Ruchi group launches real estate project in Kolkata

June 10th, 2008 - 10:38 pm ICT by IANS  

Kolkata, June 10 (IANS) Ruchi Realty Holdings Pvt Ltd, the recent venture of the $4 billion Ruchi Group, has launched premium residential condominiums, Active Acres, here. The group, which is known for soya and steel, has recently forayed into realty.

Manish Shahra, director, Ruchi Realty Holdings Pvt Ltd, said: “We are spending Rs.4 billion to build this project over 17 acres, off the Eastern Metropolitan Bypass, with a built-up area of about two million square feet.”

The cost of each flat would be around Rs.6-10 million. Bookings for these flats have started.

The group has also acquired land in Bantala IT SEZ and is developing an IT park with an investment of Rs.2 billion.

Shahra said: “We are targeting ‘B’ category cities in India. We have planned to invest Rs.12 billion over the next three years.”

The company has tied up with private equity player Sun Apollo, which has pumped in $60 million; the rest of the money is being raised through loans from banks and institutions.

The company plans to set up townships in Bhopal and Indore this fiscal.

Apart from this, it plans to build residential apartments in Mumbai at Nariman Point.

It will set up three four-star hotels in Bhubaneswar, Jamshedpur and Indore this fiscal, with an average investment of Rs.1-1.5 billion each. The company has tied up with InterContinental Hotels and Radisson Group for the hotel projects.

But Shahra said residential projects were the company’s prime focus.

It will set up a project in Chennai, for which it has already acquired land. The project will be completed within two years.

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