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Indian Real Estate News : Kolkata
Construction at Infosys site to start soon
Source: The Times of India, Kolkata Oct 25, 2011
IT bellwether Infosys Technologies is expected to begin construction work on the 50-acre plot in Rajarhat Action Area III in another four months. The company paid the entire amount - Rs 75 crore - for the land last week and it would get possession of the plot after conducting a joint inspection with Housing Infrastructure Development Corporation (Hidco) after Diwali.

According to sources close to the development, the company, after getting possession of the land, needs to apply to the state government to obtain SEZ status. Then it will apply to the central ministry of commerce and industries for project approval.

"This procedure usually takes at least four months," the source said.

This would be the firm's first centre in the state. It employs more than 1,40,000 globally and aims to add a total of 45,000 people across the globe this year.

During state IT minister Partha Chattopadhyay's recent visit to Bangalore to meet Infosys chairman emeritus NR Narayana Murthy, he said the Bengal project would initially generate employment for 20,000 people, which would doubled in course of time.

Hidco chairman-cum-managing director Debasis Sen said they have done the needful from their part for Infosys to start work. "It is now up to them (Infosys) to start work. From our part, only sanctioning the building plan is left. That could be done within 15 days on priority basis once they submit the plan," Sen said. Normally, sanctioning a building plan in Rajarhat takes about a month, Sen added.

Hidco officials, however, said it would take a few months time for the company to actually start work on the campus. "It's a huge plot and coming up with the architectural design of the campus will naturally take some time. Work could start only after the building plan gets sanctioned," an official said.

When the plot was allotted in December 2010, the company had paid a part of the total price. The company paid the remaining amount on Friday.
Tag: commercial real estate, kolkata real estate
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