Chennai, Sep 10 (Calcutta Tube) Expecting a steady demand, Bangalore-based real estate developer Alliance has shifted focus to Chennai and is looking at developing projects of five acres or less to grow big in the city.
‘The city has a healthy mix of industries unlike Bangalore, Hyderabad which are software focused. The market will be good for us as there will be a steady demand from the people,’ Chairman and Managing Director Manoj Namburu told IANS here.
Besides Bangalore and Chennai, Alliance operates in three other cities- Mysore, Coimbatore and Hyderabad.
‘Earlier we decided not to promote projects on less than five acres. However, to reach the top in the Chennai’s real estate development market we have now decided to reverse that strategy,’ he said.
The group is targeting to develop around 3,500 residential apartments here.
It also has plans to build commercial projects like business parks and malls.
‘We will rent out the commercial space so that it gives us a steady revenue stream,’ Namburu said.
Asked about the group financials, he claimed Alliance has around Rs.5,000 crore worth of projects and a land bank of 65 acres across the five cities it operates.