Kristal announces luxury apartment project in Mysore

Mysore: With interests in four countries, including India, with businesses in civil projects, import-export and corporate clubs and resorts, the Kristal Group has entered the Mysore realty market.

It has announced the launch of ‘Kristal Violan’, a Rs 12-crore luxury apartment project on a 1.20 acre plot on the outer ring road. Coming with 2-bedroom and 3-bedroom flats in the price range of Rs 1,050 and Rs 1,550 per square foot, the project with 90 flats is aimed at the higher-end with swimming pool, gymnasium, party hall and children’s playroom.

With its corporate office in Bangalore, Kristal is also coming out with a 60-villa project in Mysore shortly. It is negotiating for a 20-25 acre land at Dattagalli, close to the Infosys campus in Mysore.

Highlighting its plans, Kristal’s founder Chairman & CEO K K Namboodiri told Business Standard the company would shortly launch its 80-acre premium mini-city project near Devanahalli, north of Bangalore.

Another campus would be in Thiruvananthapuram, on 24 acres, with international quality components.

Kozhikode and Kannur joint ventures in Kerala were getting ready. As a destination, it was holding over 200 dwelling unit orders in Chennai. The Coimbatore chapter would function from January 14.

Its proposals cover a mega mall for construction materials and services in Sarjapur zone and health tourism and technical consultancy chain in West Asia. It has offers from US consortia to join hands in the hospitality industry.

Bangalore is feeling lesser demand lately. In the past few years, new project launches used to create customer queues and the flats used to be used sold within 3 hours to 5 hours on the date of the launch itself, he said, while referring to the Bangalore market.

“The market in Mysore is still volatile. Yet, it is the right time for a good business product, if it is targeted at the end-customer. If you have a real product, it is the right time to enter Mysore,” Director M S Govind chipped in.

“One has to deliver goods with a blend of heritage and culture in Mysore. Otherwise, it will not be good for the market. Hence, our projects will fall in line with Mysore’s heritage. The ‘Kristal Violan’ will be the first of its kind five-star project for Mysore while the villa project will be a landmark project,” he said.

With about 10 business segments, Kristal is targeting a Rs 500 crore turnover, from its present Rs 300 crore. The group consists of three public limited (Rs 2 crore paid up capital and Rs 28 crore reserves) and two private limited companies and a couple of firms, all closely held by the Kristal family.

Its flagship company, Kristal Projects, is looking at a Rs 300 crore annual turnover from its realty business, including selling and leasing commercial buildings. Kristal Qatar International, Doha, may account for over Rs 100 crore revenue in the coming financial year. Its import-export arm will facilitate imports of civil and other allied materials.