KMDA signs MoU for 3 projects in Salt Lake

Kolkata: The Kolkata Metropolitan Development Authority (KMDA) on Thursday signed MoUs for three different projects, all located at Salt Lake. The total investment in all three projects will be Rs 850 crore, the largest such to be inked by KMDA till date on a single day.

The money going into KMDA’s kitty is said to Rs 360 crore, which constitutes cost of the land, said Mr Ashok Bhattacharya, State Minister for Urban Development. KMDA will also get 50 per cent of the profits every year from two of the projects.

The first of the three MoUs was signed between KMDA and Simplex Projects Ltd to build a multi-level manual car park near the City Centre on an area of 62 cottahs, with an investment of Rs 50 crore. The PPP model will provide parking space for 500 cars. The basement will host a large format single store by Pantaloons.

Simplex will pay Rs 25 crore for land and will run the facility on a ‘build and operate’ basis, KMDA’s CEO, Mr P.R. Baviskar, said.

A MoU was also signed between the KMDA and the South city Merlin consortium to develop an IT Logistic Centre at Salt Lake on 4.3 acres of land, at a total investment of Rs 300 crore. The 50:50 joint venture will constitute two plots connected by a sky bridge and will host business centres, conference rooms, guest rooms, restaurants and food courts among other facilities. The project is proposed to be completed by 2010. KMDA will earn Rs 158 crore as land price and will also receive 50 per cent of the project’s profit every year.

The day also saw a tie-up between KMDA and the Dhoot Developers Ltd to develop a ‘Corporate Park’ at Salt Lake in an area of 7.5 lakh sq ft. The 50:50 joint venture between the two will also house 4 lakh sq ft of office space and a parking bay for 800 cars. The Dhoot group will pay Rs 188 crore for the land and will also share 50 per cent of the yearly profits as part of the agreement, Mr Baviskar said.

The Dhoot group also has plans to develop seven multi-specialty hospitals in eastern India (out of which three in Kolkata) in collaboration with U.S based Columbia Asia, at an investment of 40 crore each, said Mr Pawan Dhoot, Managing Director, Dhoot Developers Pvt Ltd.