Project

With a population in excess of 14 million, Kolkata is the largest and most prominent city in eastern India. Progressive government policy in recent years has improved the socio-economic environment in both the city and the state of West Bengal. A number of large infrastructure projects have prompted global companies to establish operations including IBM, Siemens, Cognizant, HSBC, Deutsche bank and American Express.

This hospitality project located at the strategically important junction of Rashbehari Connector and EM Bypass in Kolkata. EM Bypass which is the main arterial road between old and new Kolkata, connecting Kolkata Airport and the eastern parts of the city. The hotel will primarily cater for the needs of IT/ITES companies located in and around Sector V of Salt Lake, upcoming IT hub at Rajarhat and New Town, the proposed IT park at Nonadanga, IT SEZs and Leather Complex coming in the Bantala, and growing population of Rajarhat Township.

This project is a 196 room business hotel, which is being operated under the Taj Gateway brand owned by Indian Hotels Limited, the market leader, which runs 112 hotels under the Taj Hotels and Palaces brand across 55 locations globally. The Hotel has begun its partial operation of 80 rooms since August 2013. Final finishing and fit-out works are underway for the balance rooms for full launch.

Yatra's development partner in the project is the Jalan Group, a prominent Kolkata based family with successful background in trading activities. The group has also been involved in property development and financial services.

The lenders have taken repossession of the project site in 2015 due to default in repayment of loans.

Yatra has fully exited from this investment in June 2017 and received the entire sale proceeds of EUR 0.41 million.