Confident to line up Rs 500-cr investment in next one year
By
Preiti Sharma Shahane BANGALORE
ADDING momentum to the spurt of construction activity in Bangalore, the city-based Confident Group has lined up extensive plans to invest Rs 500 crore in the next one year. Focusing on the residential and hospitality segments, the group currently has 20 ongoing projects spread across 18 million sqft of land in Bangalore, Kochi and Hosur. These include townships, residential apartments, villas, software towers and boutique hotels. "We are also developing an 18-hole golf course with villas on the Bangalore-KGF Main Road," says CJ Roy, CMD, Confident Group.
In the last one year of operation, the company has funded its projects through internal accruals and is now open to private equity placement. "We are a zero-debt company and are currently in talks with a leading venture capital fund," adds Mr Roy. The group is expected to bring in funds by creating a SPV (special purpose vehicle) in the next two months.
Launched in 2005 by Mr Roy, the Confident Group has already forayed into infrastructure and hospitality and will shortly announce plans for the airlines and entertainment verticals. Confident also has operations in Dubai and Singapore. A former HP executive, Mr Roy says the company is aiming to achieve a Rs 1,000-crore sales target in the next 18 months. "The USP of Confident residential villas will be the non-adherence to the eggmodel where in all villas are more or less identical. At Confident, we offer customers the choice of customised designs to accommodate personal design changes such as a puja room, a study, a bigger bath or a bar," he explains.
Other projects of the group include an upcoming four-star hotel on Brigade Road. Confident currently owns and operates Confident Cascade - a resort on Bannerghatta Road. Interestingly, the group plans to operate the hotels on its own, instead of opting for a JV with an established hospitality partner.
Bangalore's booming real estate, with the highest commercial space absorption anywhere in India has been attracting several foreign funds as potential investors. Morgan Stanley invested $68 million for a stake in Mantri Developers, and Keppel Land floated an SPV with Puravankara Projects for a residential venture. The other deal involved New York-based private equity Siachen Capital infusing $100 million into Nitesh Estates.
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