News: Bengal realty dawns on Godrej reality

(TT 23/09/2006) Calcutta - The Godrej group is planning a large-scale foray into real estate development in Bengal.

The company is developing two information technology parks of 3.5 million sq ft each at Salt Lake and a shopping mall of 4 million sq ft at Park Circus in joint venture with RPG group-controlled CESC. It now wants to develop a large residential project in the city as well.

“We are planning to develop a big residential project — over 10 million sq ft in size — in Calcutta,” Godrej group chairman and managing director Adi Godrej said after an interactive session with Bengal chief minister Buddhadeb Bhattacharjee. The session was organised by the Confederation of Indian Industry here today.

“Our large residential projects in Mumbai have got a good response and we see a lot of opportunity in Calcutta, too,” Godrej said.

“I have already spoken to the chief minister about it and he was very responsive,” Godrej added.

Godrej, however, hasn’t identified a location where the project will come up. “We have asked the government to find land for us and we will take a final call after that,” he said.

Investments required for the proposed project could only be estimated after the land cost is known, he added.

Like its IT parks and the shopping mall, Godrej Properties — the Godrej group’s real estate subsidiary — will develop the real estate project. The company will invest between Rs 300 crore and Rs 400 crore in the IT park and mall projects.

Interestingly, CESC-Godrej Plaza is the first shopping mall of Godrej Properties in the country.

Adi Godrej also plans to acquire companies making consumer care products both in India and abroad. “We have recently acquired two companies overseas. We are looking for more acquisitions, small or big, for our consumer care division. We are looking at both India and overseas for the buyout,” Godrej said.

Another group company, Godrej & Boyce, managed by Jamshyd Godrej, has already evinced interest in setting up a furniture manufacturing plant in the state.