Electro Constructions bets on niche strategy for growth
Electro Constructions bets on niche strategy for growth
Chennai, March 26, 2007:- Chennai based Electro Constructions, a part of the Rs 100 crores Electro Group is betting big on a niche segment – the lifestyle oriented and first time home buyers. The company is developing two unique gated, holiday home community projects on ECR at an investment of Rs.25 crores targeted at this niche segment. The company has since acquired about 50 acres of land close to the IT corridor for these two projects. Electro will fund the investments through internal group accruals and institutional financing. Of the two projects (named The Village and Little India), ‘The Village’ comprising 42 holiday homes is nearing completion with most homes already sold out and work is slated to begin on ‘Little India’ that will consist of 40 homes.
According to Brij Khandelwal, Chairman, Electro Group, “The Chennai property market has boomed over the past few years both on the residential and commercial front. As a recent entrant, the choice before us was clear- to be focused on a select niche and grow in that space. It is while looking for this differentiation that we identified a class of buyers, not fully addressed by the current offering- the youngsters and first time home buyers with relatively lower budgets to invest and lifestyle oriented individuals who are not keen to be boxed into flats in high-rise apartment complexes. This is a trend that is widespread in cities like Bangalore and we feel Chennai is ready for it too.”
More specifically, Electro Constructions caters to the needs of two niche sets of audience - individuals with a budget between 80-125 lakhs, wanting to buy independent homes/villas and people with a budget of less than 40 lakhs wanting to invest in high-quality, fully equipped independent homes. “Chennai’s growth as a business hub will ensure that a critical mass of this audience will be available for Electro to successfully target,” added Brij.
The Rs.100 crore diversified group floated a new company called Electro Constructions Pvt. Ltd. three years back. Founded in 1986 by Brij Khandelwal, Electro Group has more than 20 years of business expertise across diversified segments. The Rs. 100 crores company is among the largest players in the polymer trading and imports business.
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For editorial queries contact Rajesh Kumar, PRHUB @ 42317333; e-mail: rajesh@prhub.com.
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