NEW DELHI: Concorde has acquired 4.5 acres land in Thanisandra, North Bengaluru for Rs 100 crore. It plans to invest Rs 151 crore to develop a residential project with a revenue potential of around Rs 400 crore.
The project’s development potential is about 5.5 lakh sq ft and will comprise of six towers having 424 units. Construction will commence in July 2024.
In a previous interaction with ETRealty, Nesara B.S., chairman of the company had informed that this was a stressed project between Arun Shelters and Puravankara in which the company bought majority stake in October 2023 through NCLT for Rs 65 crore. In this project its revenue recognition is around 85-87%.
Concorde target this financial year is to touch around Rs 440 crore (pre-sales). In H1 FY24, the company did about Rs 200 crore.
Concorde Group is in talks to finalise projects having development potential of about 1.5-2 million sq ft which we expect to launch in the next six quarters, said Nesara B.S., chairman of the company.
Overall, it has four launches lined up having development potential of over two million sq ft in the next 12 months. In the financial year 2022-23, the company did sales of Rs 300 crore, recognized revenue was approximately Rs 272 crore and profit was around 9-10 per cent.This financial year the company expects its recognized revenue to be around Rs 330 crore, sales to be around Rs 400-440 crore and profit to be around 10-12 per cent.
The company is also developing 36 towers luxury building on two ares land along the Old Madras Road. It has a development potential of three lakh sq ft. This is expected to be launched by the second quarter of the next financial year. Revenue potential of this planned two million sq ft is about Rs 1,400 crore, out of which company’s share should be around 65 per cent (Rs 840-900 crore).
