KVN Properties partners Assetz to build housing project at Rs 500 cr, eyes Rs 1k cr sales

Bengaluru, Jul 8 (PTI) Realty firm KVN Properties will invest Rs 500 crore to develop a housing project in Bengaluru in partnership with Assetz Group as part of its expansion plan.

In a statement on Tuesday, KVN Properties said it has signed a Development Management Agreement (DMA) with Assetz Group to develop a premium residential project in North Bengaluru.

The upcoming project, spread over nearly 6 acres of land, will have 10 lakh square feet of developable area.

"We will invest around Rs 500 crore to develop this project," KVN Properties founder Venkat K Narayana told PTI.

The investment includes the cost of historical land and construction expenses, he added.

The total revenue is estimated to be around Rs 1,000 crore from this upcoming project, which is currently at the design stage, said Narayana, an industry veteran and former CEO of Prestige Group.

Under this DMA model, KVN Properties will undertake the project's development costs, including land procurement and all construction expenses, and Assetz Group will be the Development Manager, contributing its brand equity, market reputation, and execution capabilities.

"Our DMA with Assetz is a strong statement of our capital strength and commitment to delivering high-quality urban communities. This is a high-conviction investment backed entirely by KVN Properties, where we are not only aggregating land but building a portfolio of end-to-end residential developments that combine intelligent planning, financial discipline, and customer-centricity," Narayana said.

Sunil Pareek, Executive Director of Assetz Pvt Ltd, noted that North Bengaluru is a high-growth corridor with strong demand.

"We see strong long-term alignment between Assetz and KVN Properties, given our shared institutional and professional approach to real estate. This marks the beginning of what we believe will be a successful, multi-project collaboration across Bengaluru," he said.

In May, KVN Properties tied up with Puravankara Ltd to jointly develop a housing project in North Bengaluru with a total revenue potential of more than Rs 3,300 crore.

The project with Assetz Group will be the second project for the newly formed KVN Properties. PTI MJH MJH BAL BAL