| The Rs 800 crore DSK group, with interests in real estate, hospitality, auto component, trading, health care, IT training etc, has decided to construct 181 single houses (bungalows) at Hamden in the state of Connecticut. |
| Besides, the group will also construct 40 condominiums at Salem county in New Jersey. |
| Kulkarni said, "Realty business could flourish in all those parts of the world which attract migrants and the US is a big magnet for migrants from all parts of the world. Thus we have taken a conscious decision to go to the US and not to Australia, Europe or the Middle East." |
| Middle East also attracts migrants from south and south east Asian region, but more than 90 per cent of these migrants never want to settle down there, and even those who want to settle there face a lot of problem because of the stringent laws in the Gulf countries about property ownership, he pointed out. |
| On the US venture, Kulkarni said, "We have formed a fully owned subsidiary called DSK Developers Inc two months earlier with a paid-up capital of $3.5 million. We have got all permissions to start constructions and after making arrangements for working capital and other requirements, actual construction work is expected to start by April next year." |
| Kulkarni said that the total cost of the project is likely to be around $9.5 million and the group is holding talks with American banks as well as the US branches of Indian banks for financing the project. |
| "We have also plans to expand our activities in the US and will be starting operations in California and Florida soon, which have the highest real estate prices in the country," he said. |
| He further added, "After working as a builder and developer in India, working in the US is an absolute pleasure, as one doesn't have to worry about problems regarding property title, permissions from different agencies etc." |
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