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Pune-based real estate developer Kumar Urban Ltd is in consolidation mode and has decided to concentrate only on the townships business, and will hive off smaller land parcels for development by separate joint ventures.
Speaking to Business Line , Kruti Jain, Director, 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 — all which are part of the 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, which operates in Pune, Mumbai, Hyderabad, Nagpur and Bangalore, has a total land holding of 1,700 acres, including 1,300 acres in Pune.
In Mumbai, Kumar Urban 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.
Ecovale
In Pune, the company is hiving off around 120 acres of small land parcels, each less than five acres in areas scattered across the city. It is also building 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, an 110-acre township in Bangalore.
IPO plans
Referring to its 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.
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