MAIA Estates charts rapid growth with Rs 1,000 crore investment plan over five years
Synopsis
MAIA Estates, backed by investors like Ranjan Pai and Mohandas Pai, is investing ₹1,000 crore in luxury residential projects in Bengaluru and Chennai. The firm plans to develop 1,200 premium units across 4 million sq. ft. in the next five years, capitalizing on the growing demand for high-end housing.
BENGALURU: MAIA Estates, the Bengaluru-based luxury real estate firm backed by the investors such as Ranjan Pai and Mohandas Pai, is setting a bold trajectory in the high-end residential market. With an investment of Rs 1,000 crore planned over the next five years, the company is focused on developing residential projects across Bengaluru and Chennai to cater to the growing demand for super-luxury and luxury housing in India.
Over the next five years, we aim to deliver 1,200 premium units across 4 million sq. ft. in North and South Bengaluru. The proposed investment includes both equity and construction finance,” said Mayank Ruia, founder and CEO of MAIA Estates. “Our strategy is to invest in locations that are highly monetizable while maintaining a sharp focus on quality and differentiation.
One of MAIA Estates’ flagship projects, 27 Summit, is set to redefine luxury living in Central Bengaluru. The 2.61-acre project was launched at a premium price of Rs 20,000 per sq. ft., significantly higher than the surrounding market rate of Rs 16,000 per sq. ft. Scheduled for completion in January 2025, the project has already garnered robust interest, underscoring the company’s ability to create sought-after developments.
27 Summit exemplifies our commitment to delivering distinguished projects that appeal to discerning buyers. We believe there’s a substantial gap in the supply of ultra-luxury homes, and our aim is to bridge this gap effectively, Ruia said.
Beyond Bengaluru, MAIA Estates has ventured into Chennai with a high-profile project in Parthasarathy Gardens, featuring eight exclusive apartments priced at Rs 35,000 per sq. ft. Impressively, 40% of the inventory was sold during the pre-launch phase, reflecting strong demand for ultra-premium housing in the city.
Currently, 40% of MAIA Estates’ portfolio comprises super-luxury projects, with the remaining spread across luxury and upper mid-income segments. The company plans to sustain its focus on high-end developments, given the rising interest from industrial families, professionals, and the medical fraternity.
There is a growing market for high-end properties, fueled by customers investing for future generations. This demand, coupled with the lack of sufficient supply in the super-luxury segment, provides a significant opportunity for developers like us, Ruia said.
While most of MAIA Estates’ new projects are being developed through joint development agreements, Ruia acknowledged the potential for outright land acquisitions. “Our approach is flexible. While joint developments offer strategic partnerships, we are also open to acquiring prime parcels of land when opportunities align with our vision,” he said.
With its substantial investment pipeline, MAIA Estates says it is well-positioned to expand its presence in the luxury and uber luxury housing segment. The company’s focus on creating unique, high-quality developments aligns with the growing appetite for premium residences among affluent buyers.
As the luxury real estate market evolves, those who deliver well-crafted, differentiated projects will stand out. At Maia Estates, we remain committed to this philosophy, supported by the financial strength of the Manipal Group, Ruia said.
By prioritizing marquee locations and innovative designs, Maia Estates is paving the way for sustained growth and market leadership in the premium residential space.
Experts say that India’s housing market is poised for a record year in 2024, driven by steady economic growth and infrastructure improvements. The top seven cities—Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata—are expected to see significant sales activity, with over 300,000 homes worth Rs 510,000 crore projected to be sold, according to a JLL India study.MAIA Estates charts rapid growth with Rs 1,000 crore investment plan over five years