KSL and Industries to develop 15 properties across India

KSL and Industries, Mumbai-based leading textile and yarn manufacturer has embarked on a major expansion to develop real estate on a pan-India basis. With developments plans in place for 15 projects which are a mix of residential, commercial, retail, IT park, hospitality and warehousing, the company is geared to create world-class properties, according to Saurabh Tayal, chairman, KSL and Industries.
``The company enjoys a land bank of around 18.25 million square feet and we would roll out the projects in a phased manner over the next 12-24 months``, Tayal added. The company`s Nagpur project, Empress City - a luxurious township project, comprising a five star hotel which is at the heart of the city is expected to be ready in the next few months. The total investment in the Nagpur project is placed at Rs 6 billion. KSL has entered into an agreement with Taj Hotels Resorts and Palaces to manage the five-star hotel at Empress City in hotel management.
``We have adopted a unique development model under which the realizations from the developed projects would be ploughed back to develop the remaining part of ongoing projects, thus taking care of the funding requirements``, said Tayal. The total investments would be close to Rs 25 billion in the development of various projects.
The company has acquired a mix of premium and upcoming locations across Mumbai, Punjab, Nagpur, Kolhapur, Amritsar, Kalameshwar and Silvassa. This is a suitable mix; while up market locations will provide us with lucrative margins in tested markets, the Tier-II cities will enable us to earn realisations higher than the prevailing average in relatively emerging locations, added Tayal.
In Mumbai, the company has already developed two prime properties one at Lower Parel in Central Mumbai and the other at Fort. The company is also developing projects in Mahape, Turbhe in Navi Mumbai. The company is developing projects across Maharashtra, Punjab, Haryana, Silvassa to cater to the emerging demands in these locations.
KSL and Industries, has come a long way in expanding its areas of activities from textiles to real estate. During its three decades of existence, KSL has already established its name in the textile sector, while it is on its way up in the realty sector.

Shares of the company declined Rs 6, or 2.78%, to settle at Rs 210.00. The total volume of shares traded was 23,273 at the BSE (Thursday).

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