Emami Realty to invest in new commercial project in Kolkata

04 Aug 2021 CW Team

Emami Realty, the real estate arm of Emami Group, is investing Rs 130 crore to develop a commercial real estate project—Emami Business Bay in Salt Lake City, Sector V, Kolkata.

Nitesh Kumar, MD & CEO of Emami Realty, told the media that they would launch a commercial project at Salt Lake City in Kolkata. The total project price will be around Rs 130 crore. With the pace of corporate vaccination drive picking up speed, they anticipate the resumption of normal office operations getting regularised in the city hence surging the demand for office space market, particularly the smaller ones.

In the past few months, they have observed a rise in enquiries for office space from IT and fintech firms, notably in the Salt Lake, Sector V area of Kolkata. They have observed surging demand from many large firms as they settle into a post-pandemic world.

The firm had recently declared that it would form a 40-acre township at Bhasa, near Joka in Kolkata, at an evaluated project price of Rs 300 crore.

Last year, the firm declared an investment of approximately Rs 225 crore to form a 100-acre integrated township 'Emami Nature' at Jhansi in Uttar Pradesh.

Emami Realty Limited, a part of Emami Group, has a pan India presence with more than 36 million square feet of development at various stages of planning, development, and delivery over Uttar Pradesh, Maharashtra, Andhra Pradesh, Tamil Nadu, Orissa, Maharashtra, and Sri Lanka.

Emami Company is an Indian multinational conglomerate firm having its headquarters in Kolkata, India.

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Also read: Emami set to develop 40 acre township in Kolkata at Rs 300 cr

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