Project

Kolkata, traditionally the commercial education and financial hub of Eastern India, has potential to become a major IT/ITES hub. A number of prominent companies are looking to set-up facilities to take advantage of its large pool of English speaking technically qualified manpower base and relatively lower real estate costs.

The 10.5 acre project forms part of a larger IT SEZ spread over 130 acres where industry players such as Cognizant Technologies, Rolta and Tech Mahindra, are setting up their facilities. The project will be developed in a phased manner and will target companies that either have small space requirements or do not wish to set up their own facilities.

The joint venture partner, Forum Projects is a leading Kolkata based real estate developer with over 20 years of successful track record. Forum has executed some of Kolkata's prominent real estate developments including Forum Mall - the city's first large format shopping mall, Infinity - the first large format IT space and Technopolis - the first green building in the world registered under the United Nations Framework Convention on Climate Change as a Clean Development Mechanism (CDM) project.

The project is expected to be developed in a phased manner. However due to recent slowdown in commercial sector in Kolkata and in particular this micro-market, construction activities at the site is progressing at a very slow pace.

Yatra has entered into definitive documentation for exit from this investment and has received EUR 1.29 million upto March 2016 as partial consideration.