News & Views on Indian Real Estate

Friday, May 02, 2008

TCG To Develop IT Park Project In Kolkata

Kolkata’s realty market is growing. The real estate market of Kolkata is comparable to tier-II cities like Hyderabad, Chennai and Pune and is even ahead of these in terms of pricing of some of the recent deals. The IT realty market is hotting up too. Estimates suggest that about 120 lakh sq.ft. of new plug-and-play IT infrastructure will come up in Kolkata in the near future.TCG Real Estate, a part of The Chatterjee Group promoted by Purnendu Chatterjee, is planning to take up an IT park project at Sector V, near the Salt Lake area, with an investment of around Rs 250 crore. The entire project, would be spread over 11 lakh square feet and split in two phases, and is slated to be completed by 2012. TCG was also exploring the possibility of executing similar projects in places like Siliguri and Rajarhat. The project, to be launched in the latter half of the year, would be funded through internal accruals. In the first phase of the project, around 6 lakh square feet area would be developed, with ground floor dedicated to retail space. TCG Real Estate, which has a presence in about eight cities across India, has a tie-up with the US$ 25 billion US-based Vornado Realty Trust for partnering its large format projects like special economic zones (SEZs). Biotech Park park in Pune, World Trade Centre in Delhi and Bengal Intelligent Park in Sector V, near Kolkata, are some of the major projects of TCG. The company has a landbank with capacity to develop US$11.1 million sq feet of projects.

apoorv said...

actuaaly i would like to add something although kolkaata as such place was once upon a time very wel developed but after coming of cpm party kol couldnt come up but now dlf and hiltonahve taken 2 big lands to develop 5 star hotels near salt lake are,,although salt lake area are has grown so much

Manish said...

It sounds very good when i heard that a 2 tier city like kolkata is attracting real estate investor and also growing with a rapid speed.

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