Work is on in eight of these projects and the company will start delivering flats by the year-end and complete the process of possession in the rest of the projects within 18 months to 36 months, depending on the size of the project, a press release from KUL said. Wow!Pune-based realty developer Kumar Urban Development Limited (KUL) today said it had taken up 18 redevelopment projects, including two skyscrapers, in Mumbai with an initial investment of around Rs 500 crores.
"Redevelopment is the future of real estate in Mumbai that faces severe constraints on the availability of open land within the city limits," KUL Chairman & Managing Director Lalitkumar Jain said.
"On the one hand the demand for housing stock is rapidly growing in the city, while on the other there are thousands of ageing buildings which are dilapidated and have reached a stage where it is not possible to carry out structural repairs. Moreover, their rehabilitation does not make economic sense, and it is better to construct new buildings instead," Mr Jain, who is also the Vice-President of the Confederation of Real Estate Developers Associations of India (CREDAI), said.
According to the release, KUL has filed its Draft Red Herring Prospectus (DRHP) with the regulator Securities and Exchange Board of India (SEBI) seeking to launch its initial public offer (IPO) to raise up to Rs 450 crores.
To read more, please, visit NetIndian
Related Stories:1) THURSDAY, OCTOBER 1, 2009
Kumar Builders join the IPO bandwagon
Lalitkumar Jain plans Rs 400-500 crore Nirvana!
2) FRIDAY, DECEMBER 4, 2009
Realtors move to metro peripheries for villa projects
However, Kumar Builders launch "Kumar Couture", 24 sky-villas, in Worli, Mumbai!
3) FRIDAY, MAY 22, 2009
Kumar Builders' 45 Nirvana Hills at Paud phata on Karve road in Kothrud Pune
"Not for the young out of town IT guys!"
4) FRIDAY, MAY 22, 2009
Kumar Builders open booking of the first 30 stories skyscraper in Pune, 45 Nirvana Hills, first phase of 79 acre township at Paud phata on Karve road
Property rate Rs. 4,500 per sq.ft.
(on saleable area)!
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