Real estate firm Salarpuria acquires 300 acres in Bangalore

Real estate developer Salarpuria Sattva has acquired 300 acres in Bangalore, in which it plans to develop about 30 million sq ft over 4-5 years. “We are acquiring large parcels of land in Sarjapur and Whitefield in Bangalore. So far, we have acquired 300 acres,” said Bijay Agarwal, Managing Director, Salarpuria Sattva. The company plans to bring up different types of properties on these lands. “We are planning to develop apartments, villas and IT office space in these lands,” he said, adding that the company would use about 50 acres for each project. However, other details have not been finalised yet, he added. The company, which is currently present in Hyderabad, Pune, Visakhapatnam, Kolkata, Goa and Jaipur, also plans to enter Nagpur this year, where it has already acquired “5-6 acres of prime land.” Salarpuria Sattva has also acquired land in Goa. On funding for these projects, he said it would be through a combination of internal accruals and debt. According to Agarwal, the company's debt levels were comfortable. The company launched four projects in 2011, and according to Agarwal, the company has 8.5 million sq ft of residential and commercial space under construction in Bangalore. The company would develop 2,700 apartments through these projects. The company's sales witnessed a 10-15 growth, he said. “Sales were good in Bangalore till October this year. But we witnessed uncertainty during the fourth quarter of 2011 due to monetary tightening,” he added. source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=17902&cat_id=1