After power, retail, music and carbon black, RP-Sanjiv Goenka group is planning a foray into real estate development in a modest way.
After power, retail, music and carbon black, RP-Sanjiv Goenka group is planning a foray into real estate development in a modest way.
The Kolkata-headquartered group is in the process of identifying excess land holdings within the group for real estate development. While a luxury mall was built a year back in an abandoned store yard in Kolkata, similar land have been identified in Haldia and Coimbatore.
"We have decided to build a high-end residential tower with more than 300 modern apartments in Haldia. CESC Properties will also build a state-of-the-art 1.2 lakh square feet of commercial shopping complex and the work has already started," CESC chairman Sanjiv Goenka said.
The group is also identifying similar land properties with its various group properties.
"We are in the process of identifying unproductive lands that we have. There are many land parcels spreads across our group companies like we have about 75 acre in Coimbatore. We will aggregate them under CESC Properties," Goenka said.
Tea and rubber plantation arm Harrison Malayalam has a blending factory in Coimbatore.
"We are essentially looking at a rental model. Residential projects doesn't work on a rental model. So, wherever possible we will go for commercial properties," Goenka said during a press conference to announce the commissioning of the first 300 mw unit of its Haldia power plant.
A year back Sanjiv Goenka unveiled Quest, positioned as Kolkata's first luxury mall spread over three acre of land having 4.15 lakh sq ft of retail area built by dismantling an old stockyard of CESC, the power utility.
The project was executed by CESC's wholly owned subsidiary CESC Properties to which about 40 acres were transferred with an aim to monetise the idle land freed following closure of old power plants like one in Mulajore and also other office spaces in and around Kolkata.
Goenka said entire 600 mw capacity will be ready by March that will raise CESC's capacity to 1,800 mw.
The project built at an investment of Rs 4,500 crore has suffered cost escalation of about Rs 900 crore mainly due to forex fluctuations and also for additional costs involved in constructing evacuation towers across Hooghly river.
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