Pruksa Real Estate looking for land in Bangalore to build residential project

Thongma Vijitpongpun, the company’s president and chief executive officer, said it was looking for land in India’s information-technology capital for further residential development.
He said the new project would be the company’s third development in India and its second condominium. One of its existing projects comprises townhouses and detached homes.
“We are unable to disclose many details of the project at this stage, but the new development is likely to be on a plot of 15 rai. It will be a condominium that serves the market demand there,” Thongma said, adding that Pruksa had no plans for overseas projects aside from India.
In Thailand, Pruksa currently holds 0.7 per cent of the expatriate market but hopes to raise that to 1 per cent after the Asean Economic Community is implemented.
Thongma expects the value of the real-estate market to climb by 15 per cent from Bt293 billion in 2014 to Bt337 billion this year.
In the first six months, despite the sluggish economy, the property industry enjoyed strong growth. Its value in Bangkok and surrounding provinces was estimated at Bt179 billion, or 31 per cent higher than last year.
During the first half, Pruksa posted 33.5-per-cent growth in sales to Bt23 billion, a 15.7-per-cent revenue surge to Bt21 billion, and Bt3 billion in net profit, growth of 4.2 per cent.
It has a backlog worth Bt20 billion scheduled to be realised as revenue this year and 181 active projects valued at more than Bt80 billion.