Peerless General Finance forays into real estate biz
Peerless General Finance & Investment Company, restricted from public deposits since 2011, is venturing into real estate with its first independent project, Trayam, in Kolkata's Rajarhat. This move signifies the company's transformation and investment diversification. The project includes residential, retail, and commercial spaces, aligning with PGFI's objectives and RBI regulations for NBFCs.
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Kolkata: Peerless General Finance & Investment Company, which has been in financial services distribution ever since it was barred from mobilising public deposit in 2011, is now exploring a life in real estate.The non-banking finance company is all set to launch its first independent real estate project in the city, targeting the affluent segment. The project is being built in Rajarhat Action Area 1 , the satellite township of Kolkata. The project is spread across 2.67 acres.The Peerless group has several other housing projects shaping Bengal's skyline over the past three decades through a joint venture with the state government called Bengal Peerless Housing Development Company 'This project represents our next chapter in real estate—crafted with care, backed by legacy, and designed for the future. It is also an external manifestation of the transformation that Peerless as a group is effecting internally,' PGFI managing director Jayanta Roy said, unveiling the project named Trayam."In addition to augmenting its investment activities, the company is actively exploring avenues for monetising its real estate properties. To this effect, the company has embarked on a 'one of its kind' real estate development project comprising residential, retail and commercial under one roof titled Trayam," PGFI said in its directors' report in 2024.There's no restriction for an NBFC to undertake non-financial activities, as long as it fulfils the principal business criteria of having financial assets of more than 50% of its total assets and financial income more than 50% of its total income, an senior company official explained."PGFI fulfils the same as per RBI requirements," he said, adding that the memorandum of association of the company has development of real estate projects in its objects clause.
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