Curation Team
NEW DELHI: Bengaluru-based Century Real Estate has recorded revenue of ₹1,800 crore in the financial year 2024-25, informed Ravindra Pai, managing director of the company. The company is planning to launch about five residential projects in the financial year 2025-26 and about two million sq ft of commercial real estate projects.
Pai says he is not in the race to be among the top 10 national developers instead wants to grow and remain a top player in Bengaluru. In an exclusive conversation with Ankit Sharma of ETRealty, he talked about the company’s current and future plans and how he sees the real estate market moving in near term. Edited excerpts:
What was your revenue in FY24 and what is your expected revenue in FY25?
In FY24, our revenue was ₹1,042 crore with a profit margin of 30-35%. In FY25, we had initially set a goal of ₹1,800 crore and we have achieved it.
How was the financial year 2024-25 for you?
One of our key projects last year was Century Regalia, a luxury development in Indiranagar. It’s an 8.5-acre project with around one million sq ft of built-up space. We launched the first tower in May 2024, and the second tower was launched just in March 2025. The project consists of around 300+ apartments with a total saleable value of ₹2,200+ crore.
We also launched the second phase of our villa project, WinterSun, which spans 25 acres and initially had 58 villas. The new phase included 55 villas, each priced between ₹3.2 to ₹3.5 crore.
What are your plans for the next financial year (FY26)?
We had planned to launch several projects last year, but due to approval delays, some were pushed forward. However, we now have strong visibility for upcoming launches. In Q1 FY26, we will launch a 15-acre mixed-use in East Bengaluru, near Outer Ring Road (ORR), with a gross development value (GDV) of over ₹2,200 crore.
In Q2 FY26, we will launch a plotted project in North Bengaluru spanning 1.5 million sq ft, with a gross development value of ₹1,200 crore.
In the second half of the financial year, we plan to launch a 19-acre mixed-use development with apartments and villas near Airport Road. The gross development value for this project is around ₹2,500 crore.
We also plan to launch 15-acre residential project spanning 1.6 million sq ft and GDV of ₹1,300 crores.
In Mysuru, we plan to launch a plotted development.
Do you plan to expand beyond Bengaluru?
No, we are very focused on Bengaluru. Real estate is a hyperlocal business, and we believe our strength lies in leveraging our expertise within this market. However, we are planning a plotted development project in Mysuru in the next financial year.
Will the company continue to focus on self-development, or are you open to joint ventures?
While our portfolio predominantly consists of self-developed projects, we do take on joint development (JD) opportunities when they align with our business strategy.
Out of your total revenue, what percentage comes from joint development?
Currently, only about 10% of our portfolio comes from joint development. However, as we evolve from a pure land-owning company to a full-fledged development company, we aim to increase the JD share to 30-40% over the next three years. We want to demonstrate our capability to develop third-party land, ensuring that we continue to grow beyond our existing land holdings.
Would you consider giving your land for joint ventures or joint development?
No, we prefer to develop projects ourselves. We have the internal expertise and resources to execute our developments. However, we do have one ongoing joint development with Prestige—a 2.6 million sq ft commercial project in Yelahanka. The launch will happen this year, but construction will take around three years to complete.
What is the composition of your real estate portfolio across different segments?
A large part of our portfolio is residential, with a mix of plotted developments and apartments. About 70% of our portfolio is residential, while commercial real estate accounts for 30%. However, we plan to gradually increase our commercial segment to 50% in the next three years.
What is the percentage split between your different residential segments?
About 70% of our portfolio is in affordable and mid-income housing while 30% is in the luxury segment.
Revenue-wise, the split is closer to 50-50, since luxury projects have a higher ticket size.
For FY26, will the company launch more luxury projects?
Yes, we expect our luxury segment to grow, and the overall mix could shift closer to 50-50 next year.
What is your average realisation for residential projects?
In FY24, our average realisation was ₹9,000 per sq ft which has improved to ₹11,500 per sq ft in FY25.
How much commercial space do you currently have ready for occupancy? What are your future plans?
We already have 6.75 lakh sq ft completed with occupancy certificates (OCs) and another 6.25 lakh sq ft under-construction. Over the next five years, we plan to develop seven million sq ft of which two million sq ft will be developed in the next 1.5 years.
What is the average rent per sq ft for your commercial properties?
We are currently getting ₹90-100 per sq ft on an average.
How much land bank you hold?
We currently have a land bank about 3,000 acres of which 90 per cent in Bengaluru and rest is in Mysuru. Initially, we were purely landowners and partnered with developers for joint development. Later, we transitioned to joint developments with builders. And now, we focus on self-development, executing our own projects from start to finish.
Builders are in expansion mode with many moving to different cities. What plans do you have for the company?
We are not in a race to be among the top 10 national developers. Our focus is to remain a top player in Bengaluru. Currently, we are already among the top 10 developers in Bengaluru’s residential market. If we expand further, it will be within this city.
Unlike some competitors, we don’t hold inventory to wait for price appreciation. Our strategy is to sell efficiently at the right price point.
Do you expect real estate prices to grow further? Or could there be a market correction in the next few years?
Between 2013 and 2020, real estate prices barely increased. The price surge in the last two years was more of a correction, driven by rising input costs (construction, labor, and land). Demand remains strong, but prices cannot keep increasing indefinitely. If prices rise too quickly, sales velocity will slow down. I expect prices to stabilize, but I’m not worried about demand.
