Future Group revamps to focus on realty

Kishore Biyani intends to focus on real estate development through Pantaloon Retail’s recently demerged subsidiary that will consolidate all the land holdings of his family.

Biyani has partnered with Kolkata-based realtor Sumit Dabriwala of Bellani Group for the new company, Future Mall Management, which will develop commercial and residential properties as well as modern wholesale and retail spaces.

This is Biyani’s second attempt to get into the realty space in tie-up with Dabriwala. Last year, they had joined hands for a furnished apartments project but it never took off.

All land holdings of the Biyani family will be consolidated in the firm, which may also take over the Calcutta Riverside township project in Kolkata’s Batanagar being developed by Dabriwala’s Riverbank Developers.

Dabriwala is the MD of Riverbank Developers, a joint venture between Bata India and Calcutta Metropolitan Group, which in turn is equally owned by the Bellani Group and Kolkata Metropolitan Development Authority under the West Bengal government.