million sqft of IT space and 2 million sq ft of residential space.
The company has leased out 0.8 million sq ft to IT companies, including its top tenant Cognizant, which occupies 8 lakh sq ft space, he said. With a land bank of 60 acres, CeeDeeYes says it has done turnkey projects worth Rs 500 crore. “We have purchased 50 acres to cater to the budget home segment. Our budget houses would be in the Rs 15 to Rs 25 lakh bracket,” Sundaram said. For the year ended March 2008, the company clocked a turnover of Rs 200 crore.
