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November 17, 2006

Kolkata commercial real estate demand shifts to Rajarhat | INRnews

Kolkata, November 17, 2006 : Kolkata is gradually undergoing a transformation which will have a long term impact on the city and its future growth. Earlier, Dalhousie Square (BBD Bag) gave way to Park Street, Chowringhee Road and Camac Street, as preferred commercial destinations and we may see a similar change in the medium to long term. The catalyst to this change is the emergence of the IT/ ITeS business sector and the resultant developments in Rajarhat.

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November 15, 2006

India's retail revolution begins | INRnews

Hyderabad, November 15, 2006 - If India's much anticipated retail revolution has a start date, it could well be the first week of November 2006. On November 3, in a classic RIL move marked by scale and ambition, Reliance Retail launched 11 Reliance Fresh retail outlets simultaneously in the southern Indian city of Hyderabad, firing the first salvo in what will be a keenly contested battle to win a huge prize - nothing less than the wallets of Indian consumers!

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November 02, 2006

Cognizant to invest Over $200 Million in India real estate expansion | INRnews

Teaneck, NJ – November 2, 2006 – Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced plans to further expand its infrastructure in India through an expansion of its existing real estate development program. As part of this program, Cognizant plans to develop state-of-the-art techno-complexes and expand its infrastructure in five cities – Chennai, Coimbatore, Hyderabad, Kolkata and Pune.

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October 29, 2006

Unitech offers apartments in Cascades in Rajarhat, Kolkata | INRnews Project Feature

Uniworld City Cascades New Town Rajarhat Kolkata Real EstateKolkata, October 29, 2006 : Flush from the success of selling out the first three phases of the Uniworld City project in New Town, Rajarhat, Kolkata, the Unitech Group is offering on sale flats in the fourth phase of this project called "Cascades".

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October 17, 2006

Genpact opens 80,000 sq ft facility in Rajarhat, Kolkata | INRnews

Kolkata, October 17, 2006 - Genpact, a pioneer and global leader in high-quality Business Services and Technology Solutions, today inaugurated a new 80,000 square feet facility in Kolkata.

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Wipro signs up for 50-acres of land in Rajarhat

Kolkata, October, 17, 2006 : Wipro Chairman Azim Premji has agreed to the West Bengal government offer of 50-acres of land in Rajarhat at a price of Rs. 50 lakh per acre. The company was looking for land in Rajarhat for a new software development center but had balked at the prevailing prices earlier.

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October 02, 2006

Tata Consultancy to start BPO operations in Kolkata

Kolkata, October 02, 2006 : IT major Tata Consultancy Services (TCS) is looking to acquire land in Rajarhat, Kolkata for a new BPO operation. The company plans to house around 12,000 people in Kolkata by 2010 and is looking to build a campus on 40-50 acres of land in Rajarhat.

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September 28, 2006

IT-led boom drives demand for real estate in Rajarhat, Kolkata

Kolkata, September 28, 2006: IT major Wipro is finding it hard to get 50 acres in Rajarhat,a fast developing suburb of Kolkata city. The issue appears to be price. The company is reportedly unwilling to pay beyond Rs.70 lakhs per acre, while the state-owned Hidco is seeking a price of Rs.1.5 crore per acre as fair compensation. The West Bengal government had made an offer of an alternate location near Kolkata airport at Rs. 50 lakhs per acre. However the land has yet to be acquired and this may make it less acceptable to Wipro.

Rajarhat, also called New Town, is the latest township being developed on the north-eastern fringes of Kolkata city. The master plan envisions a township that is thrice the size of neighbouring Salt Lake City. Still under development, this area was till recently a big swamp and full of fisheries.

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September 24, 2006

GMR Infrastructure to venture into real estate development

Bangalore, September 24, 2006: Bangalore based infrastructure company GMT Infrastructure is to expand into real estate development across India. The company is looking at land acquisition in Bangalore, Hyderabad and Kolkata for residential as well as commercial realty projects.

