Property consultant SILA forays into realty development, to invest Rs 70 cr on first housing project
Vora said the construction cost is estimated at Rs 70 crore and sales realisation at Rs 120 crore. The construction cost would be met through internal accruals and bank loans.
Real estate consultant SILA group has entered into the property development business and is constructing a luxury housing project near Mumbai with an investment of about Rs 70 crore, a top company official said. The Mumbai-based firm commenced operations in 2010 as an integrated facility management company, but later ventured into project and construction management as well as real estate advisory and consulting services. "We see an unique opportunity in getting into real estate development business. With new realty law RERA and the GST, there is level playing field for new players," SILA group founder and MD Sahil Vora said.
"We have tied up with land owners to develop this luxury project at Alibaug comprising 64 units. The prices will be in the range of Rs 1.2-2 crore," he said. Construction work and sales bookings would start next month. The project would be developed in two phases in the next four years.
Vora said the construction cost is estimated at Rs 70 crore and sales realisation at Rs 120 crore. The construction cost would be met through internal accruals and bank loans. He said the company is in talks with land owners to acquire two large-sized housing projects in Mumbai and the deal could be finalised in 2-3 months.
On the overall business, he said the company's turnover could double this fiscal from about Rs 65 crore in the last financial year. SILA has operations across the country with an employee strength of 6,000. Under facility management, the company provides various services including housekeeping, security, and mechanical electrical and plumbing (MEP) maintenance.
Some of its big clients include J&K Bank, Mumbai International Airport (T2), ICICI Lombard, Adlabs Imagica, WeWork, Tata Sons, Piramal Enterprises, Hikal Lifesciences, Deltin Hotels, Polycab, Embassy, Featherlite Developers, HDFC and Ahuja Towers.
In 2015, SILA invested in Envocare Pest Control and launched an on-demand services vertical called 'Mr Homecare'.