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Casagrand enters the realm of commercial real estate
A residential real estate developer from Chennai named Casagrand announced the formation of a new company called "Casagrand Commercial" to mark its debut into the commercial real estate market.
The corporation intends to invest Rs 80 billion over the next five years in the development of 10 million square feet of commercial space by 2027.
Arun Mn, Founder and Managing Director of Casagrand, said during a press conference that “The company sees enormous growth potential in the commercial real estate sector, particularly at this time when the industry is booming due to significant investments, the launch of numerous new projects, and high office space absorptions following the Covid-19 pandemic-led lull.”
In the Chennai, Bangalore, and Hyderabad markets, Casagrand Commercial will concentrate on constructing IT/ITeS space, small retail malls (strip malls), and standalone retail space.
The company will invest Rs 10–15 billion of its own capital, leverage another Rs 15 billion through equity, and raise Rs 40–50 billion in debt from banks and NBFCs out of the total investment of approximately Rs 80 billion.
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