Jain Group plans housing projects worth Rs.2,000 crore

The city-based Jain Group is planning to build affordable housing projects across four east Indian cities, covering five million square feet of space at an investment of about Rs.2,000 crore by 2014-end.

The real estate firm is currently developing eight projects in Kolkata, Durgapur, and Siliguri in West Bengal and Bhubaneswar in Odisha.

It has recently launched a residential project, christened 'Dream Eco City', at Durgapur in West Bengal's Burdwan district.

"Under the first phase of this project, we have already launched 800 flats. The first phase of the project will be completed within 40-48 months," Jain Group executive director Rishi Jain told IANS.

According to Jain, the total investment in the first phase of the project would be Rs.350-400 crore.

The company said the unique residential project, spread over one million square feet, uses biophilic design, which means right from the designing stage, nature will form an intrinsic part of the project. It would also house a five-star hotel within the campus.

The firm would tie up with an international hotel brand for running it.

Jain said the real estate developer had planned two phases for this project and it would decide whether to come up with more phases based on the demand.

The group will also roll out two more residential projects in Durgapur -- one in 2013-end and another in mid-2014.

It is also developing a housing project at north Bengal's Siliguri at an investment of Rs.150-200 crore.

"We are planning to give possession by the end of this calendar year," the official said.

The group, having diversified into hospitality business, has already launched hotels in Kolkata, Siliguri and Durgapur. It has tied up with Best Western, the world's largest hotel chain, for its five-star hotel in Kolkata.

It has a plan to roll out 15 hotels around the country by 2015.