Coromandel Engg joins realty bandwagon
Chennai-based Coromandel Engineering (CECL), part of the US$3 billion Murugappa Group, has lined up a slew of residential and commercial projects in Chennai even prior to its proposed entry into Karnataka.
The company’s plans for the metro city span three projects. These include: a 30-apartment project in ABM Avenue in the posh Boat Club suburb of the city besides two other residential projects slated to be launched in Pallikarnai and Kotturpuram. Elaborating on the company’s future plans, KE Ranganathan, CEO said, “We are aiming to touch revenues of Rs500 crore in the next 3-4 years’ through a sharper focus on ‘contract’ and ‘property development’ segments."
As part of its future strategy the company is keen on increasing its exposure to the real estate segment apart from the construction contracting business, its core focus area currently. The company has already completed over 50 projects in the residential segment, spanning an area of over 2 million sq ft.