Taj Gateway, Kolkata
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|
| Project Details: |
| Asset Class |
: |
Hospitality Development
|
| Land |
: |
1.90 acres
|
| Leasable / Saleable Area |
: |
0.20 million sq ft
|
| Location |
: |
Kolkata, West Bengal |
| Indian Portfolio Company |
: |
Jalan Intercontinental Hotels Private Limited |
| Development Partner |
: |
Jalan Group |
| Investment Date |
: |
July 2008 |
| Completion Date |
: |
March 2011
|
| Funds Committed |
: |
EUR 4.62 million |
| Funds Disbursed |
: |
EUR 2.64 million |
| Equity Stake |
: |
40% |
|
Project
The project is located in the eastern part of Kolkata, amongst the largest and most prominent cities of India. Kolkata, traditionally the commercial, education and financial hub of Eastern India, is fast emerging as a major IT/ITES hub. A number of prominent companies setting up facilities in the city to take advantage of its large pool of English speaking technically qualified manpower base and relatively lower real estate costs.
Our partner here is the Jalan Group, a prominent Kolkata based family with a successful background in trading activities. The group has also been involved in property development, automobile retailing and financial services.
The construction on the project site is in progress and the first slab has been cast. We have entered into an operator agreement with the Taj Group of Hotels for their Taj Gateway brand for the property. The hotel is expected to be operational by March-April 2011.