Sattva Group Eyes Ambitious Growth in Housing Sales, Targets Rs 6,500 Crore This Fiscal
The Bengaluru-based realty firm plans to launch multiple projects to achieve 85% growth in sales of residential properties, with a significant presence in South India
Sattva GroupHousing SalesReal EstateMumbai Property MarketCommercial AssetsReal Estate MumbaiJun 30, 2024
Sattva Group has completed 140 projects comprising 80 million square feet area in the last 30 years. Currently, around 23 million square feet are under construction, and 65 million square feet are in the pipeline. The demand for the residential segment has been very strong post-COVID pandemic, while the leasing activities in the office market are also back on track. The company will enter the Mumbai housing market this year and plans to launch more than 13 million square feet of area in Bengaluru this fiscal.
Shivam Agarwal, Vice President (Strategic Development) of Sattva Group, said the company is looking for growth opportunities across geography and different verticals of real estate. In Hyderabad, it will launch more than 6 million square feet of housing units this fiscal. The company also plans to acquire land parcels for another 1.5 million sq ft in Mumbai.
Sattva Group's co-working and co-living joint ventures, Simpliwork Offices and Colive, have been performing well and expanding. The company plans to list these businesses on stock exchanges in the next 2-3 years by launching public issues. Sattva Group has more than 50% stake in Simpliwork and Colive.
The company is also exploring opportunities to launch a Real Estate Investment Trust (REIT) to monetize its commercial assets developed jointly with global investment firm Blackstone. Sattva Group and Blackstone have a joint portfolio of around 32 million square feet, of which 18 million square feet are already completed.
Adrija Agarwal, Vice President (Business Development) of Sattva Group, said the company has two hotels in Kolkata with around 620 keys and is developing a Taj Luxury Resort in Bengaluru with 294 keys and 60 villas. The company is looking to expand its hotel business and is in talks for a few more deals.
Sattva Group's annuity income stood at around Rs 2,000 crore last fiscal and the company is expecting 20% growth this fiscal. The company has completed 80 million square feet area in three decades, out of which commercial segment is 45 million square feet and residential assets 35 million square feet.
Frequently Asked Questions
What is Sattva Group's target for sales of residential properties this fiscal?
Rs 6,000-6,500 crore
How much will Sattva Group invest in developing housing, office, and hotel projects over the next three years?
Rs 12,000-14,000 crore
What is the current annuity income of Sattva Group?
Around Rs 2,000 crore
How many hotels does Sattva Group have in Kolkata?
Two, with around 620 keys
What is the expected growth in Sattva Group's annuity income this fiscal?
20%
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