Bengal rush for realty masks reality
Decks were cleared for an investment of Rs 6,500 crore by Bengal Shriram Hitech City, which has acquired 314 acres of land in 2006-07 to develop an integrated information technology township, says Amit Mitra, State FM
Dec 16, 2014
Source : The Telegraph
Amit Mitra, WB Finance Minister

 

Calcutta: The Bengal government is upbeat about the development of a commercial township at Uttarpara in Hooghly even as there are no signs of reopening of the Ambassador car plant.

On the sidelines of a managing committee meeting of Assocham today, state finance minister Amit Mitra said decks were cleared for an investment of Rs 6,500 crore by Bengal Shriram Hitech City, which has acquired 314 acres of land in 2006-07 to develop an integrated information technology township.

The finance minister then referred to industrialist Ajay Piramal, who has over the last couple of years picked up equity stakes in various Shriram group companies. Mitra hoped that with the presence of a "big pocket" the real estate project by the Shriram group would transform Hooghly.

"The matter is pending since 2006. The investment is Rs 6,500 crore. Ajay Piramal has now taken, I think, 40 per cent equity (in Shriram group companies)... as you know there is big pocket. We are hoping that the Rs 6,500-crore investment will transform Hooghly completely," Mitra said.

But Mitra, who is also in charge of the industries department, gave no assurance on when the car factory from which the township project is being carved out, would reopen.

Union members at the Hindustan Motors (HM) car plant were surprised by the eagerness of the state government to develop housing and commercial spaces on the land instead of discussing the stalemate at the car factory.

"The government is not looking to hold any tripartite meeting to resolve the issue," a union member said.

Struggling to improve the sales of Ambassador cars, HM had hived off the land to Bengal Shriram Hitech during the regime of the erstwhile Left Front government with an objective to utilise the sale proceeds to improve cash flow.

HM declared suspension of work at Uttarpara in May as its net worth was completely eroded.

Latest Realty News

Unitech homebuyers protest ‘2 year delay’
Dec 15, 2014
GURGAON: More than 70 flat owners of the Unitech Vistas project in Sector 70 staged a protest against the developer over non-delivery
Capital decision irrevocable: Naidu
Dec 15, 2014
VIJAYAWADA: Naidu pooh-poohed the critics of the land pooling system, that is required to build new capital
Developer to pay Rs 1 lakh damages
Dec 15, 2014
NEW DELHI: A New Delhi district consumer forum has asked a developer to pay two customers from Janakpuri a compensation of Rs 1 lakh for failing to deliver a plot booked by them
Mumbai builder to pay Rs 14 lakh for 5-year delay in handing over flat
Dec 15, 2014
MUMBAI: The state consumer commission last week directed a builder to pay a compensation of Rs 13.50 lakh
BMC plans more dry waste collection vehicles
Dec 15, 2014
MUMBAI: The BMC is planning to increase the number of dry waste vehicles used to collect dry waste from housing societies in the city
Dubai keen to develop Hyderabad as smart city
Dec 15, 2014
Telengana: Telangana Minister for Information Technology K.T. Rama Rao visited Smart City and interacted with the investors in Dubai
Home loan for tea workers
Dec 15, 2014
Guwahati: The Assam cabinet today decided to provide home loans to tea workers
Pros and cons of buying property from secondary market
Dec 15, 2014
The chief advantage of buying from the secondary market is that the price tag is lower than the developer's
There seems to be no property bubble yet in India: Ratna Sahay
Dec 15, 2014
Amid talk of an asset bubble in the country, housing prices overall are not yet a concern: Ratna Sahay, deputy director, monetary and capital markets, International Monetary Fund
Unrealistic government rules halt realty sales in SoBo
Dec 15, 2014
Navi Mumbai: Some strange norms in the state government's leasehold land policy have virtually halted the sale of flats in many part of south Mumbai

Latest Realty News Of State

Realty Talk's