MC Exclusive: Century Real Estate to launch 7 million sq ft business park in Bengaluru

MC Exclusive: Century Real Estate to launch 7 million sq ft business park in Bengaluru

Bengaluru-headquartered real estate firm, Century Real Estate, is gearing up for an extensive investment of Rs 3,400 crore in order to introduce a whopping 9 million square feet (msf) worth of projects in Bengaluru.

These projects encompass a mix of office spaces and residential ventures. The projected outcome of this ambitious endeavor is a potential revenue amounting to Rs 9,000 crore, anticipated to materialize by the conclusion of the upcoming financial year.

In addition to the above, the company has charted plans to unveil an integrated business park spanning 7 msf in northern Bengaluru. This expansive project is envisioned to encompass not only the business component but also smaller sections allocated for residential and retail purposes. This holistic vision is projected to take shape over a span of 3 to 5 years.

According to Ravindra Pai, the Managing Director of Century Real Estate, this comprehensive approach signifies the company’s commitment to multifaceted growth and development in the real estate sector.

Ravindra Pai, the Managing Director of Century Real Estate, provided further insights into the company’s accomplishments. He stated that up until the present moment, the company has successfully completed and delivered a substantial portfolio of residential projects, comprising a total area of over 3 million square feet (msf).

This accomplishment translates to the creation of around 4,000 to 4,500 apartment units. Furthermore, the company has made significant progress in the realm of plotted developments, having crafted more than 3,000 to 3,500 plots across an expansive area spanning 800 acres of development.

Looking ahead, Century Real Estate has set its sights on achieving remarkable financial targets. With a projected revenue goal of Rs 1,000 crore for the fiscal year 2023-24, the company aims to nearly double its revenue compared to the previous year’s performance. This ambitious target underscores the company’s determination to further enhance its market presence and financial performance in the real estate sector.

Presently, Century Real Estate is actively engaged in the development of approximately 3.5 million square feet (msf) of residential space across various stages of progress.

In the realm of residential developments, the company has strategic plans in motion. It intends to introduce a villa development project, which will constitute the second phase of the ongoing villa project known as Century Wintersun. Additionally, another plotted development and a project focused on luxury apartments are also on the company’s horizon.

Looking ahead, Century Real Estate is poised to unveil a series of impactful launches. These upcoming projects encompass approximately four apartment developments situated in prime central and prime suburban locations. Moreover, the company is preparing to present two villa development ventures and a couple of plotted developments to the market within the current financial year. This multi-faceted approach demonstrates Century’s commitment to diversifying its real estate portfolio and catering to varying demands within the residential sector.

Ravindra Pai, the Managing Director of Century Real Estate, shared that the forthcoming launches slated for this year will encompass an impressive total of approximately 1.5 million square feet (msf) of residential space. In response to the current market trends in Bengaluru, Pai emphasized that there is a notable surge in demand within the mid-market segment of real estate. However, he emphasized that Century’s offerings tend to lean towards the luxury spectrum. To cater to the evolving market dynamics, the company is focusing its residential product developments in these two thriving segments – luxury and mid-market.

The geographic targeting strategy for these residential launches is primarily focused on two key areas: northern Bengaluru and the central business district. While the company is tailoring its projects to cater to these particular segments, it has no immediate plans to venture into new cities.

The projects aimed at these specific regions are expected to come with a price range approximately ranging from Rs 4.5 crore to Rs 5 crore. In addition, Century Real Estate has plans to introduce a luxury villa development in Doddabalapur, located in northern Bengaluru, and another luxury project in the renowned locality of Indiranagar.

Furthermore, there is an upcoming residential project in the planning stages, positioned in proximity to the eastern IT corridor of Marathahalli. This project is anticipated to be launched within the fiscal year 2024-25. The strategic positioning and diverse offerings showcase Century’s commitment to delivering tailored real estate solutions that align with market preferences and aspirations.

Regarding plotted developments, Century Real Estate has successfully introduced around 4,000 plots in sizes of 30×40 and 40×60, which have been offered with price points ranging from approximately Rs 35 lakh to Rs 60 lakh.

Looking ahead, the company is preparing to unveil another substantial plotted development in the forthcoming quarter. This development, spread across a generous expanse of 35 acres, will be strategically positioned in proximity to the airport within the northern part of Bengaluru. This expansion of the plotted development portfolio is projected to encompass a total of around 800 plots for the current year.

Importantly, the company has already secured the required land for these upcoming plotted developments. With all the necessary groundwork in place, the plots are scheduled to be launched within the span of 18 to 24 months. This calculated approach indicates Century Real Estate’s commitment to meticulously planned and executed projects that fulfill market demand while providing tangible value to its customers.

Currently, Century Real Estate has a substantial commercial portfolio, with 5 million square feet (msf) of commercial projects in various stages of development.

In addition to the existing commercial ventures, the company is strategically planning an expansive business park project in northern Bengaluru. This visionary project encompasses a vast 7 msf and will feature a mix of office spaces, residential components, and retail facilities. The construction for this business park is slated to commence next year, with a projected timeline of 5 to 7 years for the overall development to reach completion.

In the realm of office developments, Century Real Estate has formed key partnerships to leverage expertise and resources. A joint venture with the Prestige Group is in place for an office project adjacent to the Outer Ring Road, spanning about 2.4 msf. Another commercial development of approximately 2.5 msf is being executed in collaboration with Godrej Fund Management.

Regarding the Prestige Group partnership, Pai revealed that the necessary approvals have been secured, and the company is anticipating the commencement of construction within the next 3 to 4 months. These strategic partnerships reflect Century Real Estate’s commitment to enhancing its commercial portfolio through well-executed collaborations that leverage the strengths of multiple stakeholders.