Delhi builder to promote real estate projects

B L Kashyap & Sons (BLK), a Delhi-based construction company, which has a presence in the Bangalore's construction scene through the execution of turnkey projects, now plans to partner developers to promote large real estate projects.

Vineet Kashyap, managing director, B L Kashyap & Sons said that the company has executed projects for builders like Akme and Brigade and undertaken commercial construction for firms like Metro Cash and Carry, ST Micro, Embassy group and Perot Systems.

The company presently has Rs 775 crore worth of projects in hand, and projects worth Rs 500 crore are scheduled to be completed by March 2006. Of this "south India we have projects worth Rs 150 crore under various stages of construction to be delivered in 2006", he added.

The company will shortly tap the capital market through an initial public offer (IPO) to raise Rs 100 crore to fund expansion into several cities. For this the company has filed its draft red herring prospectus with SEBI.

B L Kashyap & Sons has orders to build over 3 million square feet in Bangalore . This includes one million square feet each for Salarpuria on Sarjapur Road and for Akme on Outer Ring Road, and one million square feet of commercial development for Embassy.

In the last few months the company has concluded the following contracts: a commercial building for Golf Link Software, Bangalore (Rs 18.94 crore); a food court at Manyata Tech Park, Bangalore (Rs 11.60 crore); an office building at Gurgaon (Rs 15 crore); a residential project for Uppal Housing at Noida (Rs 120 crore) and a residential project for Embassy at Pune (Rs 45 60 crore).

In Pune, the company is entering on its own and has initiated townships and row housing, said Kashyap.

The company has expressed interest in participating in the Bangalore metro project, and is expected to submit an expression of interest (EoI) shortly, he added.

The company in the first-half (ending September 30) of financial year 2005 clocked a turnover of Rs 210 crore and expects the revenues to touch about Rs 500 crore by end of the year. Its turnover has grown from Rs 28.52 crore in 1995-96 to Rs 313.70 crore in 2004-05.