The Hindu Business Line : KSL and Industries plans realty biz foray

The project, spread over 25 acres, aims to create premium housing complex, shopping mall, multiplex, a 400-room luxury hotel and office space for the IT industry. The project is likely to be completed by December 2007.

Reward Real Estate Company Pvt Ltd, a subsidiary of KSL, is developing the project. The project will come up on the land belonging to the defunct Empress Mills.

Mr Saurabh Kumar Tayal, Chairman of KSL and Industries Ltd, said that Nagpur city is the ninth largest city in the country with a population of over 40 lakh. The city with high spending capacity, educated manpower and good infrastructure was the main attraction for the company, he said.

Other locations: The company is also considering other locations in Maharashtra, Punjab and Madhya Pradesh for similar ventures, he said.

"Our company is cash rich and debt free. For the project, money would be raised through internal resources and debts from lenders. We have already spent Rs 100 crore in purchasing the land," Mr Tayal said.

The residential area would consist of 600 luxury apartments housed in 12 towers. Average areas would range from 1,000 sq ft to 1,500 sq ft. The shopping mall would have space of 5,00,000 sq ft. For the luxury hotel, the company is already in touch with potential developers, Mr Tayal said.

Architect Mr Hafeez Contractor, construction group Shapoorji and Pallonji, and Singapore-based design company Site Concepts would provide their expertise for the project.

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