MGF sets up office at Statesman House
There would be no change in the nature of use
| The lease rentals received by the company will add to the benefits enjoyed by The Statesman Limited, Ravindra Kumar, managing director of the company and editor of The Statesman newspaper, told Business Standard in a reply sent by e-mail. |
| The Statesman House already has two existing lessees on premises "" CESC Limited and Centurion Bank of Punjab Limited. |
| Real estate developers in the city had been fuelling rumours for quite some time about a possible transfer of the landmark building on Kolkata's Esplanade square to a major corporate entity or a local developer and likely redevelopment of the property into a mall or similar commercial zone. |
| Kumar called it a "routine lease transaction" and the company appeared to be firm on leasing out surplus spaces in the building. |
| "The offices of The Statesman Limited will continue to be located at Statesman House. It is designated as a commercial building and there will be no change in the nature of use," Kumar added. |
| When contacted, Vinay Mittal of MGF informed that MGF would be setting up office at Statesman House. |
| However, for this development, it would not be able to partner with Emaar, as the project was too small in size for both partners to be accommodated. |
| "Rental of surplus spaces in Statesman House is a routine lease transaction and surplus space in Statesman House, Kolkata is being let out to Emaar-MGF Land Private Limited and MGF Developments", Kumar said. |
| "The building will not be occupied in full by Emaar-MGF/MGF Developments. Besides The Statesman, existing lessees will continue to occupy the building, in terms of their respective leases", Kumar added. |
| It ought to be self-evident that lease rentals received by The Statesman Ltd. will constitute the benefit enjoyed by the company. |