BENGALURU: Vaishnavi Group, the realty firm, is looking to double its commercial portfolio either through land acquisition or development management agreement.
The company, which currently has 10m sq ft of commercial and residential projects under various stages of development, plans to deploy about Rs 3,500 crores over the next 5 years.
CN Govindaraju, managing director, Vaishnavi Group said that the firm is looking at a balanced portfolio between commercial and residential projects with main focus on the Bengaluru market.
The firm has recently acquired a 24,000 sq ft commercial property in the central business district from Mumbai-based New Consolidated Construction Co. Ltd. (NCCCL) and signed a joint development on 18 acres land parcel in Hebbal to set up commercial and residential properties.
Govindraju said that the residential market has gone through a lot of stress in the past 3 years. With the economic slowdown, one needs to be cautious about the product and the pricing.
Many real estate firms, including Tata Realty and Realty and Infrastructure, Brigade Enterprises and Puravankara, have shifted focus on income generating assets such as warehousing and commercial property to beat the slowdown in the residential market.
Sales of residential units in top cities fell marginally in the first quarter of fiscal 2020, even as new launches rose, a study has shown.
Sales in top eight cities were 69,485 units in the April-June quarter, compared with 69,689 units a year earlier, real estate data and analytics company Liases Foras said.
Source: ET Realty