Pune-based real estate developer Kumar Urban Ltd (KUL) has decided to concentrate only on its townships business, and will hive off smaller land parcels for development by separate joint ventures.
Speaking to Business Line, Kruti Jain, Director, KUL said, “We will no longer do small projects and focus on townships as we are repositioning ourselves as experts on areas like hospitals, schools, clubs, malls, which are part of integrated townships.”
The only exception to this will be in Mumbai where the company will undertake smaller projects as well as re-development, she added.
The company operates in Pune, Mumbai, Hyderabad, Nagpur and Bangalore, and has a total land holding of 1,700 acres, including 1,300 acres in Pune.
In Mumbai, KUL owns three land parcels and will be developing residential towers in Worli and a soon-to-be-announced residential and commercial project in Tardeo. It will also undertake redevelopment of 41 properties and deliver 1.5 million sq ft this year. “All the rest are re-development,” she said, adding that this will be its strategy for the metropolis.
In Pune, KUL is hiving off around 120 acres of small land parcels, each less than five acres in area scattered across the city. Here, it is building a total of five townships over the next three years. Two are in various stages of construction at Balewadi and Hinjewadi, while the third will be flagged off by March. The company is also building Ecovale, a 110-acre township in Bangalore.
Referring to KUL’s plans to go public that were deferred some time ago, Jain said that the company’s plans for an IPO were intact, and the issue will come at the appropriate time.