Latest News | Former Prestige Group CEO Venkat K Narayana Forms Own Realty Firm, to Focus on Land Aggregation
Get latest articles and stories on Latest News at LatestLY. Realty firm Prestige Group's former CEO Venkat K Narayana has set up his own venture KVN Properties, which will focus on land aggregation and joint development with other real estate players.
Bengaluru, May 7 (PTI) Realty firm Prestige Group's former CEO Venkat K Narayana has set up his own venture KVN Properties, which will focus on land aggregation and joint development with other real estate players.
Narayana, who has more than two decades of experience in the property sector, announced the launch of his new venture KVN Properties, an institutionally backed real estate firm specializing in land aggregation across India.
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"The company will work with leading property developers in the country to provide them with land parcels at prime locations, enabling them to monetize and own real estate assets, and aims to make 10 million sq ft of area available for development by 2025-26," a company statement said on Wednesday.
KVN Properties will focus on metro cities across real estate asset classes.
"Land acquisition as well as aggregation is a major bottleneck for the Indian real estate players across asset classes and sizes. The challenges span title risk, connectivity, non-contiguity, change of land use, conversion, approvals, stressed assets involving banks, ARC, and NCLT and other financial regulatory-related hurdles, often leading to uncertainty, delays and increased costs," Narayana said.
To address this challenge, he said the company would transform fragmented land parcels into cohesive, development-ready tracts, facilitating large-scale real estate projects across India, starting with residential.
Narayana is a qualified Chartered Accountant, Cost & Management Accountant, Company Secretary and Law graduate. As the CEO of Prestige Group, he was instrumental in putting the organisation on a growth trajectory. He resigned from Prestige Group in May last year.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)