The Hindu Business Line : Mani Group to develop 6 m sq ft of residential, commercial space

Kolkata, June 18 Kolkata-based real estate developer Mani Group will develop six million sq ft of residential and commercial space in eastern region in the next 10 years at a substantial investment, according to the senior Vice-President and Head Marketing of the group, Mr Subesh Ray.

“Mani Group is now shifting its focus from residential projects to commercial complexes to generate more revenue,” Mr Ray told Business Line here pointing out that there was a proposal to invest Rs 750 crore to develop an IT park on 13 acres already acquired in the Rajarhat area in Kolkata. The park should be ready for operation by 2012.

The company, according to Mr Ray, has a land bank of 200 acres across the country and currently 55 per cent of its projects are commercial ones. “In the next five years, 75 per cent of our business will come from commercial projects,” he said.

The group also proposes to invest Rs 500 crore to develop a shopping mall in Jaipur in Rajasthan under the brand ‘Mani Square’. It should be ready by the middle of next year.

A similar complex will also come up at an investment of Rs 100 crore in the leather complex at Bantala in West Bengal, he said. The one on the Eastern Metropolitan Bypass in Kolkata was inaugurated on Tuesday.

The Mani Group, Mr Ray said, would invest Rs 1,000 crore to build a township, including a medical college, to be named ‘IQ City’ on 100 acres in Durgapur.

Land had already been acquired and the college would be set up in association with the Synergy Educational Institute, which in turn would tie up with some local hospital.

The company also acquired 12 acres in Bhubaneswar recently to set up a residential and commercial complex, he added.

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