Shristhi eyes budget hotel deals

It had lined up projects worth over Rs 3000 crore over four years in tier-II cities across the country like Indore, Lucknow, Agra and Jaipur.

It planned to raise funds from private equity players but refused to divulge further details.

Shristi Infrastructure was building a Rs350 crore five-star hotel on eight acres at Rajarhat.

Land was already in possession and project work had started, said Rahul Varma, director of Shristi Infrastructure.

It was in talks with leading international brands for the project and a partner could be finalised in a month.

Shristi's joint venture with Asansol Durgapur Development Authority (ADDA), government of West Bengal, called Bengal Shristi Infrastructure Development, was working on three projects at the towns of Ranigunj, Asansol and Durgapur, all located to the west of Kolkata on the National Highway 2.

It recently completed the first phase of the Durgapur City Centre project.

Bengal Shristi was now working on completing other phases of the project by 2009.

It had around 1 lakh square feet of residential space out of a total 3.7 lakh square feet in the integrated complex.

Project cost for the upcoming Ranigunj Square was estimated around Rs 250 crore, said A Bharadwaj, assistant vice-president of Bengal Shristi, while the Asansol township was a Rs 700 crore project.

The other project, called Shristinagar-The New Asansol, was an integrated green township spread over 90 acres with total development area of around 6 million sq ft, and designed to provide housing to over 5,000 families with social infrastructure.