Godrej Properties to invest Rs 500cr in Kolkata

Godrej Properties, the $1.3 billion Godrej Group's realty arm, has completed the acquisition of Kolkata-based Happy Highrises for around Rs 100 crore and has, therefore, paved the way for its maiden Rs 500 crore residential complex in the city.

"We have acquired Happy Highrises, a Kolkata company. We intend to set up a middle-income group residential complex there," Milind Korde, managing director, Godrej Properties told PTI.

The company,which funded the acquisition through internal accruals, has secured around 3.5 million sq ft of developable land and will use a major portion to set up residential properties, with a small part reserved for retail play.

"This will be our first residential project in Kolkata. We will develop the property on our own," Korde said, adding, "the acquisition gives us a strong foothold in the residential segment in the city."

Construction work is expected to commence in early-2008, he said.

The company already has a presence in the eastern metropolis through two under-construction IT parks.