Investing Rs 1,200 crore over three years is Bengaluru-based Concorde's plan to develop real estate

The Concorde real estate development business, based in Bengaluru, announced plans to invest Rs 1,200 crore in growing its residential portfolio over the following three years. According to business chairman Nesara, there will be eight projects totaling 3.5 million square feet in the north and east of Bengaluru. The business claimed that these areas "boast of high demand, abundant opportunities, and remarkable absorption rates, making them ideal for development." 

Nesara anticipates the completion of the projects in the next 3.5 years. Housing units in five out of the eight projects will be priced at Rs 1 crore or below, he added. Elaborating on targets for the current fiscal year, Nesara cited three projects spanning 16 lakh square feet. While two of the said projects will break ground in the third quarter ended December 2023, one will commence in the last quarter of the financial year, he added.

“We are actively exploring upcoming areas in Bengaluru like Malur, Whitefield, Sarjapur, Yelahanka, Vidyaranyapura, etc,” he said. The realty player is also eyeing annual sales to the tune of Rs 500 crore during the three-year period. “Concorde currently possesses a land bank spanning over 120 acres, where term sheets have already been signed for the development of apartments and plots,” the company said in its statement.