Casagrand forays into commercial real estate sector
The Hindu
Chennai-based Casagrand group of companies announced its foray into the commercial real estate segment to develop 10 million sq. ft of leasable areas in Chennai, Bengaluru and Hyderabad by 2027.
City-based Casagrand group of companies announced its foray into the commercial real estate segment to develop 10 million sq. ft of leasable areas in Chennai, Bengaluru and Hyderabad by 2027.
“It is another new vertical in which we are planning to invest ₹8,000 crore in the next five years,” said Arun Mn, founder and managing director, during an interaction.
“Though, we have been in the business for the last 18 years, we were slightly apprehensive about this segment. Over the years, we have gained confidence and thought it was time to make a foray into it,” he said.
As per the plan, the new vertical called ‘Casagrand Commercial Division’ aims at developing workspaces, IT/ITES buildings, retail malls and standalone retail spaces with an estimated annual rental potential of ₹900 crore.
To begin with, the company will soon unveil its maiden project in Chennai measuring 2 million sq. ft.
“This is an exciting time as many government initiatives are being taken to develop the infrastructure, and we see a huge potential in this sector and a gap between demand and supply,” he said.
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