The Hindu Business Line : Kumar Builders eyes retail space in Mumbai, Bangalore

THE city-based Kumar Builders, with interests in retail mall development and construction of speciality IT parks, has drawn up plans to invest over Rs 800 crore in the next five years to take its brands into cities such as Bangalore and Mumbai.

The company, which has till date completed an estimated 800,000 sq ft retail space for brands such as the Pune Central, is now gearing up to tap the market for retail space in Mumbai and Bangalore where it is all set to commence work on projects.

The company, which set up K.K. Bazaar, its own discount and company outlet mall in Pune a couple of years ago, is now planning to roll out the brand into a chain which will tap the value for money segment of buyers across various cities, beginning with Mumbai, Mr Lalit Kumar Jain, Chairman, Kumar Builders, said here on Friday.

"We have gained deep knowledge of retailing through K.K. Bazaar which will expand significantly in Pune this year before we roll it out into other cities next year," Mr Jain said.

IT realty development

The company is simultaneously growing its IT realty development business and has recently competed work on Cerebrum, a Rs 200-crore, one million sq ft IT park in Pune, from where companies such as Cybage and Mastek will soon begin operations.

With cities like Mumbai and Bangalore also growing rapidly in the IT and allied segments, Kumar Builders is now firming up plans to take the Cerebrum brand into these cities too.

The first project to get off the blocks will be a Rs 225-crore, IT park at Hosur Road, Mr Jain said adding that work on the project will commence by the end of January.

While the Bangalore project is expected to be completed in 10 months, Kumar Builders is also simultaneously working on plans for the IT park at Navi Mumbai, for which land has been identified, Mr Jain said adding work on the project will commence in the near future.

More Stories on : Real Estate & Construction

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page