Kumar Builders looking to raise $100M for its projects
Mr. Lalit Kumar Jain, The Chairman and MD of Kumar Builders in one of his interviews said that their company is trying to close certain funding and by the first quarter of the year 2015, they will surely close some funds. The money received from closing these funds will be used in various ongoing projects in Mumbai and Pune.
Pune: KUL is now planning to increase the profit margins for its Real Estate projects. Especially in Pune, when the cost of the material and the other expenses has changed drastically there is no such improvement in the cost or the sales value. Most of the realtors are facing downtime so to cover up the profits; Mr. Jain has now planned to raise the sales prices in the Real Estate world. As per him, sales are quite slow but of a steady nature in Pune and short-term projects are gaining much when compared to the longer-duration project, so it is very important to raise the sales value to sustain the same position in the market.
Taking about the Mumbai situation, many redevelopment projects that are still under construction have not received the approval from the authorizing authorities and so the projects which were due for the launch two years back will come to the launching pad now. In total, 12 projects are running under construction in Mumbai.
Now the company is planning to consolidate all of its smaller projects and complete them faster by forming a joint venture with other small developers of the same Industry.
In Both the cities, Pune and Mumbai, short projects are taking the lead over the long projects, so it has really become difficult for the Kumar Builders KUL to bear the real-time expenses and provide world-class services at reasonable rates.