Lakshachandi Realty eyes 25% revenue growth in FY13

MUMBAI: Despite a slowdown in the real estate sector, Lakshachandi Realty today said it expects a 25 per cent increase in revenue in the current fiscal due to timely execution of its projects.

"We are eyeing 25 per cent growth in revenues this fiscal. We believe in prompt execution of our projects," the company's Director, Rohit Chokhani, told reporters here.

The realty firm had clocked revenues of Rs 250 crore in the last fiscal.

Lakshachandi, which has a varied portfolio of residential, commercial and retail projects, has so far delivered 30 lakh sqft of space.

"Nearly 8 lakh sqft of projects are under various stages of construction. Another 30 lakh sqft was under planning and implementation state. We expect to deliver nearly 10 lakh sqft out of the 30 lakh sqft by end of this financial year," Chokhani said.

The 30 lakh sqft area of development includes a mix of luxury residential, commercial, retail projects and a hotel.

"The residential projects are mainly coming up in MMR (Mumbai Metropolitan Region). We are developing one residential project in Goa and a hotel in Jaipur," he said.

Lakshachandi also proposes to develop an integrated IT park-cum-residential project in Bangalore, he said adding, "we have already bought 300 acres of land there but the project is stuck due to some approvals from the Government."

Besides, the company is also planning to enter mass housing segment, Chokhani said. "We are looking at mass housing projects mainly in the Mumbai metropolitan regions of Panvel, Kalyan and Khopoli. We are in advanced stages of acquiring land in these areas."