Realty company RWD to expand in Tamil Nadu

CHENNAI: Tamil Nadu-based realty company RWD, which is a 50:50 joint venture between Ramky and Wavoo Developers, has lined up new projects as part of its expansion plans in Tamil Nadu in the realty space. Multi-sector player Ramky group had tied up with Wavoo Developers six years ago to form the joint venture Ramky Wavoo Developers, or RWD.

RWD managing director Habib WS said the company expected to achieve a topline of Rs 120 crore this year. "The joint venture will help us achieve Rs 250 crore topline the following year, and we are targeting a turnover of Rs 500 crore by 2015", he said.

The joint venture company's latest project is a Rs 120-crore commercial and residential apartment in Chennai, and the company is looking at more expansion in other parts of Tamil Nadu including Coimbatore and other tier-II cities, officials said. Commenting on the reported sluggishness in the realty market, Habib said the Chennai realty sector had outperformed most other markets in increase in asset value, and that rising disposable incomes and a rapidly rising middle class hinted at strong demand for residential property in Chennai.