Raheja Developers to develop over 17,000 housing units in 5 years

NEW DELHI: Realty firm Raheja Developers today said it would construct over 17,000 residential units in next five years aiming to generate revenues of nearly Rs 4,100 crore.

The company also said it would develop about 2,800 affordable flats in the Capital during the same time period.

"We are planning to construct around 17,160 units in next five years. These will be spread across four projects. The project revenue will be nearly Rs 4,100 crore," Raheja Developers Chairman Navin M Raheja said.

The company has launched four projects -- Revanta, Ananya, Oma and Phoenix. The Delhi project 'Phoenix' will have 54 storied tower 'Navin Minar' in addition to 2,800 EWS (economically weaker section) flats, he said on the sidelines an event organised by CSE.

When asked about source of funding, he said it would be mostly through pre-sales generated from these planned projects.

"The funding will be through internal accruals. We are not targeting any outside funding as it is not required," Raheja said.

'Raheja Revanta' in Gurgaon will have 1,200 luxury apartments and will take up to five years to complete, he said, adding the estimated revenue from the project is Rs 1,500 crore.

The other project, 'Raheja Ananya' covering an area of 250 acres will be an integrated township at Sohna. The company has set a revenue target of Rs 800 crore from the project.

The company's project at Dharuhera in Haryana -- 'Raheja Oma' -- will house 800 apartments at an expected revenue of nearly Rs 300 crore, Raheja said.

He further said the company is expecting nearly Rs 1,500 crore from its Delhi project, 'Raheja Phoenix'.