Bengaluru-based Shriram Properties, part of the Shriram Group, will invest around ₹10,000 crore in developing a township - with residential-cum-commercial usage - at Uttarpara, some 20 km north of the city.

Called Shriram City Grand, this is the company’s first such project in the State.

The project will come up on nearly 314 acres that once belonged to CK Birla-promoted Amabassador-car maker, Hindustan Motors. The car factory alongside has been lying closed for quite some time now.

Shriram paid nearly ₹290 crore (approx) for the land but owing to the absence of clearance, it was lying unused.

Another 72 acres were later purchased by Shriram to ensure connectivity of the project to the nearest highway (Delhi Road).

“The first phase will see development of residential properties. The following phases will have office spaces, including IT companies. There will be schools and other educational institutions, hospitals and so on,” the Managing Director M Murali said.

Phase I begins The first phase, which will be residential complex catering to the affordable housing segment will have 2300 apartments. Each flat will be priced between ₹12 lakh and ₹30 lakh with an area (superbuilt) varying between 489 sq feet and 1199 sq feet.

Apartment handover is expected to happen within 42 months and the work is expected to begin shortly.

The entire township project, according to him, is expected to be completed over a decade and is likely to generate employment for 40,0000 people.

The company is also looking to have projects in the North-East. Details are being worked out.

Fund raising Shriram Properties, Murali said, is planning to raise around ₹1,000 crore from private equity (PE) funds in FY-17.

The funds will be raised for various new property launches in south India, Murali said.

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