The Kishore Biyani-led Future Group has formed 50:50 joint ventures with Kolkata-based developer Sumit Dabriwal in a bid to offer branded, ready-to-move-in homes to masses, primarily in metros.

The move is in line with company's plans to attain Rs 13,000 crore revenue target by July 2011, reporting growth of 35 per cent as compared to last year growth rate.

Kishore Biyani, CEO of Future Group said, "We intend to be an Rs 13,000 crore company by 2011 and the foray into real estate business for building ready-to-move-in houses is part of the plan."

Mr. Biyani added that the firm is going to announce its initial public offering (IPO) in next 30 days to come as market and consumer's sentiments are improving hoping early revival of economy. The firm is also working on plans to raise funds worth Rs 1,000 crore by issuing securities to investors.

India's largest listed retailer, Pantaloon Retail India (PRIL) has reserved funds worth Rs 250 crore for setting up 10 malls in the country. Mr. Biyani said, "Our target is to have a total of 30 million sq ft by 2013, which would entail an investment of Rs 4,000 crore."