Kristal Group launches new residential project

Kochi: After the launch of three major projects in Kochi, the Bangalore-based Kristal Group is launching another residential project at Elamakkara near here.

The project named Kristal Malachite is a premium 2 and 3 bedroom apartment project with a full fledged club house consisting of a large swimming pool, tennis court, shuttle court, gym, party hall, children’s play area, etc. The apartments are priced between Rs 28 lakh and Rs 50 lakh.

Mr K.K. Namboodiri, Chairman and CEO of Kristal Group, said that with these projects, the company has established a firm footing in the State with a total outlay of Rs 1,200 crore for the ongoing projects.

It had earmarked a project outlay of Rs 3,000 crore for residential projects in the country, he said.

Kristal had earned revenues of Rs 207 crore from its Indian operations and the target this year is to achieve Rs 500 crore, he added.

The company is also having presence in the US, Dubai, Qatar, Bahrain, Kuwait and Saudi Arabia. It is also looking at international tie-ups for construction and allied activities in China and Doha.

The group is now importing building material from China and has plans to acquire a manufacturing unit there, he said.

The Group is also launching its maiden project in Kannur in June.

There are also plans to form consortium with other builders for developing residential and commercial projects including hotel projects, he said.

The Kerala chapter of Kristal Group is also launching its house boat – Kristal Cauvery – and cultural wing Kristal Samskarika Vedi. The boat is mainly for clients, whose investments into the house boat will fetch a regular gross return of 13 per cent and one-day stay per year in the three-bedroom boat.

Investments are also invited for Munnar resorts, where studio apartments, villas and cottages can be brought and be given for the resort activities. Regular returns are provided on the basis of occupancy and investors can stay in their own units whenever they visit Munnar.