Big brands eye­ing de­vel­op­ment man­age­ment of realty projects

HT Estates - - FRONT PAGE - HT Estates Cor­re­spon­dent

The slow- mov­ing real es­tate mar­ket to­day of­fers op­por­tu­ni­ties to large devel­op­ers to help builders stuck with in­ven­tory or un­fin­ished projects.

To cite a few ex­am­ples, Go­drej is sign­ing an agree­ment with Lo­tus Greens to build a hous­ing project in Noida and Ramaprastha is sign­ing sev­eral joint de­vel­op­ment agree­ments with a branded de­vel­oper.

SARE Homes, an FDI de­vel­oper pro­moted by Duet Group, has signed two de­vel­op­ment con­tracts with de­vel- op­ers and is in the process of fi­nan­cial clo­sure of two com­mer­cial projects. It is also in the fi­nal stages of ne­go­ti­at­ing with three large res­i­den­tial projects.

“The com­pany has signed ₹ 1,000 crore of sale value worth of in­ven­tory that will be sold out of th­ese projects,” says Vi­neet Relia, man­ag­ing di­rec­tor of SARE Homes.

“The de­vel­op­ment man­age­ment model will evolve grad­u­ally be­cause the branded devel­op­ers com­ing in to take over de­layed projects or take on new ones will as­sess each project, the risk to their rep­u­ta­tion be­fore choos­ing t o com­plete a par­tic­u­lar project,” he says.

An­other realty com­pany, Ramaprastha has en­tered into three agree­ments for its projects spread across 40 acres with a lead­ing de­vel­oper, mostly for green­field g roup hous­ing projects and is in talks for a brown­field project in Gur­gaon on li­censed land.

“It is a win- win for both en­ti­ties as Ramaprastha has land parcels that it had no plans to de­velop in the next four to five years. By en­ter­ing into de­vel­op­ment agree­ments, we will be in a po­si­tion to mon­e­tise our land parcels,” says Nikhil Jain, CEO, Ram­prastha Group.

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