Bengal Shristi Infrastructure Development Limited, promoted jointly by Asansol Durgapur Development Authority (ADDA) of the West Bengal government and Shristi Infrastructure Development Corporation Ltd, is planning to take up projects worth Rs 1,000 crore in smaller urban clusters in the state with population between 500,000 and a million people.
It had earlier developed such projects in Durgapur, 160km west of Kolkata.
The projects would be executed in a challenging time as the state was not immune to the ongoing nationwide slump in property prices. The development was of significance as most real estate developers were going slow or postponing ongoing projects due to low valuations, shrinking demand and high cost of credit.
The company was planning to build a sports complex-cum-residential and commercial complex in the port and industrial town of Haldia in East Medinipore district, 140km south of Kolkata.
A second mini township was planned 100km north of Kolkata at Krishnanagar, the headquarters of Nadia district.
The Haldia project, christened Arena Haldia International Sports City, would be build over 65 acres at a cost of Rs 750 crore, said Hemant Kanoria, director of Bengal Shristi Infrastructure Development Ltd.
The company felt there was latent demand at the two locations. For example, Haldia had a large number of professionals from all over India working there and they would like quality social infrastructure, while Krishnanagar was a booming traditional trading town which lacked any modern infrastructure despite its strategic location on National Highway 34 and affluent trading community.
About half of the space in the complex would be developed as a stadium for the Haldia Municipal Corporation, which also provided the land for the project to the joint venture company.
The stadium would accommodate up to 1,000 people at a time. The complex was likely to cater to several petrochemicals companies operating in the region like Indian Oil, Haldia Petrochemicals, Tata Chemicals, Mitsubishi, South Asia Petrochemicals and Bharat Petrochemicals. The township project at Krishnanagar, called Krishnanagar Centrum, would be spread over 4.50 acres, with estimated project cost of Rs 250 crore. The land for the Centrum project was provided by a local partner, Kanoria added.
The residential complex would comprise five towers, going up to 14 floors. The project would offer luxury flats, a lifestyle mall, multiplex, commercial space, business space and a leisure club.