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« The Need for SEZs in Nation like India | Home | Indian Real Estate on Radio »

Another City Developer Goes National

The upscaling of the property market is not restricted to rates anymore. With property dealers turning developers, (Feroze Estate, Bangalore,) and hospitality majors turning to construction (Panoramic Universal), it is now the turn of Kolkata’s PS Group to go national, on the lines of Parsvanath.  Marking its 100th project on the city’s AJC Bose Road at Trinity Plush, Pradeep Chopra, Director, announced ambitious projects which will give the company a pan-India presence.

On the anvil are 5 shopping malls, residential townships covering 40 million sq. ft, IT Special Economic Zones and 10 million sq ft of office space exclusively for IT.

Funds have been sourced internationally to finance these ambitious projects. The focus is on IT, and residential townships will be catering to IT clusters. Chennai’s Old Mahabalipuram Road, East Coast Road and Kelambakkam have been selected for housing estates. A shopping mall at Velecheri covering 300,000 sq. ft. will complete the Chennai cluster. Further inland in Coimbatore, a 950,000 sq. ft. shopping mall near the upcoming Infotech City and a 1.1million sq ft. condominium project will be constructed.

In the north, Chandigarh will see an IT SEZ on the Delhi-Chandigarh highway. The Rajasthan Government has invited the company to set up an education zone

Westwards, Pune has been selected for another township near the Rajiv Gandhi Infotech Park.

Easier taxes have driven the company to move out to these locations, as Kolkata municipal taxes are rather steep at 40% on residential and 52% on commercial property respectively. Acquiring land for construction is a major hurdle for developers in Kolkata, enforcing the developers to seek greener pastures.

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