Bengal Peerless Housing plans Rs 400-cr project
The Hindu Business Line, August 15, 2009, Page 17
Manish Basu
Bengal Peerless Housing Development Company Ltd, a joint venture between the West Bengal Housing Board (WBHB) and the Peerless General Finance and Investment Company Ltd (PGFIC), plans to develop in phases a residential-cum-commercial project near the Eastern Metropolitan Bypass in the city at an estimated investment of Rs 400 crore, its Managing Director, Mr Kumar Shankar Bagchi, told Business Line here.
The project, to come up on 15 acres near Ruby Hospital close to its existing housing project Avishikta, would have 1,600 flats with a total residential area of 10-11 lakh sq. ft and about 3.5 lakh sq. ft. of commercial and office space, he said. Half the residential units would be for the high-income group, and the rest for middle and low-income groups.
“Land has been acquired on the E.M Bypass, near the Avishikta project,” Mr Bagchi said, adding that the project, still in the designing and planning stage, would be placed before the municipal authorities for approvals soon.
In 3 phases
“We plan to invest Rs 300-400 crore in three overlapping phases each of about 30 months,” he said, adding that the first phase of the residential project would be delivered within two and half years from the zero date.
The project, to be launched under a new brand, would be funded from internal accruals, he added.
Completion date
The whole project might take nearly seven years to complete and the commercial area would be delivered in the final phase, he said.
While the project might not have a shopping mall, it would have an integrated commercial and office spaces, he said. The construction might start soon, he said, without giving out further specifications.
Bengal Peerless is a joint sector company in which WBHB and PGFIC hold 49.5 per cent stake each while the balance one per cent is held by promoters and State Government nominees.
The Hindu Business Line, August 15, 2009, Page 17
Manish Basu
Bengal Peerless Housing Development Company Ltd, a joint venture between the West Bengal Housing Board (WBHB) and the Peerless General Finance and Investment Company Ltd (PGFIC), plans to develop in phases a residential-cum-commercial project near the Eastern Metropolitan Bypass in the city at an estimated investment of Rs 400 crore, its Managing Director, Mr Kumar Shankar Bagchi, told Business Line here.
The project, to come up on 15 acres near Ruby Hospital close to its existing housing project Avishikta, would have 1,600 flats with a total residential area of 10-11 lakh sq. ft and about 3.5 lakh sq. ft. of commercial and office space, he said. Half the residential units would be for the high-income group, and the rest for middle and low-income groups.
“Land has been acquired on the E.M Bypass, near the Avishikta project,” Mr Bagchi said, adding that the project, still in the designing and planning stage, would be placed before the municipal authorities for approvals soon.
In 3 phases
“We plan to invest Rs 300-400 crore in three overlapping phases each of about 30 months,” he said, adding that the first phase of the residential project would be delivered within two and half years from the zero date.
The project, to be launched under a new brand, would be funded from internal accruals, he added.
Completion date
The whole project might take nearly seven years to complete and the commercial area would be delivered in the final phase, he said.
While the project might not have a shopping mall, it would have an integrated commercial and office spaces, he said. The construction might start soon, he said, without giving out further specifications.
Bengal Peerless is a joint sector company in which WBHB and PGFIC hold 49.5 per cent stake each while the balance one per cent is held by promoters and State Government nominees.
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