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September 22, 2006

West Bengal to offer land to CPRI for laboratory

Kolkata, September 22, 2006: The West Bengal government is likely to allot a 3-acre plot near Kolkata to the Bangalore-based Central Power Research Institute (CPRI), for setting up a power equipment-testing laboratory, which is presently operating in a WSEB property. The West Bengal Power ministry has requested CPRI to put in a formal application to the state government for the land and the land is likely to be allotted in Rajarhat. This laboratory will be set on a similar scale as the major ones that are in operation at Bangalore, Bhopal and Hyderabad.  Future investment on this power equipment infrastructure would be 100-150 crores.

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September 15, 2006

Kolkata - Skyhigh rentals on Park Street force retailers to move east

Although Kolkata is a large, sprawling city, the chosen area for high-end retailers and trend-conscious consumers is Park Street. As long as shoppers flock to this grand old road, retailers will pay top dollar for space. With the western end of Park Street reaching high rental levels (Rs.225 per sq.ft for ground floor space), the focus of development has now shifted to the eastern end of the popular stretch.

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September 01, 2006

Kolkata real estate - Satyam to construct IT facility

IT major Satyam Computer Services is to begin construction of its IT unit on 2.77-acres at Sector V in Salt Lake, Kolkata. The company plans to construct 300,000 sq.ft. of space in two phases by Oct 2007. In the first phase alone, the company would employ over 800 people at the facility.

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August 25, 2006

Kolkata real estate sees foreign interest

International Infrastructure Limited (IIL) has just received Rs.30 crore as direct investment from American based firm, New Vernon Private Equity. IIL is behind Globsyn Crystals, the latest infotech park in Kolkata that it jointly promotes with the Globsyn Group. The Infotech Park is the first in the country to have an attrition-free working environment. Development costs are expected to be Rs.100 crores with the project to be completed by September 2007.

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August 15, 2006

Kolkata retail space to host Marks & Spencers

Retailing icon Marks & Spencer has a new address - Avani Heights, next to Exide House in Kolkata. The 30,000 sq.ft. store on three levels will be the 10th Marks & Spencer outlet in the country.
 
Marks & Spencer operates in India through its franchise partner Planet Sports.

The Kolkata market has seen investment by many UK companies including HSBC, Newby Teas and Vesuvius India.

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August 05, 2006

Infosys to hunt for affordable land in West Bengal

Infosys' quest for 100 acres of land at Rajarhat in West Bengal has met a price hurdle. While the IT giant is willing to cough up Rs.5 lakh to Rs. 30 lakh per acre, it appears that kind of money is not good enough to match current land prices.

The State IT Secretary Siddharth said the govt is looking for an alternative location to provide the land requested by Infosys. The proposed software centre at Rajarhat was to have employed 5000 people with an investment of Rs.250 crores.

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July 11, 2006

Godrej Properties plans Rs 300-400 cr investment in West Bengal

The Godrej group has lined up real estate projects worth Rs 300 to Rs 400 crore in and around Kolkata. This includes two IT parks coprising 3.5 million sq.ft and a retail mall of 400,000 sq. ft.

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May 01, 2006

Kolkata - India's latest real estate hotspot

Kolkata’s realty market is growing. The real estate market of Kolkata is comparable to tier-II cities like Hyderabad, Chennai and Pune and is even ahead of these in terms of pricing of some of the recent deals. An example is a recent property deal where Emaar-MGF, a joint venture between the Dubai-based Emaar Group and Delhi-based MGF, picked up a six-acre leasehold plot for a whopping Rs 209 crore. The deal for the land on the Eastern Metropolitan Bypass, on the south-eastern fringes of Kolkata and next to ITC Sonar Bangla hotel, set the price at about Rs 33 crore an acre, nearly four times the existing rate. Emaar MGF group has also bid for the Dankuni township project, entailing development of some 5,000 acres of land.

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