Casagrand has bought over 400,000 square feet of land in Hyderabad in a deal valued at around Rs 56.8 crore, continuing its aggressive expansion drive.
Casagrand’s subsidiary Casagrand Hyderwise bought the land from local landlords Vundyala Suchita Reddy and Sunki Sujata Reddy in Goudavelly Village area, as per a sale deed document shared by Zapkey.
“Casagrand 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,” a person aware of the deal told .
It recently forayed into Mumbai and Pune property markets and has been buying land to expand its geographical footprint.
Last year, the builder bought two land parcels totalling over 60 acres in Chennai, Kellambakkam Road and Perambur, to expand its residential portfolio.
It has delivered over 140 projects and 40,000 homes across Chennai, Bengaluru, Coimbatore, and Hyderabad. Last year, it recorded sales of Rs 4,200 crore.
Arun MN, founder and managing director of Casagrand, confirmed the deal but did not share any details.
The developer aims to achieve a sales value of Rs 7,200 crore in the current financial year, people aware of its plans said.
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, they said. Of these, projects spread over close to 23 million square feet are under construction and around 54 million square feet of projects are in various stages of approval.
Additionally, its warehousing segment will develop 10–12 million sq ft of industrial warehousing and 2,000 beds of co-living spaces. The warehousing segment aims to achieve sales of Rs 3,750 crore this fiscal against Rs 2,300 crore last year, sources said.