Kolkata: Real estate major Shriram Properties will pump in Rs 4,000 crore into its Uttarpara project to develop 7 million to 10 million square feet spanning residential, commercial, healthcare and education real estate over the next few years, CMD Murali Mayappan said on Wednesday. The group has already invested Rs 2,000 crore in the project.
“When we started in Whitefield in 2003, it was similar. The first phase of work started in 2018 with 2,343 apartments delivered. In its second phase, it is developing 3,400 flats of which 1,200 were delivered. In phase three, it is constructing 198 villas.
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Now you know what happened,” he said. The development would be mixed with the group roping in a partner for work on shopping mall, healthcare and education. Mulayappan was optimistic that Uttarpara could become a replica of Whitefield in Bengaluru in the next few years. The company has so far either completed or is the process of completing development on six million square feet. Download the TOI App.
Shriram had bought 314 acres of land from Hindustan Motors for Rs 295 crore in 2005. Subsequently, it returned 42 acres to the state govt. Of the remaining 272 acres, it developed 65 acres and earmarked 70 acres for infrastructure.
“We will develop the remaining 137 acres in the next few years,” the CMD said.