Mint producer KV Group enters realty business

NEW DELHI: KV Group, a leading producer of mint, has forayed into the real estate sector with its first housing project in Greater Noida and is expecting a sales realisation of Rs 300 crore over the next three years.

KV Aromatics Pvt Ltd is a manufacturer, exporter and supplier of mint products, natural essential oils, aroma fine chemicals, peppermint oil and herbal products. It posted a net sales of Rs 500 crore in the last fiscal.

"We have diversified into the real estate sector as part of long-term strategy. We are launching our first project in Greater Noida West. We will be developing 950 flats in this project," KV Developers Director Aman Agarwal told reporters.

KV Developers has roped in Colliers International for project management consultancy.

"We will soon award the construction contract to a reputed company," Agarwal said, adding the project would be delivered by mid-2017.

He said the basic selling price has been fixed at Rs 3,295 per sq ft.

Agarwal did not disclose the investment in this project, but said the "sales realisation would be about Rs 300 crore".

He said the company is looking to expand its real estate business to other areas of Delhi-NCR like Gurgaon, Noida Expressway and Yamuna Expressway in the luxury and mid-segment category.