Shristi plans Rs 750 cr luxury housing complex in Kolkata

NEW DELHI: Shristi Infrastructure Development Corporation is planning to invest Rs 750 crore for developing an integrated luxury housing complex in Kolkata, offering flats at Rs 4 crore.

"It will be ready for possession in 2012 and the total outlay for the project is Rs 750 crore," Shristi Infrastructure Development Corporation Managing Director Sujit Kanoria told PTI.

The company will develop 96 apartments in the project named 'V'. It will customise units according to buyers' need. The sizes of the apartments are 4,600 sq ft per unit.

"We wanted to build something of international standard in the city (Kolkata) and so decided to develop this project. It will have all luxury amenities, but very few housing units," Kanoria said.

It took the company three years on design, planning and getting approvals, he said, adding the flats would be offered for about Rs 4 crore.

Giving details, Kanoria said the 8-acre project at Rajarhat will have a helipad, a five-star hotel and retail spaces among others.

The 5-star hotel will be under the Westin brand and it will have 323 rooms, he added.

When asked about the mode of funding the project, Kanoria said: "It will be a mix of debt and equity. About Rs 240 crore debt will be utilised for the hotel only."

He further said the company has raised Rs 80 crore from private equity firm Sun-Apollo by diluting 30 per cent stake in the hotel.