June 24, 2024 |
Central Park Plans to List Realty Business in Two-three Years
NCR-based realty developer Central Park, part of the Bakshi Group, with presence in infrastructure, hospitality, and automotive industries, is planning to take the real estate vertical public in 2-3 years, a senior executive said.
The company has a launch pipeline of around ₹10,000 crore for FY25 and is in the process to appoint an audit firm. It is targeting ₹4,000 crore sales in FY25 and is likely to reach ₹10,000 crore sales by the time of listing.
“We follow the practises of a listed firm and with future generation coming in, we want to list the company. We have substantial land bank across Gurugram and are adding more, which will take valuation of the company further up,” said Amarjit Bakshi, chairman and MD, Central Park.
The company is expected to launch 7 million sq ft in the current fiscal with ₹2,000 crore investment.
It has another 10 million sq ft, which is expected to be launched FY25 onwards.
“We have multiply project lines up in Sohna township. This includes high rises, shop-cum offices and villas. In addition we will have a luxury project on Dwarka Expressway and another uber luxury Bellavista residences in Sector-48, Gurugram,” said Bakshi.
Central Park is also looking to expand in Goa and Rajasthan, where it has land banks. It has launched a project in Central Park Flower Valley. “Bignonia Towers (in Sohna) has already recorded sales of ₹500 crore within the first few days of the launch,” said Vikram Singh, president, Central Park. With a starting price of ₹5 crore, Bignonia Towers includes 193 exclusive units, offering a mix of 3 and 4 bedroom apartments. The apartment sizes range from a minimum of 3,805 sq ft to a maximum of 5,581 sq ft.
Source : ET
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