Poddar Developers looking to raise ₹600 cr

Mumbai, December 12, 2015: Real estate player Poddar Developers Ltd is looking to raise ₹600 crore from private equity players for land acquisitions and project specific developments.

The company, which is largely focussed in the affordable residential housing projects, said it expects to close the fund-raising in six months.

In January, the company had raised ₹125 crore through qualified institutions placement (QIP) route.

“We are expanding by setting up projects in and around Mumbai. We have delivered about 4,000 flats in the last three years with over two million sq feet of developed area,” Rohit Poddar, MD, Poddar Developers, told BusinessLine.

Poddar said the company plans to develop three million sq feet every year starting 2019.

He also added that the company has identified few land parcels to be acquired. “We expect to deliver about 1,500-2,000 flats this year. We hope to increase this delivery rate by about 40-60 per cent in the next year,” he added.

QIP funds

Asked how much of the funds from the QIP were deployed, Poddar said that the company has deployed about ₹50 crore.

“The funds are being deployed to buy additional land in the affordable housing space in Mumbai’s suburbs and peripheries,” he added

Commercial space

Asked if the company intends to enter the commercial real estate space, Poddar said that for the time being the company was focused on residential sector and not looking at the commercial real estate.

BSE-listed Poddar Developers has projects in Karjat, Badlapur, Kalyan, VidyaVihar, Shahpur and Goregoan among others.

The company is promoted by the Poddar family of the Poddar Group.-BusinessLine

Corporate Comm India(CCI Newswire) .