Property developer Casa Grande open for equity investors

October 23, 2012 | Business | Written by

Chennai, Oct 23: City-based real estate developer Casa Grande Pvt Ltd is open for investors on a project basis following the exit of Fulcrum Ventures, said a top company official.

“We are open for investors but on a project basis and not at the company level. Fulcrum Ventures provided the seed capital of Rs.5 crore between 2004-2006 and they wanted to exit,” Casa Grande managing director Arun Kumar told reporters here Tuesday.

He said Fulcrum Ventures got Rs.50 crore for its stakes in Rs.97 crore revenue Casa Grande while it also got intermittent returns through dividends during 2006-2012.

According to Kumar, the company is at a point of inflection with projects worth around Rs.750 crore in the pipeline.

He said Casa Grande is developing a residential township near here while its focus is on villa and residential apartment segments.

The company is developing ten villa projects (around 1,000 villas), five residential apartment projects and one project layout, he added.

“We have a land bank of around 100 acres,” Kumar said.

He said the company is hoping to close this fiscal with a turnover of around Rs.225 crore.

IANS