New Delhi, Oct 29 (PTI) Real estate firm ArihantSuperstructures will invest about Rs 4,000 crore over the nextsix years on construction of its 15 ongoing projects in NaviMumbai and Jodhpur, a top company official said.
The Mumbai-based developer has completed around 2.5million sq ft area across nine projects.
"We are currently developing 15 projects in Navi Mumbaiand Jodhpur comprising 12.9 million sq ft area," the company'sChairman and Managing Director Ashok Chhajer told PTI.
The company is developing around 12,000 units in theseprojects.
"We focus on affordable housing. Out of our totalportfolio, 66 per cent is low-cost homes in a price range ofRs 20-50 lakh," he said.
Asked about investment in the ongoing projects, Chhajersaid the land cost is already paid while Rs 4,000 crore wouldbe required to complete construction of these 15 projects.
The construction cost would be funded through internalaccruals, bank loans and advances from customers.
Arihant is expecting Rs 6,000 crore revenues from these15 projects over the next six years, he said.
Out of 15 projects, around 10 are in Navi Mumbai and restin Jodhpur.
Chhajer said the company is concentrating on projectexecution and delivered about 1,100 flats covering 1 millionsq ft area during last fiscal.
This year, the company is targeting delivery of 1.5million sq ft.
On sales bookings, he said they have improved and thecompany sold 580 units worth about Rs 200 crore in the firsthalf of this fiscal.
"We are targeting to achieve total sales bookings of1,500 units having value of about Rs 600 crore," he said.
The company's sales booking were hit last fiscal mainlydue to demonetisation and it was able to achieve only Rs 200crore worth bookings.
Arihant is also looking to develop more projects in NaviMumbai and Mumbai metropolitan region.
The company achieved a turnover of Rs 186 crore lastfiscal and is expecting about 25 per cent growth in 2017-18.
PTI MJH ABMSBT.
This is unedited, unformatted feed from the Press Trust of India wire.