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Kolkata-headquartered Concast group will enter real estate and hospitality business, as part of its diversification programme. The Rs 5,000-crore group is already in possession of a two-acre plot off Eastern Bypass on the eastern fringes of the city.
It will develop luxury condominiums and a five-star boutique hotel on the property, Mr Sanjay Sureka, chairman and managing director of Concast group, said. Construction is expected to begin in three to four months' time.
Areas of interest
The group is primarily into steel manufacturing and cement production. It also has interests in healthcare.
The two-acre land parcel is being purchased from the Kolkata Municipal Corporation (KMC) at a cost of Rs 96 crore. The company will invest around Rs 150 crore for setting up the proposed luxury apartments and the hotel facility.
“While land costs will be paid from our own resources; development of properties will be carried out through bank loans,” Mr Sureka said.
Timeframe
The company has a timeframe of 90 days to make payment to the civic authorities for the purchased land. Following the payment, it has to apply for obtaining the necessary clearances and permits.
“We are finalising our designs as well as our contractors for the project. Construction work is likely to start in another four months,” Mr Surekha added.
According to him, the company is likely to sign management contract of the hotel property after completion. The group is also eyeing land parcels across the State for more projects. He, however, did not elaborate.
Other sectors
The company has already bagged infrastructure projects worth Rs 5,000 crore from different State governments, including Madhya Pradesh and Gujarat.
“It will take us around two years to execute these orders,” Mr Surekha said.
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