August 24, 2023: Bangalore-based real estate developer Concorde has announced plans to expand its residential portfolio with an investment of approximately Rs 1,200 crore in the next three years. With that target, the company is set up to launch a 3.5 million square foot of premium and luxury residential spaces, with the new projects set to start in the third quarter of this financial year. The primary geographic focus would remain on north and east Bangalore as these regions showed high demand, abundant opportunities and remarkable absorption rates, making them ideal for development, the company said. With a strong presence in south Bangalore, the company is committed to further growth in that region as well, it added.
“With six residential projects in the pipeline, Concorde is determined to achieve annual sales of approximately Rs 500 crore during this period of rapid growth. The forthcoming launches will primarily cater to the premium and luxury segment, providing a diverse range of apartments, villas, and villa plots to meet the discerning preferences of its clientele,” it said.
“We will launch a total of 16 lakh square foot across three projects this year. We are actively exploring upcoming areas in Bangalore like Malur, Whitefield, Sarjapur, Yelahanka, Vidhyaranyapura, etc. We are dedicated to incorporating smart features into all our homes, with a prime focus on building vibrant communities and neighbourhoods. We are confident that our customer-centric design, innovation, and quality construction will redefine luxury living in Bangalore, creating significant value for both customers and stakeholders,” said Concorde chairman Nesara BS.
Concorde currently possesses an extensive land bank spanning over 120 acre, where term sheets have already been signed for the development of apartments and plots. “The company is committed to ensuring timely delivery and maximising the efficient use of spaces, aiming to maintain 60-90% of open spaces at any given time, fostering an environment of openness and green living,” it said. Over the last 25 years, the company has developed 25 msf of residential and commercial real estate.
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