Richa Realtors eyes Rs 1,500 crore revenue in 5 years

MUMBAI: Riding high on the growing demand for affordable housing, city-based developer Richa Realtors plans to touch 10 million sqft of residential development in the next five years and is eyeing up to Rs 1,500 crore revenue during the period.

The company, which has presence in cities like Mumbai and Pune is also looking at expanding its footprints in Delhi and Bangalore.

"There is a huge demand for affordable housing and the supply is less. In Pune and Mumbai we have been focusing on redevelopmet projects apart from few greenfield developments.

"Taking into consideration the number of projects we will take up over the period, we are confident of achieving up to Rs 1,500 crore in the next five years," company's Chief Executive Sandeep Ahuja told PTI.

He said the company is planning to touch 10 million sqft of residential space in the next five years, which will also include certain projects in Delhi and Bangalore.

Ahuja said the company is in talks with few land owners in Gurgaon for undertaking joint development projects and looking at greenfield housing development in Bangalore.

"There is a huge scope for JDA in Delhi. There is huge scope in Bangalore market as well mainly backed by the growing demand for housing near workplace," he said.

Richa has developed two million sqft over 20 projects so far and are in the process of completing five million sqft with projects under various stages of development.