Kolkata, December 5, 2010 (Calcutta Tube/IBNS): Paharpur Cooling Towers Limited, a Kolkata-based conglomerate announced their expansion plans in real estate with two apartment blocks coming up in Barrackpore and Asansol in West Bengal.
The Rs 1000 crore-group with holdings ranging from industrial cooling equipment to wind energy sectors said it has partnered a Mauritius-based private equity fund, Pragnya Fund-I, to set up a special vehicle company — Paharpur Pragnya Realty Private Limited — for the real estate projects.
After completing the extensive 1875-apartment-township, Genexx Valley, in Joka sprawling across 21 acres, the group is now coming up with housing complexes in Asansol and Barrackpore.
“We are looking at projects that are about long term value creation. We are focusing on large format complexes in order to bring down costs and make the apartments affordable,” company managing director Gaurav Swarup said.
Genexx Towers, with over 1100 apartments on 11.3 acres of land is coming up at Barrackpore. With the market launch held on Nov. 21, the company said that the response has been good and over 140 apartments have already been booked.
In Asansol, Paharpur Pragnya is coming up with the 749-apartment Genexx Exotica over 9.26 acres of land at a premium residential locality by the G T Road.
With an around Rs 280-crore investment in both the projects, the company said it wants to keep the pricing in the range of middle and upper income groups in the two towns. For the Barrackpore project, officials said the base price was fixed at Rs 1750 per sq. ft.
Apart from residential complexes, the realty group is also looking into commercial hubs and a 300,000 sq. ft. complex in front of the Genexx Valley in Joka is in the pipelines.
Company execs also mentioned that they are “seriously considering” projects in the rest of the country, especially in south India. A residential project in Chennai is under planning.