Jay Shree Tea plans to enter realty biz
Jul 31, 2013
Source : The Hindu Business Line

KOLKATA: B K Birla group outfit Jay Shree Tea & Industries Ltd is looking to leverage its land bank to foray into real estate. However, the plans are still in a nascent stage.

According to Jayashree Mohta, Vice-Chairperson, Jay Shree Tea, the company will invest an estimated Rs 30-40 crore for its real estate venture.

“We would like to leverage our existing land bank in Kolkata for real estate. Our initial projects, preferably residential, would be based out of Kolkata,” Mohta told reporters following the 67th AGM of the company.

Land bank

The company has around 9,000 sq.m. (around 3 acres) that it would like to utilise for real estate venture. However, it was not clear whether the land were located in Kolkata or all across the country.

“Whether we would buy new plots in future or not is a decision we will take based on the success of our initial projects in the city,” she said.

Jay Shree, she said, had earlier done two residential projects in the upscale localities of Sarat Bose Road and Alipore of Kolkata.

To a specific query on whether the development of projects would be carried out by the Birla Group or by third party developers, Mohta said: “We are exploring the possibilities.”

Sale of land

Meanwhile, the company has sold off certain land in the city during the first quarter of 2013-14.

R.K. Ganeriwala, CFO of the company with interest in tea, sugar and chemicals, told Business Line that the profit of 26.61 crore, out of the sale proceeds of around Rs 30 crore, added to other non-operating income during the quarter.

The total Q1 (for the period ended June 30) operating income, however, was down at Rs 108.61 core against Rs 137.34 crore in the comparable quarter last fiscal.

“Weather related problems in the tea segments in April and May reduced the total quantity even though the average price realisation was Rs 5 a kg higher than that in the previous year. Production of the seasonal crop, however, became normal in June,” Ganeriwal said.

 

Latest Realty News

Tax assessment onus now on home owners in Kolkata
Jul 09, 2013
KOLKATA: The procedure for property assessment is changing. In a step to put an end to the existing system, where the Kolkata Municipal Corporation makes general revaluation of properties every six years, the civic body now wants citizens themselves to give details of their houses/flats in a bid to make the assessment transparent.
In Singur, a different kind of discontent brews now
Jul 07, 2013
SINGUR (HOOGHLY): “We don’t know what will happen in the Court. An early resolution is welcome. Even if the land is not returned to us, I would be happy with higher compensation, at current market rates,” says a land loser at Singur who does not wish to be identified as he is now a Trinamool activist.
Property for Rs 20-40 lakh available in Kolkata
Jun 26, 2013
KOLKATA: Are you planning to invest Rs 20–40 lakh in Kolkata? Rajarhat is one locality you can opt for. Property in this price segment is easily available in Rajarhat and in demand by 40 per cent of people living in Kolkata.
CII: Emerging investment hotspots
Jun 25, 2013
DELHI: India has its own unique and integral complexities and business is not an exception to it. Corporations strive for increased efficiency and productivity amidst these complexities. Real estate is an integral ingredient in the formation and growth of all businesses and steadily maturing into a big business itself.
Buying a property just got a bit more cumbersome
Jun 25, 2013
MUMBAI: A common saying goes, to know "stress", organize a person's marriage or endeavor to build a house. Consider the various factors which affect the decision on the purchase or building of a house, they range from vastu, legal documentation, anticipated appreciation in value and maybe even the whims and fancies of the relatives. Clearly, factors which may cost a common man, seeking to obtain a roof over his head, many a nights sleep. Well, thanks to the Finance Act, 2013, the stress has been
Dissecting The Role Of Real Estate Regulator In India
Jun 25, 2013
KOLKATA: The Central Government Cabinet approved the Real Estate (Regulation & Development) Bill on 5 June 2013. The aim of the bill is to create a Real Estate Regulatory Authority and an Appellate Tribunal that will act as a watchdog for the housing sector, primarily towards protecting consumer interests while creating an alternative redress mechanism for any disputes that may arise.
Bangkok cheapest office location in Asia; Hong Kong most expensive
Jun 25, 2013
BANGKOK:Bangkok was the cheapest city for office rents in Asia this year, while Hong Kong was the most expensive, an international property consulting company said on Monday.
CREDAI bats for realty reforms with Girija Vyas
Jun 24, 2013
DELHI: Praising the Union Government’s efforts towards real estate reforms, realtors’ apex body Chairman Lalit Jain expressed the hope that the new Housing and Urban Poverty Alleviation Minister Ms. Girija Vyas will continue with the unfinished task of her predecessor Mr Ajay Maken.
How new real estate bill could reshape the realty ecosystem?
Jun 20, 2013
MUMBAI: 1) Project Registration When the Real Estate (Regulation and Development) Bill 2013 comes into effect, all projects will have to be registered with a real estate regulatory authority.
The Bill will be a boon for homebuyers
Jun 19, 2013
MUMBAI: The Real Estate Regulator Bill which was recently approved by the union cabinet, has been several years in the making now and hasn’t had smooth sailing from the start. Apart from inordinate delays, it faced much resistance from the real estate fraternity at initially who were afraid that this Bill would prove to be yet another regulatory bottleneck, rather than a regulation that would empower the industry and its homebuyers.

Latest Realty News Of State

Realty Talk's