Sattva Group to invest 12-14k crore in housing, office and hotel projects

Bengaluru: Sattva Group, a Bengaluru based real estate, will invest Rs 12,000-14,000 crore in the next 2-3 years to build housing, office and hotel projects.

Shivam Agarwal, VP, strategic management, during a media briefing today said that the company expects Rs 6,000 to 6,500 crore worth residential sales in the current fiscal. It reported residential sales worth Rs 3,500 crore in the last fiscal.

On the commercial side, it expects a 24 per cent year-on-year growth of Rs 2,400 crore revenue in the current fiscal as against Rs 2,000 crore registered in the last fiscal. Commercial revenue includes income from rent, maintenance and other miscellaneous categories.

The group posted a gross accounting revenue of around Rs 3,300 crore in the last fiscal and is expecting a growth of 20 per cent year-on-year in the current fiscal.

In the residential sector, the group plans to launch 8 million square feet (msf)of space, spread across 6 projects in various categories, during the first two quarters of the current fiscal year. Additionally, in the second half of the current fiscal, they will begin a major project in North Bengaluru, covering 5.5 msf.

During the same period, the group is launching another mega project in Hyderabad, in the luxury segment consisting of approx. 1,540 units; combination of 270 ultra-luxury and 1,270 premium luxury units totaling an area of 6.2 msf.

Sattva Group has a total constructed area of 80 msf, which includes 45 msft in the commercial segment and 35 msf in the residential segment. The group has undertaken over 140 projects across both segments. Additionally, they have 88 msf currently in various stages of planning and development.

Sattva and Blackstone have partnered to develop 32-33 msf which includes completed, under-construction and upcoming projects.