Kulkarnis to expand in Bangalore

The Pune-based construction company, D S Kulkarni Developers Ltd (DSKDL), proposes to invest Rs 555 crore for developing projects across the country including Bangalore. The company has already deployed Rs 115.79 crore.

The company plans to rapidly expand its housing construction business during the present financial year with as many as nine new ongoing projects to develop 39 lakh square feet area by 2009, S M Deshpande, joint managing director, DSKDL said.

Addressing a press conference here on Thursday, he said the company has acquired land on Sarjapur Road near the Wipro corporate office for Rs 7.2 crore for developing a residential apartment complex to enter the Bangalore real estate market. It is also negotiating to acquire a 300 acres at Devanahalli.

The work on Sarjapur Road will commence next month and bookings will open in April

this year. The company proposes to have 1.17 lakh sq ft of built-up on this land by 2009. The flats are likely to be priced in the range of Rs 30-40 lakh.

"Our aim is to cater to the growing middle class population at a much lower price, but the land prices are very high in Bangalore," he said.

To part-finance its expansion DSKDL is entering the capital market with its follow-on public issue on April 25. It has also offered a rights issue, which is presently on. Through these issues, the company proposes to mobilise Rs 200 crore, he said.

D S K Developers, which has completed 25 years in the real estate business and developed 1 crore sq ft, now aims to develop 1.25 crore sq ft in the next one year.