Mumbai-based Kalpataru Ltd plans to foray into the Nagpur real estate market. The company is expected to launch a plotted development project spread across 37 acres, market sources told.
The plotted development project by Kalpataru is likely to be launched at Samruddhi Circle, the starting point of 700 km long Mumbai-Nagpur Samruddhi Expressway in Nagpur.
Kalpataru has a 100-acre land parcel near Samruddhi Circle. It plans to launch 37 acres of plotted development as part of the first phase. This is likely to have 400 plots of sizes 1,200 to 4,000 sq ft range. Kalpataru has appointed ANAROCK, a real estate consultancy firm, as a strategic sales partner for the project.
Kalpataru in August 2024, had filed for IPO to raise over Rs 1,590 crore mainly to reduce debt. It would use Rs 1,192.5 crore for repayment/prepayment, in full or in part, of certain borrowings.
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