DLF plans major real estate investments

The DLF group has lined up major investments for Kolkata in the IT, retail and residential space.

Close on the heels of completion of part of its Rs 280 crore IT park project in Rajarhat, the group has already been allotted a 25-acre plot in Rajarhat for its second IT park project estimated to cost Rs 350-400 crore.

Arvind Khanna, chief executive-marketing, DLF Universal said, the built-up space in the second project would be around two million sqaure feet. Further, the group also planned to bid for the 500-acre IT hub project being promoted by the IT department on public-private partnership model off-Rajarhat.

Khanna said, we bid for all projects and will bid for the IT hub project off-Rajarhat, as well. DLF's first IT park project would be completed by June-July 2006.

Almost half of 1.3 million square foot had been finalised for lease. Industry sources said, the first anchor for the first phase of the project, IBM would start operations by September.

DLF's IT park boasts of an area of 1,3 million square feet with three independent towers built around a large landscaped garden. Khanna said, they were in final stages of handing over around 60,000 in the stage to IBM. Two other national BPO players would be setting up their offices in the DLF IT park.

In the retail space, the group would take up three acres in Rajarhat. Khanna said, on the residential front, the DLF group was looking at several properties including private acquisitions of parcels of land.

DLF group would also bid for the Dankuni township project. The idea was to have a significant presence, said Khanna.

"We are here as a long-term player" he said. Kolkata, he explained was at the fulcrum and human resources could be attracted from the North-East.