Ambuja Realty to invest Rs 175 cr at new mall in Rajarhat township

Just launched City Centre II spread over 3.4 lakh sq. ft for 180 retailers

Ambuja Realty will be investing Rs 175 crore at City Centre II, the just-launched mall at Rajarhat, the township on the north-eastern fringes of Kolkata.

Spread over 3.4 lakh sq ft, the mall would have 180 retailers, 70 per cent of which were currently doing the interior fit-outs, said Harshvardhan Neotia, chairman and managing director.

"Nearly 90 per cent of retail space has been occupied already," he added.

Pantaloons was the main anchor at the mall and Inox, McDonalds, Pizza Hut and Hangout, were the other major retailers. "Most of the retail space had been leased out three years back and the rents have not increased much, since then," said Neotia.

"The mall is ideally located to attract foothold from within the surrounding 10 km radius," he said, pointing out that it was expected to cater to the residents of the developing area of Rajarhat and the airport bound travelers. The mall also has an integrated five star hotel entailing investment of Rs 100 crore. The 147-room hotel, to be run by Switzerland-based hotel group Swissotel, would come up by January, Neotia said.

Swissotel Hotels & Resorts also manages Fairmont and Raffles branded residences, estates and luxury private residence club properties.The Ambuja Realty-Swissotel tie-up was for the specific project.

The partnership marks Swissotel's entry into India. Industry observers said, the project would do well if Infosys and Wipro accepted the proposal from the West Bengal government.

The West Bengal government recently proposed to give land at Rajarhat to the two IT companies, after the IT township project close to Vedic Village was scrapped. Infosys and Wipro were expected to create jobs for 16,000 people.

"It would change the dynamics of the area," said a realtor in Rajarhat.