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In its latest move, the Kanodia Group has unveiled its ambitious venture into the real estate sector, revealing plans to inject Rs 5,000 crore into the industry over the next 5-7 years.
Kanodia Group has a presence in the cement industry for over three decades. Image | Freepik
On Tuesday, April 16th, the Kanodia Group, renowned for its presence in the cement industry, announced its acquisition of 1.74 acres of land in Gurugram for a sum of Rs 153 crore. This strategic purchase is earmarked for the development of a luxurious housing project.
According to a statement released by the Kanodia Group, the 1.74-acre plot situated in Sector 46, Gurugram, has been procured for an approximate sum of Rs 153 crore.
Gautam Kanodia, the co-Founder of Kanodia Group, expressed, "This acquisition marks our entry into the thriving luxury residential space in the NCR market." He added that this acquisition serves as the first step in the group's journey to establish itself as one of the premier professionally managed real estate firms in the country.
Kanodia outlined their ambitious revenue target, stating, "We plan to generate revenue in excess of Rs 1,000 crore from this project." He also provided a timeline for the project, mentioning that it is scheduled to be launched by the end of this year and is expected to be completed within 48 to 60 months.
Furthermore, Kanodia Group recently unveiled its plan to venture into the real estate sector and invest Rs 5,000 crore over the next 5-7 years.
With a robust legacy spanning over three decades in the cement industry, Kanodia Group has firmly established its presence. Presently, the company oversees operations across three plants located in Sikandrabad, Bulandshahar, and Amethi (Uttar Pradesh), alongside one in Bihar. Together, these facilities boast a combined capacity of 4.2 million tonnes per annum, underscoring the group's significant contribution to the sector.
Source: zeebiz
