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| Bata for faster township project |
| BS Reporter / Kolkata May 27, 2009, 00:11 IST |
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Footwear major, Bata India,is looking at expediting the completion of the company’s ambitious Batanagar Township project, worth around Rs 1,300 crore.
Speaking on the sidelines of the 76th annual general meeting, P M Sinha, chairman, Bata India said “We understand that at the moment the project is going a bit slow because of the downturn, but it is a good project and we are optimistic that we shall do well the moment the real estate market picks up, maybe in another six months' time. In the meantime the board has decided to hasten the work of the project.”
Sinha informed that in phase I, a total of 350 apartments is on “offer for sale” and till December 2008, 153 apartments have been booked only.
Batanagar Township project is a Rs 1,300 crore promoted by Riverbank Developers, a 50:50 joint venture between Bata India and real estate developer,Calcutta Metropolitan Group. The joint venture is developing 262 acres.
The land belongs to Bata and so Bata’s equity in the project is in the form of land.
The first phase of the Batanagar project is expected to be completed in 2011, the township is expected to start functioning by 2013, but the project might get delayed.
In a parallel development, Riverbank Developers, has signed on Intercontinental Hotels Group (IHG) for running the proposed hotel and serviced apartments facility at Batanagar.
As part of the initial 15-year deal between Riverbank and IHG, the hotel at Batanagar would be branded Crowne Plaza Hotels & Resorts and will have 200 rooms and 75 apartments.
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