2 days ago
Peerless forays into real estate with green building project
Kolkata: Peerless General Finance and Investment Co Ltd (PGFI) has finally ventured into the real estate segment through a green building in New Town Action Area I.
The construction of the mixed-use realty project, Trayam, which will include residential and commercial projects, started this March and is likely to be ready by 2029, said Jayanta Roy, MD of the business conglomerate.
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On Friday, PGFI declared the commencement of construction work and booking. At the presser, Roy said they were planning to start work on another real estate project in the city this year. The group had announced at its AGM last year its plans to enter the real estate segment.
"Our RERA registration was completed last month and 60% of bookings are in process. The total project cost is Rs 500 crore and a portion of the funding may be through a bank loan.
This project is IGBC gold pre-certified as it will have EV charging bays, a compactor, water harvesting and solar panels," Roy said.
Coming up on 2.6 acres of land, the project will have two residential towers, which will include a total of 71 luxury units. "The commercial side of the project will include a mall and office spaces. We will lease out the commercial spaces," he said.
Supriyo Sinha, executive director, business transformation and corporate strategy of the group, said the project had been master-planned by Singapore-based architects. "We have conducted extensive buyer research to understand the aspirations of homebuyers in Kolkata, and our maiden venture aims at bringing residence, retail and office under the same realty roof," Sinha said.
