Skyline to develop 50L sq/ft area, invest Rs 2.5k cr in Kerala

Tuesday, Jan 6, 2015,21:38 IST By metrovaartha A A A

Kochi | Kerala-based Skyline Builders has set a target to develop 50 lakh square feet built-up area in tier-II and III cities of the state with an investment of Rs 2,500 crore over the next five years.
The group, which is celebrating its silver jubilee this year, began operations in Kerala in 1989 and has developed 1.3 crore square feet built-up area, completed 110 residential projects, besides 24 ongoing projects, across 10 cities, Abdul Azeez, Chairman and Managing Director, told reporters here. On expansion to other states, he said though they did not have immediate plans, in future they could look up at Bengaluru and Coimbatore. However, we do not want to lose our focus now and would like to concentrate in Kerala, he said.
The group has presence in smaller cities like Thiruvalla, Pala, Kannur, Thrissur, and would be soon launching a project in Thalassery in kannur district, he said. With the completion of the Kochi Metro project, it would be easier for builders to develop areas further away from the cities, he said.
On plans with regard to affordable housing, Azeez said they were not keen to foray into this area as of now with the skyrocketing construction and land costs, heavy taxes being levied by government and high bank interest rates would make it impossible to provide affordable homes.
There is a huge demand for housing from domestic customers as well apart from NRIs, who used to drive earlier 90 per cent of demand, he said. At present, domestic customers form 50 per cent of the client base.