Royal India Corporation Limited (RICL) Accelerates Real Estate Expansion Plans
Royal India Corporation Limited (RICL), a stalwart on the Bombay Stock Exchange (BSE), comes on the heels of RICL successfully wiping out all past losses. Marking a significant financial turnaround and positioning the company for substantial growth in the real estate sector. With their recent announcement of a momentous leap forward with its preferential issue amounting to ₹99 crores.
Manoj Punamiya, CEO of RICL, commented on the company’s strategic growth, ”We are entering an exciting phase of expansion and innovation. Our focus on high-potential projects like the Kalyan Marina and our plans for Juhu and Kalyan APMC underscore our commitment to redefining urban living. This journey towards sustainable growth and market leadership is driven by our dedication to quality, luxury, and connectivity.”
All proceeds from the preferential issue will be earmarked for the ambitious Kalyan Marina project. Noteworthy investors in this venture include eminent figures such as Sunder Iyer and the Mangal Keshav family offices. Additionally, the promoters are set to bolster their stake in the company by 5% through this preferential offer, further underscoring their confidence in RICL’s trajectory.
The company has acquired the developmental rights for Kalyan Marina, with projected earnings of approximately ₹265 crores over the next three years. This acquisition is pivotal, positioning the company for sustained expansion and innovation. The project is set to kickstart in June 2024 and will breathe new life into modern living in Kalyan. A monumental development of 5 lakh square feet aims to offer spacious living spaces coupled with world-class amenities, setting new standards of comfort in the region.
RICL is also in talks to acquire a 20,000 sq ft plot in Juhu, with projected revenues of around ₹150 crores over the next three years. Additionally, the company is negotiating with Kalyan APMC to acquire an adjoining plot to Kalyan Marina to build 10 lakh sq ft housing and commercial project in partnership with MHADA, with expected revenues of around ₹300 crores over the next five years.
Situated strategically in prime locations, Royal India Corporation Limited’s (RICL) previous ventures, such as Vertu in Wadala and Cote De Orient in Matunga, have garnered widespread acclaim for their superior craftsmanship and attention to detail. As Kalyan continues to emerge as a prominent real estate destination, the Kalyan Marina will drive further regional growth and development, characterized by luxury, convenience, and connectivity.
