Gujarat Realtor Radhe Moves Toward South


With “green shoots” becoming a byword for the ‘receding recession’, a new pattern may be emerging in the realty sector of South India — sell-out properties lock, stock and barrel, or reduce financial burden by signing up a joint venture wherever possible. This may lead to consolidation in a sector seen as rather unorganized.
The Gujarat-based realtor Radhe Developers (India) Ltd, listed on the BSE, offers one such example. It plans to invest around Rs 175 crore in Kerala and Andhra Pradesh to develop a resort and high-end residential villas, respectively.
In Kochi, the Ahmedabad-based company will invest about Rs 60 crore from its internal accruals for buying out the resort spread over five to six acres and spend another Rs 15 crore on its renovation, through a debt. The renovated resort would start in a year’s time, he said.
By entering into a 50:50 joint venture with Jayadarsini Housing Pvt Ltd of the Gorlas Group, Radhe Developers plans to invest nearly Rs 100 crore in the ongoing project of developing a 500-acre property of residential villas near Hyderabad, in the next five years.
It comprises construction of 805 independent villas, of which 398 would be developed in the first phase in 90 acres.
In Gujarat, Radhe Developers plans to take up an ambitious Rs 12,000 crore project in Vadodara district where it has identified 1,000 acres for a massive, integrated township. Altogether 33,329 residential units have been planned by the company, which has already acquired 498 acres of land, Mr Patel said, adding the company was now awaiting the State Government’s proposed announcement of township policy to start work.

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