Godrej lines up Rs 300-400 cr investment in WB
The Godrej group focussing on West Bengal in the real-estate sector has lined up projects worth Rs 300 to Rs 400 crore in and around Kolkata.
By PTI |
KOLKATA: The Godrej group focussing on West Bengal in the real-estate sector has lined up projects worth Rs 300 to Rs 400 crore in and around Kolkata.
Three projects have been envisaged out of which one would be a mall. The interest was due to the reasonable land price in Kolkata.
"We have undertaken three projects in Kolkata. Two IT parks and one mall are proposed in joint venture with CESC Ltd," Manager (corporate development) Pirojsha Godrej told reporters on Monday.
The company would build two IT parks in an area of 3.5 million sq.ft and a mall with four lakh sq ft.
"Kolkata is our main market with 4 million square feet of space under progress out of 11 million square feet," he said.
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Godrej Properties Ltd, a subsidiary of Godrej Industries with 80 per cent stake will implement the projects.Godrej was also planning to develop residential properties beside malls across the country, including West Bengal. Residential properties would comprise 50 per cent of the total space.
Godrej said the company would enter all major cities for malls and real estate projects.
It might tap the capital market over the next 24 months for its properties. It was also negotiating with real-estate venture funds to raise resources. Godrej Properties earned a profit of Rs 20 crore in 2005-06.
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The CESC-Godrej Plaza would cost Rs 70-80 crore and would be a multi-brand mall at Park Circus."The project is likely to be completed by March 2008, and will be designed by UK based consultant John Robertson of RTKL Ltd," CESC Executive Director Dilip Kr Sen said.
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RTKL has several projects to its credit including several malls and hotels in several countries. In India it was designing a 1.5 million sq.ft mall at Ludhiana and a new township at Gaziabad spread over 2,000 acres.Godrej said the company might continue the relationship with RPG beyond Kolkata if opportunity came.
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