By Vipin Agnihotri
It has come into the notice of The India Street that Kolkata based Shrachi group has joined hands with two non-resident Indians for a housing complex designed for Non Resident Indians and their parents living in India.
Termed as the Rosedale Garden, initial signs are that it would be a 50:50 joint venture project between Bengal Shrachi Housing Development and NRIs Santosh Mukherjee from the Infotech sector and S K Sarkar, a pharma expert. According to sources, the complex would give fully furnished apartments and promote the 'plug-and-live' concept.
In my opinion, NRIs are interested in apartments that are equipped with all electronics, modular kitchens and bathrooms in place so that they can move in without the hassle of purchasing and shifting everything to a new house. And that is where, this Rs 300 crore (Rs 3 billion) project is expected to hit the bulls eye.
The project being built on 16 acres in Rajarhat will be finished by 2010. Company has already decided that around 75 per cent of the apartments would be reserved for NRIs and their parents living in India. On the other hand, the remaining 25 per cent may be sold to resident Indians. Architect Stephen Coates of aCTa International has designed the complex. For the benefit of elderly people, the complex would have a low-rise tower with large elevators to take in equipment such as wheel-chairs as well as a separate nursing station.
Interestingly, company is not interested in bringing shopping malls or multiplexes within the complex because they are of the view that NRIs are particular about privacy and may not want to live in a complex with plenty of visitors inside the complex all the time. In addition, the complex would house convenient stores and small pharmacy stores but not any big shopping malls or multiplex. In theory, the six towers would comprise G+25 floors and 504 apartments, of which 335 have already been sold.
Furthermore, it would have apartments with up to four bedrooms and star apartments with more than four bedrooms and a swimming pool. Prices would be in the range of Rs 50 lakh (Rs 5 million) to Rs 1.30 crore (Rs 13 million) per unit. If company sources were to be believed, Rosedale would house a business centre, travel bureau, a medical unit with ambulance, office spaces, cafeteria and sports facilities.
The 800 crore Shrachi Group of Companies is involved in businesses as diverse as agro-machinery, engineering, real estate, information technology and medical services. In terms of experience, Shrachi Group has around 10 years of experience with proven track record in delivering top-notch real estate solutions. The group has constructed wide array of reputed residential and commercial buildings - Shrachi Gardens, Shrachi Abasan, Shrachi Ushabas, Shrachi Manor and Shrachi Niket, to name a few.
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