Realty player KMB Estates plans to invest around Rs 600 crore over the next 3 years to develop three premium mixed-use development properties under the brand 'La Palazzo' and is eyeing Rs 1,000 crore revenues from the projects.
"We are planning to have three premium mixed-use development properties with two in Bengaluru and one in Mumbai.
"We have already spent on acquisition of land and we will further invest Rs 600 crore for developing the projects," the company's chairman Ramesh Bulchandani told PTI here.
The company has already commenced work on one project in Koramangala in Bengaluru, which is spread across 3.5 acre and will have residential and branded studio apartments.
"We will be developing one more in Whitefield in Bengaluru, which will be spread across 5 acre and another one in Mumbai.
"We will launch the Mumbai project this fiscal itself," he said, adding, "we expect revenues of Rs 1,000 crore from these three projects over the next three years.
"La Palazzo caters to the complete lifestyle needs with amenities like gourmet food and fine dining, lifestyle shopping and internationally branded studio apartments."
When asked about the company's fund raising plans, he said, "It will be a mix of internal accruals, debt, especially through non-convertible debentures (NCDs) and cash from sales.
"The company is planning to replicate the model in Goa, and Pune in future.
"We are developing 'La Palazzo' as a gateway property. We will be looking at replicating the model in micro markets of Pune and Goa apart from further expansion in Mumbai and Bengaluru."
For this, we may either look at acquiring land parcels or even enter into joint development agreements," he added.
