Radiance Realty Developers India Ltd. with more than 4 million sq. ft. of projects in the pipeline is focussed on making it big in Tamil Nadu.
The company, 60 per cent of whose upcoming residential projects are on the rapidly developing IT corridor of Rajiv Gandhi Salai (OMR), Chennai, is staking its claim to be the fastest growing real estate firm in the city. Stating that “real estate is a very local play” Managing Director Varun Manian, on Tuesday, said the company wanted to stick to Tamil Nadu as it had a deep understanding of the market and there were plenty of opportunities. The focus of the company would be residential, he said.
Radiance traces its roots to NAPC, an engineering, procurement and construction company, which was acquired in January 2012 by French infrastructure and contracting multinational Vinci. Radiance has delivered projects totalling over 3.82 lakh sq. ft of built-up space. The under-construction projects are a little over 27.80 lakh sq. ft. The sale of the road and infrastructure construction business of NAPC turned Radiance cash rich. NAPC was in the business for over six decades and at the time of the sale its revenue was about Rs.600 crore.
“Last one year we have invested Rs.650 crore. And from internal funds, we will invest Rs.200 crore this year. We hardly have any borrowings,” Mr. Manian told presspersons here.
Price it right
The project pipeline of 4 million sq. ft., he added, included 2 million sq. ft. in Coonoor, the Nilgiris, where the company would be developing high-end villas with a nine-hole golf course. To a query on whether the high property prices on OMR was leading to a pile-up of unsold stock, he said there was nothing to worry for the company since its strategy was “price it right, size it right.”
