Shrachi eyes more projects

Kolkata-based Shrachi Developers is eying residential projects in small towns to beat the slump in the property market.

The real estate company is planning to launch two high income group (HIG) residential projects at Kharagpur and Jamshedpur by year-end.

"We hope to launch two residential projects at Kharagpur and Jamshedpur in the next six-nine months. The projects are yet to be finalised. Over the last two years, we have shifted our focus to tier II and III cities, due to the immense untapped potential in the areas. In the next one year our main focus will be to complete the ongoing projects," said Rahul Todi, managing director of Shrachi Group.

 

Shrachi is the process of purchasing land for the two projects, with each of them likely to be spread over 15-20 acre.

Shrachi Burdwan Developers, a part of the Rs 1,000 crore Shrachi Group, is also in the process of developing a satellite township, namely Renaissance, spread over 256 acres, on the outskirts of Burdwan town.

The first phase of the project, with about 400 bungalows, was likely to be finished by the end of 2010, said Todi. Out of the 400 buildings slated for the first phase of Renaissance, nearly 250 had been sold so far, he added.

"We have received good response from the local residents at Burdwan, where the economy is mainly dependent upon agriculture. Thus, it is more or less immune to the overall economic slowdown. This apart, the pricing is also reasonable," Todi said.

This apart, Shrachi is also developing a retail-cum-commercial project at Durgapur, over 3.50 lakh square feet, and project cost of Rs 90 crore. Renaissance would be a comprehensive township with a wide range of residential, retail, administrative, health and educational facilities.