Sangam Lifespaces eyes Rs 6,000 crore revenue in next 5 years

MUMBAI: Sangam Lifespaces, the realty arm of diversified Sangam Group, is eyeing nearly Rs 6,000 crore revenue in next five years and plans to invest around Rs 1,200 crore for expanding its portfolio over the period, a senior company official has said.
The company, which is currently operating in the megapolis with nearly one million sq ft under development, is planning to double its portfolio to over two million sq ft over the next five years.

“Despite a slowdown, we have set higher targets mainly on the back of the segments we have focused on – middle and upper middle income groups.

“There is a huge demand from these segments and we are confident of achieving Rs 6,000 crore revenue in the next five years,” Sangam Lifespaces Director Manun Thakur told.

He said the company will invest Rs 1,200 crore over the next five years to almost double its portfolio from the current one million sq ft to over two million, which will be mainly by entering into joint development agreements ( JDA).

“Currently, we have four projects in Mumbai with a portfolio size of Rs 2,000 crore. While two are slum rehabilitation projects — one each in Andheri and the BKC, one is in Goregaon, which is joint development project, in the Prabhadevi project, we entered as an investor and then took over the project from the developer. JDAs are a safer bet as compared to a green field development,” Thakur said.

He added that one million sq ft projects are likely to be completed in next three years.

Thakur said the company will invest the funds for acquiring land at some locations and also for partnering with land-owners for joint development.

Apart from Mumbai, Sangam is also exploring Rajathan and Goa for spreading its presence, he added.

PTI