December 27, 2023 |
Experion developers planning new projects with ₹10k-cr sales potential
Experion Developers, the Indian unit of Singapore’s Experion Holdings, plans to launch projects with a sale value of over Rs 10,000 crore next year as it has completed five land acquisitions worth Rs 2,100 crore, CEO Nagaraju Routhu told ET.
The company plans to launch projects in all five land parcels it has acquired recently, in addition to acquiring more land in the NCR and other cities.
“We are expected to cross Rs 1,000 crore in revenue in FY 24, and we hope to more than double that number next year given the kind of launches we have planned. We have been debt-free, and all the acquisitions are being done through internal accruals,” said Routhu.
Company’s recent acquisitions include a 4-acre plot on Golf Course Road in Gurgaon purchased for Rs 400 crore, a 5-acre parcel in Noida’s sector 45 acquired for approximately Rs 250 crore, a 5.5-acre parcel in Gurgaon’s sector 48 for approximately Rs 550 crore, a 6-acre land parcel in Gurgaon’s sector 53 for Rs 450 crore, and a commercial land parcel on Golf Course Extension Road obtained through the insolvency process for Rs 450 crore.
“We plan to launch the Noida project first, which will be done in two phases. We have a strong cash flow, but if needed for construction, both the equity and debt window are open, but we don’t want to put our balance sheet at risk so that we should be able to ride through tough phases,” said Routhu.
The company has land parcels in Amritsar, Goa, and Panipat, which it plans to develop later.
“The company is gearing up to launch at least four projects, with one in Noida and three in Gurugram. This multi-pronged strategy allows for a diversified portfolio across different locations, catering to the unique demands and opportunities in each area,” said Routhu.
Experion Developers is building townships, group-housing projects, commercial landmarks, organised retail destinations, hotels, and resorts across Andhra Pradesh, the Delhi-National Capital Region (NCR), Goa, Haryana, Maharashtra, Punjab, Tamil Nadu, and Uttar Pradesh.
“Looking ahead to the financial year 2024 (FY24), we anticipate a substantial increase compared to FY23. The key driver for this growth will be the introduction of new projects into the market. Although precise figures are challenging to forecast due to the inherent uncertainties in the market, we expect a multifold expansion in the top line. This optimistic outlook is contingent upon various market drivers and our continuous efforts to innovate and meet the evolving demands of our customers,” the executive said.
Source : ET
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