The company is looking at doubling its retail and commercial portfolio to over 8 mn sq. ft. from 4.5mn sq. ft. it is developing currently.
“We plan to develop 3-5 mn sq. ft. of land annually and most of these projects will come up in North Bangalore. We are a debt light company and would prefer to keep it low in the future too,” said Raksha Ramaiah, a director of MSRDB.
For this year, MSRDB has three hospitality projects in the pipeline in Bangalore and Coorg.
It is also building an entertainment and hospitality project close to the airport, spread over 900,000 sq. ft.
“We are in talks with some of the international operators and will soon close the deals for hotels,” he said.
The company has additionally signed over 12 mn sq ft of joint development and joint venture agreement with top builders to expand its residential portfolio.
“We do not want to invest in land and will expand the joint venture and joint development model with some of the top builders. We only develop land upto 5 acres in-house,” said Ramaiah.
North Bengaluru is fast emerging as the next growth destination in the Silicon Valley of India with some of the top builders from the country announcing projects across residential, commercial and retail segments.
According to various industry estimates, about 530 acres of land has already been banked in North Bengaluru by builders.
In H1 (Jan to June) 2022, Bengaluru residential market recorded the highest half-yearly sales since H1 2008. It recorded a sales growth of 169% in H1 2022 as compared to H1 2021. By comparison, in Q2 2022, however, sales of residential apartment units witnessed a decline of 8% Q-o-Q as the new launches also came down by 28% in the quarter, said JLL.