Mumbai, Feb 11 Affordable housing player Sowparnika Projects and Infrastructure hopes to double its portfolio to 10 million sq ft and touch Rs 1,000 crore in revenue by 2022, a top company official said.
The Bengaluru-based firm, which currently has a portfolio of around 5 million sq ft across 27 projects, clocked revenues of Rs 230 crore in 2016-17.
"Our focus is predominantly the southern market where the demand for affordable housing is quite significant. Being an affordable housing focused developer, we are looking at expanding our presence in tier 2 and 3 cities," the company's Managing Director Ramji Subramaniam told PTI here.
Currently, the company has projects in cities like Thiruvananthapuram, Bengaluru, Mysore, Guruvayoor, Kottayam, Thrissur, Cochin and Coimbatore. It now plans to expand its presence to cities such as Chennai, Tiruchirappalli, Mangalore, Hubli, Dharwad, Calicut and Kannur.
Subramaniam further said the company is also looking at launching its initial public offer (IPO) by 2022.
"The dynamics of Indian real estate sector is changing with the renewed focus on affordable housing. We feel we are in the right market and at the right time. We are witnessing an improvement in investor sentiment and by 2022 we will launch our IPO," he said.
Asked whether the company is planning to raise funds for expanding its portfolio, Subramaniam said, "We will raise through debt as and when required. It could be through NBFCs and/or from international funds. Since all our projects are done in-house from designing to execution, we are able to provide homes at affordable rates."