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Concorde to pump in Rs 225 cr for commercial space expansion

Friday, 23 Jun 2023
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Real estate developer Concorde will release a total of five lakh sq. ft. of commercial space this year and will invest Rs 225 crore in a period of two years, to achieve its expansion plan in the portfolio.

The company has allocated Rs 225 crore for its commercial business, with Rs 100 crore to be infused in the current year and Rs 125 crore earmarked for the following year.

The Bangalore-based real estate developer will focus on established micro markets for Grade A office space , and set its plans around the mid-segment range for the huge demand uptick and positive investor sentiment. Going forward, it looks to unlock 1.5 to two million sq. ft. of commercial space in Bangalore.

The company witnessed a topline of Rs 400 crore in FY23, and has three such commercial projects in the pipeline through this year.

In residential business, Concorde will launch a total of 16 lakh sq. ft. across three projects this year, and is set to launch around 1,100 apartments. The company operates within the mid-to-premium segment, offering 1,300–1,800 sq. ft. sizes in a majority of two and three-BHK formats.

Concorde favours the asset-light model across all segments, and has developed 25 million sq. ft. of residential and commercial real estate so far. By FY27, the company is targeting an annual turnover of Rs 600 crore.

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