Pune Based Kumar Urban Development Ltd Looking to Launch Residential/ Commercial Properties in Pune&Mumbai

Published: July 1, 2011

As part of its expansion plans, Pune-based Kumar Urban Development Ltd (KUL) is looking to launch seven residential and three commercial projects with a total developable area covering 2-2.2 million square feet in the coming two quarters of this fiscal. The new projects will include two high-end residential and two commercial projects at Pune and five residential and one commercial projects at Mumbai. The projects are slated to be launched at regular intervals. Further, the group also plans to develop at least one million square feet of realty space in addition to its ongoing redevelopment work of societies in Mumbai within this fiscal.

Speaking exclusively to Realty Plus, Kruti Jain, director, KUL, said, “With the real estate sector looking promising in the near future, we plan to launch at least seven new residential and three commercial projects in Mumbai and Pune in the coming two quarters. The total developable area will be about 2-2.2 million sq ft which will be a mix of residential and commercial spaces. Also, our future expansion will be in cities like Bengaluru and Hyderabad. After the success of our 750-unit project in Bengaluru, we have acquired few more land parcels here which we plan to develop in the near future.”

KUL’s new commercial projects will be conventional developments which will not be mall-like. The total developable area will be 13-14 lakh sq ft. Further, their expansion plan also includes redevelopment of housing societies in Mumbai. The company currently has almost 46 societies for redevelopment of which just seven are completed; five are under construction, while remaining are in various stages of design and construction.

“In addition to the ongoing five redevelopment projects in Mumbai, we also plan to redevelop almost one million sq ft of such projects within this fiscal. The total number of units to be redeveloped would be about 5000,” added Kruti. KUL, currently, has about 1500 acres in their land bank out of which 1300 acres is already on the design board at different stages. The company is looking to work at sizeable projects in both Bengaluru and Hyderabad and plans to launch township projects in the near future. “Extensively involved in the process of acquiring land in both Mumbai and Bengaluru, we are extremely bullish about this year. Last year we delivered almost 3000 apartments. This year we will be developing the same number but since there are a number of high-end projects the total area developed will be much more than last year,” claimed Kruti.

Source: Indian Realty News

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