Runwal Group plans to acquire 10 million square feet (msf) by the end of this financial year for mixed-use development, given the demand and is targeting an overall investment close to Rs 1,500 crore.
The acquisition process is currently on. The acquisition is expected to be funded through both internal accruals and institutional funding. Once that process gets over, we should be able to launch in the next six to nine months
The company currently has close to 55 msf of land bank in Mumbai.The revenue from sales last year was more than Rs 3,000 crore (fiscal year). The company is looking at a growth of 20 percent this year. The company has launched projects in all three residential verticals – affordable, mid-segment and luxury. It has also ventured into commercial and retail segments.
The company is planning to launch an affordable housing project in the Mumbai Metropolitan Region (MMR), in areas such as Kalyan, and Dombivli. It plans to launch a project in the luxury segment in South Mumbai.
The company has created a separate vertical for its commercial business and is looking at developing close to 15 msf of Grade A space. The allocation of funds for the commercial projects would be spread over seven to eight years.
The company is also looking at acquiring a few projects through the insolvency route. It has recently acquired one such project in South Mumbai. It is a redevelopment project and is expected to be a development of close to 2.5 msf.
