Promoters of MSN Pharma have set up a new company called MSN Realty to tap the opportunities in the real estate sector.
The new company would focus on the Hyderabad market to start with. “We are targeting to develop 20 million square feet of residential and commercial spaces in the next five years,” MSN Reddy, Founder, Chairman, and Managing Director of MSN Group, has said.
“Over the next five years, we will develop residential and commercial spaces in Hyderabad’s most important locations like Neopolis, Manchirevula, Tellapur, Patancheru, and Isnapur. The company has a land bank of 40 acres in these areas, including 12 acres at Tellapur,” he said.
The premium segment venture, which will come up in 15 acres at Neopolis, would have flats in the range of 2,500-7,500 sft. “At this site, we will develop 8-9 million sft over the next five years,” he said.
The company, however, has not divulged the size of investments that would go into the real-estate venture.
It said the company awaited approvals from the HMDA (Hyderabad Metropolitan Development Authority).
The 21-year-old MSN Group, with subsidiaries such as MSN Labs, MSN Lifesciences, and Pharma Chem, crossed the $1-billion revenue mark in 2023-24.