Concorde is set to invest INR 250 crore to develop a residential project in North Bengaluru, acquiring 4.5 acres for INR 100 crore. The project will encompass six towers with 424 units, projecting a revenue potential of INR 400 crore. Previously, Concorde acquired a stressed project in October 2023, achieving 85-87% revenue recognition. Targeting INR 440 crore in pre-sales this fiscal year, with H1 FY24 sales at INR 200 crore, the company plans four launches in the next 12 months. Additionally, it's developing 36 luxury towers on two acres, foreseeing revenue of INR 1,400 crore.
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Concorde plans to invest INR 250 crore in developing a residential project in North Bengaluru, after purchasing 4.5 acres of land in Thanisandra for INR 100 crore. The project, with a potential of around 5.5 lakh sq ft, will have six towers and 424 units. Construction is scheduled to begin in July 2024.
This move is strategic for Concorde, following its acquisition of a majority stake in a distressed project between Arun Shelters and Puravankara through NCLT for INR 65 crore in October 2023. The company aims for pre-sales of approximately INR 440 crore for the financial year, positioning itself for strong growth.
In the preceding fiscal year, Concorde recorded sales of INR 300 crore, with recognised revenue totalling approximately INR 272 crore and profits of around 9-10 percent. This year, it anticipates recognised revenue to reach INR 330 crore, with sales projected to range between INR 400-440 crore, yielding a profit margin of 10-12 percent.
Looking ahead, Concorde has four launches lined up over the next 12 months, collectively offering a development potential exceeding two million sq ft. Additionally, the company is in the process of developing 36 luxury towers on two acres of land along Old Madras Road, with a development potential of three lakh sq ft. This forthcoming project, slated for launch in the second quarter of the subsequent financial year, holds a revenue potential of approximately INR 1,400 crore, of which Concorde anticipates securing a 65 percent share, amounting to INR 840-900 crore.
Concorde's strategic acquisitions and development strategies highlight its dedication to seizing growth opportunities in the real estate market. By expanding its portfolio and aiming for maximum returns, the company is well-positioned for continued success in the years ahead.
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