Indian real estate and construction company
Century Real Estate Holdings is a privately held Indian real estate and construction company, founded in 1973 and headquartered in Bengaluru, Karnataka.
History.
Century was founded in the year 1973 by Dayananda Pai and Satish Pai with the primary objective of buying, developing and selling land in Bangalore. They started in 1976 with plots near M.G. Road, Bengaluru and has expanded in various geographies since then. Century is associated with several of Bangalore's landmark developments such as Manipal Centre, Taj Residency, Vijaya Bank Headquarters and Diamond District among others.
IIMB-Century Real Estate Research Initiative.
Indian Institute of Management, Bangalore IIMB has teamed up with Century Real Estate Holdings (CREH) to acquire data and conduct scientific research on the Indian real estate sector. The research initiative creates a bridge between the industry, government, and academia.
A memorandum of understanding was signed by IIM-B and CREH in 2012. The primary investor in the initiative is Century Group and IIM-B contributes by way of administrative and research work.
Academic and practitioner journals publish the data collected from the research, to offer policy prescriptions and guidance to the Indian government and industry stakeholders on important issues related to the real estate sector.
Funding.
In 2011, Century raised INR 2 billion from Kotak Realty Fund, a part of Kotak Mahindra Group.
In 2013, the Indian NBFC arm of worldwide investment giant The Xander Group Inc., Xander Finance, invested $8 million (INR 49 crore) in Century Real Estate. The mode of this investment senior was secured non-convertible debentures.
In 2015, Century Real Estate has raised INR 1.65 billion through non-convertible debentures to fund a residential development and plotted development. The names of the projects are Century Ethos and Century Eden. The working capital for these projects was funded by ECL Finance, the non-banking arm of Edelweiss Financial Services Limited.
Activities.
Four Seasons.
Century has teamed up with Four Seasons to build a 7-star hotel in an estimated budget of INR 9.57 billion. During the Global Investors Meet in 2010, a memorandum of understanding with the Karnataka government was signed by Century with regard to this project.
Philanthropy.
Named after the founding members of the company, the P. Dayananda Pai &amp; P. Satish Pai Trust drives social and humanitarian reform by providing medical facilities, infrastructure, and educational opportunities to a wide range of people.
Bangalore, also known as Bengaluru, is the capital of the Indian state of Karnataka. In recent years, the city has seen a significant increase in real estate development, with many new residential and commercial projects being built. The city's growing population and strong economy have made it a desirable location for both locals and expatriates, driving demand for housing.
References.
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