In Bengaluru, Chennai, and Hyderabad, Alliance Group plans to begin projects worth Rs 8,600 crore.

Alliance Group, a real estate developer, intends to launch projects totaling approximately 25 million square feet in Bengaluru, Chennai, and Hyderabad in the current fiscal year at a cost of Rs 8,600 crore.

For 2021-22, the company reported Rs 2,290 crore in sales, with 3,686 homes sold, primarily in the residential segment.

“The years 2021-22 marked a turning point in our journey. Despite the Covid-19 pandemic, we were able to reach a number of significant industry milestones “Manoj Namburu, Chairman of Alliance Group and Urbanrise, stated.

Aside from expanding its commercial footprint, the company is in discussions with institutional funds about launching a warehousing platform.

“Financial discipline is in our DNA, and it is this strength that enables us to leverage large-scale real estate investments across South India,” Namburu explained. “This financial discipline is what draws and attracts the world’s best financial institutions to invest in our organisation.”

Kotak Realty Fund has invested around Rs 800 crore in the developer’s five projects in Chennai and Hyderabad.

With funds raised from the Abu Dhabi Investment Authority in 2014, the fund made its first investment in Alliance Group’s residential project in 2016.

The developer currently has 20,000 homes under construction and plans to build more than 50,000 units over the next three years.

Despite the third Covid-19 wave, sales of 78,627 residential units reached a four-year high in the first quarter of 2022, according to a market assessment report by Knight Frank, India’s premier real estate consultancy.

“Low interest rates, the greatest affordability levels, healthy wage growth, and a waning pandemic, with a lower risk of more disruptions, have formed a comfortable climate for homebuyers, who have rediscovered a need for new and better homes,” Shishir Baijal, Chairman of Knight Frank India, said.

Mumbai topped the charts, selling 21,548 units during the quarter. Launches kept up with sales, which increased by 3% year on year to 78,000 units. According to the report, prices increased by 1-7 percent year on year across markets.