The commercial development will be undertaken under its subsidiary company Casagrand Commercial. The company aims to develop 10mn sq ft of commercial and retail spaces by 2027, which has an estimated rental potential of Rs 900 Cr annually.
Arun MN, Managing Director, Casagrand, said, “With great pride and joy, we are happy to inform you all that we have forayed into commercial real estate. We intend on achieving 10 million sq. ft of leasable area across the metro cities by 2027. We will partner with landlords and companies and have chartered strong growth plans in commercial real estate for the coming years.”
The company plans to launch 2 million sq. ft in Chennai and intends to acquire 100 acres of land parcels across the South for commercial development.
“Casagrand Commercial will develop commercial projects in Bengaluru, Hyderabad, and other metro cities accounting for 40% of the total investment,” he said.
Casagrand Commercial has on-boarded experts from various fields like product development, purchase, engineering, sales, marketing, and finance, among many others.
Last year, US-based alternative investment fund Varde Partners made a Rs 400 crore investment in real estate developer Casa Grande to purchase land for development. The builder also received funding of Rs 1200 crore from international investors like Apollo Global and KKR.The residential real estate firm also plans to add 25 million square feet by 2024 to achieve a sales target of Rs 3750 crore this fiscal, as compared to Rs 2300 cr last year.
