Pilay will invest $ 630 million this year in its developments in Córdoba

The developer Pilay will invest in Córdoba in the remainder of the year 630 million pesos in all its works.

The announcement was made today by Luciano Morad, CEO of the company, along with Omar Morandini, manager in Córdoba, in a virtual conference with journalists from the Central Region and Uruguay, the places where the company is present.

The firm delivered last week 20 apartments of a building in Pilay Futura, a complex that develops on a 32 thousand square meter property in Bv. Perón and Bajada Pucará, near the Bus Terminal, where it will build nine towers with 872 apartments and almost 399 garages, totaling 70,000 square meters covered.

The building completed last week, Pilay 14, has 103 apartments. Meanwhile, it has the Pilay 15, 16 and 17 towers under construction, with a similar number of homes, to be delivered between 2021 and 2022.

Meanwhile, it is progressing in the construction of Pilay 22, a 40-apartment building that it erects in the General Paz neighborhood and that it plans to deliver before the end of the year.

Delivery. Pilay 14, the building the company delivered last week in Futura. (Pilay Press)

In this way, in what remains of the year and until 2022, the Santa Fe company will have to deliver almost 350 departments in Córdoba.

“If we wanted to move faster we would need more workers, but by protocol we cannot have more than 30 workers in the Futura complex. In any case, we are in a favorable situation, “said Morandini.

Meanwhile, it is being prepared with a view to resuming the urbanization works in Tejas 4, a subdivision of 1,020 plots (350 square meters on average) on the way to Carlos Paz, which is under development and which, to continue with the tasks, needs the empowerment of health authorities.

Developer of the Central Region

Pilay has implemented a real estate savings system since 1976, through a quota scheme that is updated with the construction value and that, once a certain percentage has been met, awards the home to customers.

As Morad announced today, the company is currently developing between 1,800 and 2,000 departments throughout the Central Region, involving 1,300 jobs and an investment of 3,250 million pesos.

Of this figure, 1,520 million pesos are destined for projects located in Rosario; 1,100 million pesos for projects in the cities of Santa Fe and Paraná and the rest applies to Córdoba Capital.

“We have been through a very long crisis, it is eight years of recession; so Pilay decided to focus on what it can control, which are our own variables, so as not to depend so much on a context marked by uncertainty, “explained the CEO of Pilay.

For that, assured the manager, they took a series of measures, among them “the freezing of quotas for May, June and July at April values”; the expansion of payment systems and the adaptation of plans to the situation of some clients with actions such as postponement of maturities and adjustments.

“In the last three years, the quota has increased a third of what the dollar rose,” he stressed.

According to Morad, as soon as the quarantine started, the company projected delinquency and delinquency levels of 15 to 20 percent of its portfolio. “But March started out better than February; April better than March and June already shows progress compared to last month, “he stressed.

In the country, Pilay has 30,000 clients, of which Córdoba contributes 7,500.