Gulshan Homz betting strategically on affordable homes

News Posted - 2010-03-07

Real estate firm Gulshan Homz is planning to invest Rs 250 crore to launch a slew of residential as well as commercial projects in Delhi-NCR region. The company is set to unveil its new affordable housing project christened Vivante in Noida. Furthermore, it is looking to make a foray into newer tier II and III cities across north India in the medium run, a top company executive, told Property Pulse.

“Gulshan Homz plans to invest Rs 250 crore initially to launch few projects in residential and commercial segments in 2010-11 fiscal. The company intends to raise fund in the form of term loan from Foreign Institutional Investors (FIIs) by pledging our projects with them. At present, the company would concentrate on Delhi-NCR region but would definitely look forward to good opportunities in tier II and III cities across north India,” Deepak Kapur, director of Gulshan Homz, said in an interview.

When asked about the details of new projects, Kapur added, “In the current scenario, Gulshan Homz would like to lay more emphasis on developing affordable homes. As a step in this direction, the company is presently working on two projects -- Homes121 and Vivante -- in Noida. Vivante would be launched in a week’s time. Further, we are planning to launch a retail-cum-commercial project in Kota shortly.”

Gulshan Homz had recently handed over two projects in Indirapuram named GC Centrum and GC Grand, and one in Vaishali dubbed as GC Emerald Heights. According to Kapur, these units were also in the affordable housing category and were a big hit amongst buyers. “The current real estate scenario is favourable for affordable housing. The demand has risen considerably in the last six months because of which many projects are coming up. It is likely to increase further in the coming days. This will also generate the demand for commercial as well as office spaces.” As far as the retail/commercial segment is concerned, the company had developed two convenient shopping centres named GC Shopick and GC Grand Street in Indirapuram.

The company posted a turnover of Rs 47.5 crore during 2008-09 fiscal. It is likely to touch Rs 95 crore in the current fiscal. “Keeping in mind the overwhelming response from the market, we have set a turnover target of Rs 150 crore in the next fiscal (FY 2010-11).”

When asked about Budget 2010, he told that Service Tax of 3.5 to 4 per cent is going to be a real burden. “It is not possible for the developer to provide value homes without government’s support. Government should provide loan at subsidised rates and provide more FAR along with adequate infrastructure facilities like water, sewerage, electricity, road and communication.”

Its parent company GC Group also owns a company in the name of GC Facility Services Pvt Ltd which takes care of recruitment and facility management in addition to providing internal maintenance services to its projects. “The HR wing of GC Facility Services is also in the process of tying up with an international recruitment firm to gain new heights,” according Ritesh Mathur, media executive, Gulshan Homz.

Source: www.realtyplusmag.com 8/3/10