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Dark horse, white knight

The white knight who has come to the rescue of Deccan Chargers, the Indian Premier League franchisee owned by Deccan Chronicle Holdings, is a relative unknown even in the Mumbai real estate circles where it operates.

The white knight who has come to the rescue of Deccan Chargers, the Indian Premier League franchisee owned by Deccan Chronicle Holdings, is a relative unknown even in the Mumbai real estate circles where it operates.

Kamla Landmarc Real Estate Holdings is understood not to be affiliated with any key real estate body, but has been in existence since 1974 in the realty business in Mumbai city. It has a cumulative land bank in excess of 15 million square feet, according to the company?s website.

The company has a presence in both the commercial and residential real estate segments with around 23 completed projects and 17 upcoming projects, all in and around Mumbai?s suburban areas.

Kamla Landmarc is chaired by Ramesh C Jain, who entered the realty business three decades ago. Its vice-chairman is Shivram Dalvi, a two-term member of the Maharashtra legislative assembly, left the Shiv Sena for the Nationalist Congress Party in May last year. Dalvi answered a call made to him but said he was in the middle of a personal tragedy and could not speak on the matter. Calls made to Jitendra R Jain, managing director, remained unanswered.

?Kamla Landmarc is a relatively old developer with projects mostly in Bandra, Khar and Santacruz,? said a person from the real estate fraternity. The most prominent development by the developer so far is an office building called 36, Turner Road, understood to be spread over 2.5 acres with 2-2.5 lakh square feet of built-up space in the suburban area of Bandra, the person said. According to industry insiders the company was quite active in the boom period of 2005 to 2008, but is faced with some execution delays on its projects.

In March this year, Kamla Landmarc signed a redevelopment project with Godrej Properties (GPL). GPL?s subsidiary Godrej Projects Development entered into an agreement with Kamla Landmarc Property Leasing and Finance to redevelop 18 residential buildings in central Chembur, Mumbai. GPL also sold a 49% stake in the project to ASK Property Investment Advisors.

According to documents filed with the registrar of companies, as on March 31, 2011, Kamla Landmarc Real Estate Holdings had unsecured loans of R82 crore, inventories of R128.6 crore, liabilities of R52 crore and net current assets of R82 crore.

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First published on: 13-10-2012 at 01:54 IST
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