Welcome, Guest    
Login  Contact Us RSS Feeds
  Add Property                
Register Free to find a Perfect life partner In AnytimeMatrimony | Equated Monthly Installment(EMI) Calculator | Stamp Duty Calculator | Area Conversion Calculator | Know answer for your Taxation query | Ask Legal Advice @ Free of cost | Vaastu Tips
FAQ Sitemap
Newsletter Signup
Subscribe for our property news letter

News Search
Type a keyword to search.


Select a city to search property news.

News Archieves
September 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
September 2008
June 2008
February 2008
January 2008
December 2007
November 2007
External Links
 ICICI Home Loans
 LIC Housing
 HDFC Home Loans
 SBI Home Loans
 Axis Bank Home Loans
 Tamilnadu Govt Links
adProperty News

Estate headline property
Source : Financial Chronicle Published On : 2009-06-04 City : Kolkata

Estate Headline Property - Bengal Shristi to invest Rs 5,000 cr in tier II, III cities

Company to develop over a million sq ft mixed-use properties in Durgapur, Asansol, Ranigunj, Krishnanagar and Haldia Developers are offering integrated complexes in smaller cities that offer office space, residential units and entertainment facilities at reasonable prices.



Kolkata-Based Bengal Shristi Infrastructure Development plans to invest Rs 5,000 crore in developing integrated properties in a number of tier II and tier III cities across West Bengal. Buoyed by the prospects of business activities in these areas, the company would develop more than one million sq ft of commercial spaces in places such as Durgapur, Asansol, Ranigunj, Krishnanagar and Haldia over the next couple of years.

“A number of banks, IT and ITeS, telecom and finance companies have lined up expansion plans in these cities, due to rentals, which are as low as one-third or even less than that in metro cities. If these companies get the right kind of infrastructure, which is comparable to that of bigger cities but at the same time cheaper, it would make business sense for them,” Hemant Kanoria, director of Bengal Shristi told FC Estate.

Bengal Shristi’s integrated properties are coming up in Durgapur, Asansol, Krishnanagar, Ranigunj and Haldia. Among the companies that are moving in or are likely to move in include HDFC Bank, SBI, Tata Teleservices, Reliance Webworld, ICICI Home Finance, LIC Home Finance, Apeejay Finance, Dishnet Wireless, Aircel, Reliance Petro, Canon, India Bulls, Sahara Home Finance and Motorola.

“The advantages are manifold.

These companies want to expand and know there is a huge market beyond metro cities. Besides, they are also under tremendous cost pressures.

In the integrated properties that we plan to develop, these companies would get developed commercial spaces with many amenities, where rentals are reasonable, apartments are in the same complex where their employees and officials can stay, shopping and entertainment and club facilities within the same premises.

The companies can ask their people to migrate to tier II and tier III cities where the cost of living is lower, travel time to workplace is much less and the happiness index in higher. So it makes business sense,” Kanoria explained.

Mayank Saksena, associate director of real estate consultancy company, Jones Lang LaSalle Meghraj, also agrees with Kanoria’s views.

“There has been lot of movements towards tier II and tier III cities in the commercial space, ever since the slowdown broke out last October. A number of BPOs and KPOs are moving to cities such as Bhubaneswar. And this trend will continue in the years to come,” Saksena said.

Kanoria said that a number of companies have approached them, looking for modern infrastructure to set up disaster management centres and back offices in smaller cities. “In our Durgapur property, for instance, those companies, which bought commercial spaces also bought the residential apartments in the premises. This is a test case and an indication of the way things are moving,” Kanoria added.



More on Anytimeproperty
City Based Properties
Useful Tools Property News Search Property Calculators Others
© 2018 Any Time Property All Rights Reserved. Home | About Us | Advertise | Testimonials | Help & Support | Contact Us | Careers | FAQ | Feedback | Sitemap
Privacy Policy | Terms and Conditions Developed by Snick Technologies