Latest news with #Trayam
Time of India
a day ago
- Business
- Time of India
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. Tired of too many ads? go ad free now 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.
Time of India
a day ago
- Business
- Time of India
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. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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.
