KMDA in pact with 3 promoters

In what is possibly the biggest deal ever signed by the Kolkata Metropolitan Development Authority (KMDA) with private real estate developers on a single day, the authority today signed documents for three separate projects worth a combined Rs 850 crore.

KMDA signed one Memorandum of Understanding (MoU) with Simplex projects Ltd for a multi-level car parking facility, along with an underground mall, near Salt Lake's City Centre mall, another with South City Merlin consortium for an IT-logistics centre at Sector V and a commercial complex on the E M Bypass, and a third for a "corporate park" to be developed by a hitherto-unknown city-based business unit called the Dhoot Group.

KMDA received Rs 317 crore as the land cost for the three projects. The Simplex project will be run on a Build-Own-Operate (BOO) basis, for which the company has paid Rs 25 crore to KMDA on an one time basis.

The project, spread over 62.54 cottas, will cost Rs 50 crore to build. A 30,000 square feet commercial space will be developed through a special purpose vehicle in collaboration with the Future Group.

The rest of the five-levels will have a parking facility for 500 cars. Simplex would complete the project within the next two years, said Raghav Mundra, director of Simplex Infrastructure. The second project for the IT Logistic park by the South City Consortium will involve an area of 4.3 acre.

The project will have twin commercial complexes in two land parcels of 2.92 acres and 1.393 acres. The estimated cost of project was Rs 300 crore, and was expected to get over by 2010.

South City paid Rs 158 crore for the land to the KMDA, which had formed a 50:50 joint venture company with the consortium for the purpose. The third project, a "corporate park" to be developed by a small and hitherto-unknown city-based business unit called the Dhoot Group will entail an investment of about Rs 400 crore.

KMDA was paid Rs 188 crore for the land.

Apart from sharing 50 per cent profit from the project on an yearly basis, KMDA would occupy about 20,000 square feet of the built up area in the complex, said P R Baviskar, CEO of KMDA.