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Acquiring land for real estate projects in Kolkata

Somasroy Chakraborty

Kolkata, July 5 Shriram Properties Ltd, the real estate arm of the Rs 8,500 crore Shriram Group, plans to invest nearly Rs 1,000 crore to acquire land for developing real estate projects in Kolkata by the end of this year, according to Mr M. Murali, Managing Director, Shriram Properties.

“We plan to take up several real estate projects in Bangalore, Chennai, Hyderabad, Coimbatore and Kolkata. In Kolkata alone we will invest Rs 1,000 crore to acquire land,” Mr Murali told Business Line over the phone.

The company plans to set up project specific joint ventures with local developers for real estate projects in and around Kolkata. The company has already partnered city-based developer Eden Realty Ventures and has acquired land in the eastern part of the city. Besides residential and commercial projects, Shriram Properties also plans to develop a Special Economic Zone in Kolkata.

“These days money is not an issue. The problem is to get land at the right locations,” Mr Murali said while commenting on how his company plans to fund its investment.

“Once we have the land investment will automatically come in,” he added. Shriram Properties, which has finalised an arrangement with Hindustan Motors to develop an integrated IT township and auto park on 314 acres in Uttarpara, expects to commence construction by the end of the year. The project is expected to be completed in the next couple of years.

According to the company’s Web site, the Rs 450 crore Shriram Properties currently has over 2.5 million square feet of land holdings.

More Stories on : Real Estate & Construction | West Bengal

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