Keppel Land scouts for land to build townships

Bangalore: Keppel Land, a joint venture partner of Bangalore-based Puravankara Projects, plans to embark on building townships, but its quest faces the hurdle of finding a large parcel of land to develop such a property.

Currently, the Singapore-based property group is engaged in developing luxury residential projects with its partner in different cities.

Stating that the company is interested in expanding its presence in India, Ms Jane Low, City Head, Keppel Puravankara Development Pvt Ltd, said it wanted to develop large townships and was hopeful of finding suitably sized land for the project soon.

Interacting with media persons here on Saturday after the launch of Keppel Puravankara’s second signature project in the city, Ms Low allayed fears of the sluggish economic condition affecting the demand for real-estate and said, “Whatever the situation we are facing globally now is inevitable because of the cyclical nature of the business.”

There was enough demand for good quality houses in India and that will help the company’s prospects, she said.

Keppel Land, which has a 51 per cent stake in the joint venture, said that together they will be investing Rs 1,000 crore in the two projects — Elita Horizon, the project launched in the city, and another new project in Kolkata. The company has already launched Elita Promenade in Bangalore which will have 1,573 units.

Keppel Puravankara will be implementing a project on a 1,000-unit luxury apartment complex in Rajerhat, a suburb of Kolkata, together with a local partner under the banner Keppel Magus, Ms Low said.

Mr Vikram Aditya, Marketing head, Keppel Puravankara Development Pvt Ltd, said the new project, Elita Horizon, will have 1,138 apartments of various dimensions. Already, 15 per dent of the 175 units launched have been booked by customers, he said.