KSL Realty plans 25-bln-rupee investment in 4 yrs

December 1, 2006	(Be the first to rate this story!)  Loading ...
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KSL Realty and Infrastructure Ltd. plans to invest around 25 billion rupees to develop 20 million square feet of land over the next four years, a top company official said.

It will be funded partly by internal accruals and partly through debt, he said.

The company has also identified 53 Indian cities and towns where it plans to develop mini-townships, Chairman Saurabh Kumar Tayal told Reuters.

“We want to be a national-level real estate player even as we expand our textiles business,” he said, adding the major revenue will come from real estate in the future.

The company already has a huge land bank in 4-5 Indian states and is on the lookout for sourcing of land in other states as well, he said.

KSL plans to build hotels, IT parks, malls, theatres, residential complexes, banquets, restaurants and warehouses nationwide and subsequently lease them out, Tayal said.

It has already tied up with Indian Hotels Co. Ltd. for management of a five-star hotel which KSL is building in Nagpur, he said.

Real estate investments in Asia’s fourth largest economy are growing fast, given the demand for office space, apartments and shopping centres.

India’s retail real estate market is expected to top $463 billion by 2010, from $292 billion in 2004, according to the property services arm of ICICI Bank.

Source from in.today.reuters.com

News Published Under:   Real Estate India |

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