Poddar Developers Ltd. is looking to raise INR 600 crore from private equity (PE) firms for land acquisitions and project specific developments, reports a financial newspaper.
The company, which is largely focused in the affordable residential housing projects, said that it expects to close the fund-raising in six months, according to the paper.
In January, Poddar Developers had raised INR 125 crore through the qualified institutions placement (QIP) route.
“We are expanding by setting up projects in and around Mumbai. We have delivered about 4,000 flats in the last three years with over two million sq feet of developed area,” Managing Director Rohit Poddar told the business daily.
Poddar Developers plans to develop three million square feet every year starting 2019, Rohit Poddar said, adding that the company has identified a few land parcels for acquisition.
“We expect to deliver about 1,500-2,000 flats this year. We hope to increase this delivery rate by about 40-60 per cent in the next year,” he added.
For the time being, the company is focused on the residential real estate sector and it is not planning to enter the commercial real estate space, Rohit Poddar said.