"There is a slowdown in the sector as a whole. But the model that we have adopted of slowly expanding our business, we expect to add another one million sqft of projects, including commercial and residential, over the next two years," company's Managing Director Rohit Gera told agency here.
Pune-based realty player Gera Developments is eyeing 50 per cent increase in sales over the next two years to more than Rs 650 crore, even as it plans to add another one million sqft of development over the period, a top company official said. "There is a slowdown in the sector as a whole. But the model that we have adopted of slowly expanding our business, we expect to add another one million sqft of projects, including commercial and residential, over the next two years," company's Managing Director Rohit Gera told agency here. The company currently has a portfolio of 6.28 million sqft of projects including commercial and residential across three markets--Pune, Bengaluru and Goa. The company expects to clock around Rs 400 crore this fiscal. "We have completed and delivered nearly 3.7 million sqft so far and around 2.24 million sqft is under various stages of construction. The ongoing projects and the new addition gives us a vision of achieving 50 per cent increase in revenues over the next two years to over Rs 650 crore," he said.The company, which has four commercial projects under the brand 'Imperium', plans to open few more in its existing markets. "Besides this, our focus will also be on launching more 'child centric' residential projects in these markets. We already have one each in Pune and Bengaluru. We also want to launch it in Goa," he added. The 'child centric' model includes celebrity academies who coach children professionally in over 15 disciplines such as sports, arts, music, dance, dramatics, public speaking and painting, among others. "These homes will create a paradigm shift in the real estate for both, the developer as well as the home buyer. We have established a new category of living spaces designed keeping the child of the home as well as the parent's lifestyles in mind, and we are seeing a huge response for it" Gera said, adding, "it will be our focus to launch more projects under this model." When asked about the company's plans to fund the projects, he said, "it will be funded through internal accruals as well as through sales from our various projects."
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