The land was bought from the local landlords, Vundyala Suchita Reddy and Sunki Sujata Reddy, in the Goudavelly Village area, as per a sale deed document shared by Zapkey.
According to the sale deed, the property was bought by a subsidiary of the Chennai-based firm Casagrand Hyderwise, which is involved in real estate activities.
Arun M.N., founder and MD of the company, confirmed the transaction without sharing any details.
Casa Grande has recently forayed into the Bangalore, Mumbai, and Pune property markets and has been buying land to expand its geographical footprint.Last year, the builder bought two land parcels totaling over 60 acres in Chennai, Kellambakkam Road and Perambur, to expand its residential portfolio.”Casa Grande is very aggressive in the market and is looking at a combination of growth strategies, including direct land acquisition and joint ventures, to expand its footprint,” said a person aware of the deal.The company has delivered over 140 projects and 40,000 homes across Chennai, Bengaluru, Coimbatore, and Hyderabad.
It plans to expand the property development business in newer markets like Mumbai and Pune.
Last year, sales at Casagrand stood at Rs 4,200 crore.
The developer aims to achieve a sales value of Rs 7,200 crore in the current financial year. Casagrand is looking to add 100 million square feet to its residential portfolio across the regions and expand its presence in newer markets, especially in Maharashtra.
Of these, the company already has under-construction projects spread over close to 23 million square feet and around 54 million square feet in various stages of approval. Additionally, its warehousing segment will develop 10–12 million sq. ft. of industrial warehousing and 2000 beds of co-living spaces. It aims to achieve a sales target of Rs 3750 crore this fiscal as compared to Rs 2300 crore last year.
