Emami Realty plans to develop new residential projects in Chennai

02 Dec 2024 CW Team

Emami Realty, a subsidiary of the Emami Group, is set to launch two new residential projects in Chennai, covering a combined area of approximately 20 lakh sq ft. These developments are part of the Kolkata-based company’s broader plan to introduce 12 projects, spanning 220 lakh sq ft of residential and commercial spaces, across major Indian cities over the next seven years. The total estimated investment for these ventures in West Bengal, Uttar Pradesh, Tamil Nadu, Odisha, and Jharkhand is projected at Rs 100 billion. Nitesh Kumar, Managing Director and CEO of Emami Realty, shared with BusinessLine that the company is already active in Tamil Nadu, having delivered a project in Chennai three years ago and currently managing an ongoing project in Coimbatore. "We will be launching two more residential projects in Chennai. Construction for these will soon commence," Kumar said. One of the Chennai projects, spanning 8.5 lakh sq ft, is scheduled for completion in 2028, while the second, covering about 11 lakh sq ft, is expected to conclude by the end of 2029. Both are upper-mid housing developments. Additionally, the company holds around 100 acres of land in Hyderabad. "We have not yet decided whether to develop projects in Hyderabad or sell the land," Kumar noted. Of the 12 forthcoming projects, five will be launched outside West Bengal, with all developments leveraging Emami Realty's existing land bank. "These projects have a revenue potential of around Rs 150 billion, with a total investment estimate of Rs 100 billion. Since we already own the land, financing will be limited to construction costs, which will be covered by internal accruals and project sales," Kumar added.

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