BSE listed firm Royal India Corporation has announced to expand their footprints the real estate sector. The firm has declared a preferential issue through which it raised Rs. 99 crore.
Recently they have undertaken a luxury real estate project called Kalyan Marina which enabled them to get proceeds from the preferential issue, which will be used for the project.
According to the media statement of the company, "The project will kickstart in June itself. It will breathe new life into modern living in Kalyan. The 5 lakh square feet project aims to offer spacious living spaces."
The company is in talks to purchase a 1,00,000 sq ft plot in Juhu, with projected revenues of around Rs.250 crores over the next three years.
The company has finally acquired the developmental rights for the Kalyan Marina project, with projected earnings of around Rs.265 crore over the next three years. The construction of the realty project is set to commence later this month. The project will offer 5 lakh square feet of spacious living spaces coupled with world-class amenities, setting new standards of comfort in the region. The development of this project will further enable regional growth and development, characterized by luxury, convenience, and connectivity.
Reportedly,the company is negotiating with Kalyan APMC to acquire an adjoining plot to Kalyan Marina to build 10 lakh sq ft housing and commercial project in partnership with APMC, with expected revenues of around Rs.300 crores over the next five years.
The CEO of Royal India Corporation, Manoj Punamiya said, "Our plans for Juhu and Kalyan APMC underscore our commitment to redefining urban living. This journey towards sustainable growth and market leadership is driven by our dedication to quality, luxury, and connectivity."
However, the board of Royal India Corporation, has declared that, they will raise funding from preferential issue. The shares of Royal India Corporation have made its investors wealthier by more than 600% in less than one year. The nanocap company commands a market cap of Rs. 65.06 crore.
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