Space group plans new projects in Kolkata, Chennai

Kolkata-based Space Group, the real estate developer specialising in developing clubs, lifestyle-based residencies and shopping malls, has lined up an estimated investment of close to Rs 225 crore in Kolkata and Rs 350 crore in Chennai over the next three years.

An additional Rs 125 crore has already been invested in various projects in Kolkata that are under construction right now.

The 15-year-old Space Group has so far completed and sold off five projects in West Bengal worth around Rs 400 crore like Space Town, Club Town, Club Town Enclave and Club Town Estates.

Piyush Bhagat, director of Space Group, said the company is keen on partnership with private players to build residencies, clubs and shopping malls in and around West Bengal and in Chennai.

"We plan to build a Rs 200 crore bungalow complex in Rajarhat over 70 acres under the Springfields Projects banner," said Bhagat.

Bungalow sizes would range from 2,500 sq to 5,000 sq ft, and while prices had not been decided, they would have a club attached.

Built over 3 acres, the club at Rajarhat would focus on outdoor sports like cricket and football.

The club would have facilities like gym, swimming pool, food centres and banquet halls.

The club would be built under Springfield Projects banner.

Springfield Projects was formed two years ago. So far it has built the 'Silver Spring Residency' and the Rs 22 crore 'Spring Club' on the Eastern Metropolitan Bypass in Kolkata.

The Space Group is building a 300,000 sq.ft. shopping mall on B T Road in Kolkata, to be completed by 2009.

"We are in the process of identifying the brands for the mall with car parking for close to 300 cars and 200 two-wheelers," Bhagat said.

Space Group is also building a 350,000 sq.ft. 'Club Town Residency' on B T Road as well, due for completion in 2008, with apartments of upto 1700 sq.ft. and priced at Rs 1,600 per sq.ft..

The group is also planning a Rs 350 crore 30-acre residential complex in Chennai to be completed within three years from now and built under the Olympia banner, said Bhagat.

Bhagat said the group recently completed a Rs 400 crore, 1.35 million sq. ft. green building in Chennai under the Olympia banner in partnership with Khivraj and MK groups.

The residential complex in Chennai would have 2500 apartments built in phases with the first phase having 820 apartments of upto 3000 sq ft priced at Rs 3,000 per sq.ft., with attached club, service apartments, hotels and other facilities, Bhagat said.

"We would also rent out some apartments to people with transferable jobs. Families could stay here for rent of close to Rs 2 lakh per month," Bhagat added.