Chennai-based Casagrand group of companies intends to foray into the commercial real estate segment to develop 10 million sq. ft. of leasable areas in Chennai, Bengaluru and Hyderabad by 2027. It is planning to commit an investment of Rs 8,000 crore over the next five years.
The new vertical called ‘Casagrand Commercial Division’ will deliver commercial projects including workspaces, IT/ITES buildings, retail malls and standalone retail spaces with an estimated annual rental potential of Rs 900 crore. The company will unveil its maiden project in Chennai measuring two million sq. ft.
The project cost would be met partially through internal accruals, borrowings and debt. The Group will leverage the government initiatives being taken for infrastructure development in the identified cities.
Casagrand maintains a diversified portfolio across residential, industrial and warehousing, education, IT & office parks, co-live, facility management, engineering and consulting, among others.