ShantaSriram to invest Rs. 600 cr in projects in Hyderabad.

ShantaSriram Constructions, a 20 year old realty company will invest over Rs. 600 crore in residential projects and multiplex-cum shopping malls in and around Hyderabad in the next 24 months.

The funds will be raised through a combination of internal accruals and debt from banks and financial institutions. A total of 1,500 homes will be delivered and two malls and multiplex projects will be completed as part of the eight new ventures, the company Chairman & Managing Director, M Narsaiah announced.

The closely held, Hyderabad-based company, which has built 5,000 homes over 8 million sq ft. is nursing plans to further expand in Bengaluru and enter the neighbouring Andhra Pradesh. At present, it has finished a residential project in Bengaluru, he told newspersons.

During a difficult market in 2014, the company completed 5 projects, selling 500 flats. "We are optimistic that the funding of Rs. 2,000 crores to the municipal bodies, Hyderabad Metro and other urban infrastructure by the Telangana State Government will push up realty in the coming year", Narsaiah added.

Referring to the realty market, he said in the last 7-8 years, it was quite tough going. But, the demand-supply situation has improved and there is scope for new ventures. "We are in the Rs. 30 lakhs to one crore segment and see positive trends", he said.

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