Luxury developer S Raheja Realty plans budget housing foray

To cash in on the growing need for mass-housing, luxury home developer S Raheja Realty has decided to enter the mid-income segment by launching a residential project at Palghar, near Thane in Maharashtra. “At present, there is tremendous scope for developing mid-income housing. We plan to enter this segment in a big way,” said Ram Raheja, managing director, S Raheja Realty. He further said the company also has signed a deal for developing a mid-income residential project in Varanasi. “We are also exploring opportunities in Kolkata and Indore. We will continue to look at opportunities in tier II cities not only for developing residential projects but also for luxury,” Raheja said. The company has primarily been in the luxury housing segment, and has so far developed three properties; one in Pune and two in Mumbai. One each in Lonavala and at Khar in the western suburb are under execution. Besides, the company has also developed three commercial properties --Kirabo, S2 and Hinduja Healthcare Surgical--in Mumbai. “In a city such as Mumbai, where land is a major constraint, redevelopment is the best way. We have already signed deals for three redevelopment projects in Bandra and one in Kalina. We are looking at closing three to four more such deals in the suburbs in this year,” Raheja said. The company plans to develop nearly 1 million sq ft over the next few years. As to investment plans, he said, “Our projects are mainly funded through internal accruals. We will continue to remain a debt-free company.” source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=19958&cat_id=1