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RNA Corp to Launch 3 New Residential Projects in Mumbai

RNA corp RNA Corp, one of Mumbai’s leading property development companies, plans to launch three new residential projects, slated to come up at Goregaon, Mira Road and Sewri in the Mumbai region by December end. The overall construction cost for these projects is expected to be to the tune of Rs 1,600 crore, excluding the land cost which will be spent over the next three years. The funds will be generated mainly through internal accruals and construction debts.

Speaking to Realty Plus, Manoj John, VP — Corporate Planning & Strategy of RNA Corp, says, “By the end of 2011 we plan to launch three new projects in Mumbai. Of this, Goregaon and Mira Road projects will be completely residential while the Sewri project will be a mix of residential and retail. Also, construction work on our hotel project at Andheri (East) will start post monsoon season.”

RNA corp ‘RNA Legend’ at Goregaon will be a premium residential project that will be spread over 1 million sq ft area. The apartments here will be priced from Rs 1.5 crore onwards. The project is expected to be launched anytime before the arrival of the monsoons this year.
‘One RNA’ at Mira Road will be the second residential project to be launched by the Group before the monsoons. The project will be developed over 3 million sq ft space and will be built in three phases. The units will be priced from Rs 60 lakh onwards. The Group’s third project at Sewri will be a mix of residential and retail and will be launched towards the end of this year, the details of which are yet to be finalised. “The overall estimated construction costs for these 3 projects will be to the tune of Rs 1600 crore to be spent in the next three years. The funds will be generated mainly though internal accruals and construction debt,” informs John. Moreover, construction work on RNA’s 300-room hotel project at Andheri (East) is also scheduled to start post monsoon season. The company is in talks with Marriott Group for this and it should be finalised anytime soon. The investment required for this is about Rs 100 crore, excluding the land cost. RNA Corp’s sales revenue for FY 2009-2010 was roughly about Rs 1200 crore and it expects at least 25 per cent growth in FY ’10-11. Talking about the Mumbai realty market, John explains, “There is some amount of consolidation happening as far as project launch activities are concerned. Fewer projects are getting launched and customers are also deferring their home buying decisions. They expect a downward trend in prices in the coming months in the city. Over the years, customers here have become more matured and are well aware of the current market trends. They want value for their money.”

Source: April 21, 2011, Indian Realty News