Smart city for business analytics proposed in West Bengal

The Bengal Chamber of Commerce and Industries (BCC & I) took the initiative to launch a smart city for business analytics in West Bengal, a first of its kind in the country. The West Bengal government will support this project.

BCC & I has already identified a 250-acre land on the Kalyani Expressway for the project.

While speaking to reporters during a summit on business analytics in the Kolkata, the state minister for Urban Development and Municipal Affairs Firhad Hakim said, "It's a new concept and first of its kind in the country. Lots of land are there in Kalyani. I've heard many townships have been planned there... Knowledge City and other townships. These are not agricultural, but marshy land,"

He further said that "The Analytics Hub will be a private initiative with government support. The government will give the permission and if successful it will open up a new horizon... If we can do it here then West Bengal will be the first state to host such a city in the country,".

The state's Finance and Industry minister Amit Mitra also welcomed the initiative said "availability of land will not be a problem for the project."

Debashis Sen, Chairman, State Housing Infrastructure Development Corporation (Hidco) also welcomed the move of the Chamber.

The president-elect of BCC & I, Mr. Ambarish Dasgupta, who is also the head of the management consulting at KPMG Advisory Services, said "We have been talking to the state government for the land. It has suggested that 250-acres could be made available for the project in that area."

According to the outgoing president of BCC & I, Mr. Kallol Datta, the the project is expected to attract investments in between Rs 3,000 - Rs 5,000 crore besides, generating thousands of employment.

Godrej Properties buys back Red Fort’s 49% stake in Kolkata project

PTI

Realty firm Godrej Properties on Wednesday said the company has bought back private equity firm Red Fort Capital’s 49 per cent stake in a subsidiary that is developing an IT Park in Kolkata, for an undisclosed amount.

In 2008, Red Fort had picked up 49 per cent stake in the IT Park project ‘Godrej Genesis.’

“In terms of the agreement with Red Fort India Real Estate Babur (Red Fort) for Project Godrej Genesis at Kolkata, the company has given exit to Red Fort by purchasing its 49 per cent stake in the equity share capital of its subsidiary Godrej Developers Pvt Ltd (GDPL),” Godrej Properties said in a filing to the BSE.

GDPL has become wholly-owned subsidiary of the company with effect from December 4, 2013, it said, but did not disclose the amount it paid to Red Fort for the stake.

In July, Godrej had bought back HDFC Asset Management Company Ltd’s nearly 50 per cent stake each in the realty firm’s two projects at Chennai and Chandigarh.

HDFC PMS (Portfolio Management Services) had invested about Rs. 100 crore to pick up stakes in Godrej Properties’ two subsidiaries, which are developing realty projects in Chennai and Chandigarh.

Godrej Properties has presence in 12 cities across India with about 90 million sq ft of potential developable area.

The company reported 48 per cent rise in net profit during first half of this fiscal at Rs. 73.7 crore, while total income grew by 21 per cent to Rs. 564.6 crore during the period under review.

PE firm Red Fort Capital focuses on Indian real estate and has invested in several projects. Besides Godrej, it has made investment in projects of Parsvnath Developers, The 3C Company and Lotus Green among others.  Source: The Hindu

West Bengal to amend Urban Land Ceiling Act

The West Bengal government is contemplating making critical amendments to the Urban Land Ceiling Act which will provide new incentives to developers

By Chandrabindu; igovernment

Kolkata, Nov 7th: With a view towards promoting commercial activities in upcoming residential colonies, the West Bengal government is contemplating making critical amendments to the Urban Land Ceiling Act. The proposed amendments will aim to provide incentives to developers who agree to integrate housing projects with commercial activities.

Confirming the plan, Mr. Debashis Sen, Chairman and Managing Director of West Bengal Housing and Infrastructure Development Corporation, said “We are looking at framing a policy by which we can facilitate housing-cum-commercial projects.” Mr. Sen added that that the revised Act could be announced by the end of this fiscal year.

Other officials also added that the amendments will not only encourage commercial activities in metropolitan townships, but also allow the state to earn revenue in terms of duties and other taxes. As per the proposed policy, which is in draft stage, developers could be offered some relaxation in stamp fees as well as allowed the ability to purchase land that was prohibited under the existing ceiling act.

“However, construction companies will be required to dedicate 51 percent of their land for commercial activities, under this act and nearly one-fourth of the houses to be developed on the remaining 49 percent of land will be allocated to economically weaker sections under the proposed amendments,” Mr. Sen added.

Under the existing West Bengal Land Ceiling Act, private ownership of agricultural land in the State is restricted to 17.5 acres for irrigated land and 24.5 acres for areas that are rainfed. In urban areas, private ownership is capped at only 0.125 acres.

Officials of the Urban Development Department said that the proposed policy would also seek to allow conversion of agricultural land for housing purpose. “Through this proposed policy we will try to provide some relaxation in the conversion process as well as easing the approval of building plans,” they maintained.

Bengal to implement National Building Code

It lays down a set of provisions for the safety of the public with regard to structural and health aspects of buildings sufficiency, fire hazards 

Kolkata: Taking a lesson from AMRI hospital tragedy, the West Bengal state government has decided to take extra precautions while constructing buildings in the state.

A day after the fire tragedy which claimed 90 lives at the AMRI hospital, state Urban Development Minister Firhad Hakim had said that some amendments would be made in the building rules for the state.

Following which Chief Minister Mamata Banerjee held a meeting with the administrative officials and advised them to implement strict building construction methods. These methods were formulated by the Centre long back, but the state has failed to implement it effectively.

Building construction methods would be aptly implemented in various hospitals, multi-storied building, cinema hall, shopping mall and other buildings where hundreds of people work every day. Expert opinion would also be taken in this regard.

Ambuja Realty Acquires RMZ’s Ecospace Business Park for Rs 300cr

In one of the largest real estate deals in Kolkata, Ambuja Realty has acquired the RMZ’s Ecospace Business Park in New Town in Rajarhat for little over Rs 300 crore. The acquisition will provide Ambuja Realy a large chunk of premium commercial property adjacent to its existing one, Ambuja Realty Campus. The project, which is 80% complete, is spread over about 9 lakh square feet constructed area. International property consultant Jones Lang LaSalle facilitated the deal. JLL said the deal signified the importance of Rajarhat in Kolkata’s business landscape. 

Ambuja Realty chairman Harshavardhan Neotia said that RMZ and Ambuja Realty had got two adjacent plots of land in Rajarhat. “Even our architects and structural consultants are the same. Therefore, we decided to call the entire property Ecospace Business Park. Their end is called the RMZ campus and ours is called the Ambuja Realty Campus. Therefore, the acquisition will only help Ambuja Realty in consolidating its position in the upcoming area.”

The opportunity to acquire the company emerged as RMZ and AIG, who were managing the RMZ Campus, wanted to exit, he said. “Given that we are already housed at Ecospace and have part of the campus, we responded affirmatively to acquiring the other part, as well,” he said. JLL said with the acquisition, Ecospace became one of the largest non-SEZ office spaces in Kolkata, offering nearly 19 lakh square feet of ultra-modern and environmentally sustainable business space. According to a person close to the deal, the cost of the realty space after completion of the project would be around Rs 4,000 per sq feet, which is very competitive.

Rajarhat area has emerged as one of the most attractive area in Kolkata as it is close to the airport. Besides, a large chunk of land is available for the development. JLL MD (Kolkata) Mayank Saksena said Rajarhat is Kolkata’s brightest rising star in terms of real estate growth, with both the commercial and residential segments holding immense possibilities for developers, occupiers and real estate investors alike.