Forum hires consultants to rope in partner for its Jamshedpur project

Forum projects, the Kolkata based realty company promoted by Rahul Saraf, has hired consultants for its upcoming 25 acre township project at Adityapur in Jharkhand.

Saraf, said, “We have hired Cushman and Wakefield to find a partner for our hotel. It will be a 115-key business hotel. We have also hired Ernst and Young to tie up with a hospital partner. It will be a 300-bed multi-specialty hospital.”

The project is being undertaken in phases and the first phase will cover 1.2 million square feet.  The cost of building the phase is Rs 150 crore and the land acquisition cost is Rs 40-50 crore. The hotel and hospital will be part of the first phase and the developer intends to bring in partners who would invest in the projects at the equity level, which will enable Forum to raise money for the next phase of development.  The project will be launched January next year.        

The company is also setting up an information technology (IT) special economic zone (SEZ) spread over 6 lakh sft in Phase one of the project at Bantala at an investment of Rs 90 crore.

Yatra Capital Ltd, had committed Rs 100 crore for a 49 per cent stake in January 2008 to form a joint venture formed with Forum IT Parks Private Ltd. The money committed was to be used for developing the Technopolis II project.

It is also developing its second retail mall cum commercial office space in Bhuwaneshwar spread across 1 million sft. It will launch a shopping mall cum office complex in Jamshedpur next year by September- October which is spread on 0.5 msft. Forum is currently developing a mixed use project spread on 1.2 million square feet in Howrah.

The company is also building the first discount mall in the city spread across 35 acre having a development area of 3.5 million square feet.