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Vedic Realty to invest Rs 2,500 cr

The Hindu Business Line:  December, 2013

Kolkata: Kolkata-based Vedic Realty Pvt Ltd plans to invest nearly Rs 2,500 crore for setting up an 18-hole golf course, with an integrated IT township. The investment will be through 25 per cent debt and 75 per cent equity.

To be spread across approximately 1,500 acres at Rajarhat New Town in the north eastern fringes of the city, the project, Greentech City, would be home to the third big golf course in the city. The two others include British-era Royal Calcutta Golf Club and Tollygunge Club.

“We will be investing nearly Rs 2,500 crore to develop the IT township, along with a golf course. The investment will be done over seven to eight years,” Raj K Modi, Chairman and Managing Director, Vedic Realty, told Business Line. Golf tourism is likely to come up as major draw in the coming days here, he said.

Greentech City has a bouquet of varied residential units starting from flats at Rs 17 lakh to a golf villa at Rs 4 crore. So far, nearly 800 units have been booked. Another major project by the company is Vedic Village spread over 150 acres at Rajarhat.

The company has so far invested nearly Rs 500 crore to develop the township and one-third of the required land has been acquired so far.

Post a “lull period” in 2009-10 following some trouble over land acquisition, the project is slowly picking up pace, Modi said.

Once the residential units and golf course come up, the company will focus on creating infrastructure for information technology companies.

Vedic Realty, through its joint venture with the West Bengal Electronics Industry Development Corporation Ltd, will provide land for IT firms to set up facilities at Greentech City.