Kumar Builders plans big in Pune, to invest Rs 600 cr

Pune-based Kumar Builders has floated a special purpose vehicle, Kumar Retail, to invest and manage their retail ventures to take advantage of the retail boom.

Lalit Kumar Jain, managing director, Kumar Builders, said this at a press conference to announce the completion of the first phase of the one million sq ft IT park, Cerebrum.

The company is not new to retail experience. "We have successfully built and leased the Pune Central Mall complex over a year ago. Last year, we had also launched our own retail venture, Kumar Retail, which manages our own K K Bazaar, a retail mall at the Pune-Satara highway," said Jain.

On capital outlay of the upcoming projects, he said, "the company has a Rs 600 crore capital outlay over five years."

Disclosing his plans for the city, he said, "We have plans to launch a children specific entertainment mall, another retail mall in the Kumar City, one at Karve Road, a multiplex with 500 sq ft retail mall and a million sq ft large format mall by October 2006."

The group also has plans to spread its wings outside Pune. Jain said, "We will be opening a 2,50,000 sq ft mall with a four-screen multiplex in Bangalore. We have plans for Mumbai as well."

Explaining the need to have multiplexes, wherever possible, he said, "The format will be largely a multiplex-cum-retail mall to ensure high footfalls in the complex."