Golden Gate to invest Rs 200 cr

Real estate company Golden Gate on Friday said it is planning new projects in South India, including Bangalore next year, towards which it plans to invest Rs 200 crore.

Talking to Deccan Herald, Golden Gate Chief Executive Officer and Executive Director Sanjay Raj said, “We are planning to launch six properties across all spectra. These will include 350 apartments of Golden Panorama and a mix of villas and plots of Golden Serenity in Bangalore among others, for which we are investing Rs 200 crore from internal accruals and investments.”

The other projects that will be funded by this investments include completion of phases of ongoing work on the company's different properties, he added. The company, which has built a sprawling high-end residential apartment complex Golden Grand in Bangalore, will launch the second phase of this project in January next year, which it is financing through a debt raise of Rs 250 crore from JM Financial.

Four years ago, the company had raised Rs 280 crore through an equity dilution to Deutsche Bank, followed by a loan of Rs 150 crore from Citibank, two years ago, Raj said.
The company plans to extend its reach across South India, beginning with Hyderabad and Chennai. “Presently, we are planning a pan-South India expansion, with ‘Commune’ projects in Hyderabad and Chennai,” Raj said, adding that other projects are also in the pipeline in these cities.

Having recently unveiled the ‘Commune’ brand, which is an ‘affordable’ apartment concept, Raj said, “Through our Commune brand, we are offering opportunities to first-time buyers, especially youngsters, to own homes,” adding that prices of apartments will start from Rs 20 lakh onward, and the properties will be designed as per owner specifications, comprising customised amenities.

A Commune project is also being constructed in Bangalore at Electronic Cuty and two more are to come up subsequently.

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