Real estate firm DS Kulkarni enters US market

29 September 2007

Mumbai: Pune-based real estate developer D S Kulkarni has entered the US real estate market amidst a slowdown in housing business and a melt-down in the home finance market there.

DSK is smelling business potential in the US despite the current slowdown and is the first organised sector real estate player from India to enter in the US market.

With popular film actress Madhuri Dixit on its board, DSK has floated a fully-owned subsidiary in Delaware, US, to develop residential and commercial projects.

Initially, the company would cater to the demands of the Indians settled there, company chairman D S Kulkarni said.

However, a large number of non-Indians have also queued up to buy the houses being constructed by the company, he said.

DSK, Kulkarni said, has acquired about 18 acres of land in New Jersey and has undertaken construction of over one lakh sq ft. The company has already invested Rs80 crore and plans to invest another Rs100 crore over the next one year.