Emami Realty Ltd on Monday said it will invest Rs 130 crore to develop a commercial project in Kolkata over the next four years.
The company will develop 2.64 lakh sq ft of office and retail area in its new project ''Emami Business Bay'' at Salt Lake City in Kolkata.
"We are about to launch a business project at Salt Lake City in Kolkata. The total project cost will be approx. Rs 130 crore," Emami Realty Managing Director and Chief Executive Officer Nitesh Kumar said in a statement.
The company will sell commercial space in this 1 acre-project but will retain the leasing right for retail spaces, he added.
"With the pace of corporate vaccination drive picking up speed, we expect the resumption of normal office operations getting regularised in the city thus shooting up the demand for office space market, especially the smaller ones," Kumar said.
The company will start construction work in September this year and expects to complete it by 2025 end.
"In the last few months, we have witnessed an increase in enquiries for office space from IT and fintech companies, especially in the Salt Lake, Sector V area of Kolkata. We are also seeing increased demand from many big companies as we settle into a post-pandemic world. Although Salt Lake Sec V, Kolkata has a substantial IT and ITeS presence, the lack of suitable optimised spaces is forcing more companies to look for alternatives," Kumar said.
Last month, Emami Realty announced the development of a 40-acre township in Kolkata at an estimated project cost of Rs 300 crore. The company has launched 525 plots for sale in this township project, located at Bhasa, near Joka in Kolkata.
The company last year announced an investment of nearly Rs 225 crore to develop a 100-acre integrated township ''Emami Nature'' at Jhansi in Uttar Pradesh.
Emami Realty Ltd, part of Emami group, has a pan India presence with over 36 million square feet of development at different stages of planning, construction, and delivery across West Bengal, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Orissa, Maharashtra, and Sri Lanka.
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