Shrachi group to come up with housing complex for non-resident Indians (NRI)

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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HIRCO to Focus on Housing Needs of Elderly

By DHRUVA JYOTI CHOWDHURY, KOLKATA, INDIA

An investment plan of a staggering £47.9 million (about Rs 400 crore) is in the pipeline by the Hirco Plc, a real estate investment firm floated by the Hiranandani group of Mumbai to develop a township in Chennai.

Worthwhile to mention here that 35 per cent of the net funds raised at the time of company’s IPO would have been deployed at the London Stock Exchange. Hirco, a close-ended investment firm set up in Isle of Man, had raised £382.6 million (about Rs 3,200 crore) in December last year from its listing on the Alternative Investment Market (AIM) of LSE. Reports suggest that apart from catering of the business and the working communities, ample purchase opportunities will be given to the elderly who will now be able to have property on the mortgage purchase system. This will be a first in the Chennai region, with a focus on the security of the elderly and their day to day needs.

So now old age will no longer be a bane if you have built a small haven for yourself. The company insiders reiterate that this plan came to their mind after the Union finance minister announced the reverse mortgage scheme, in the Budget 2007-08.

Moreover, surveys recently conducted suggests that in most of the cosmopolitan cities in the country, this system is being launched by various real estate giants and it has been termed as a ‘no loss but profit’ business in the time to come. The scheme will enable the elderly property owners’ surrender property with a bank for a regular monthly income. This will turn out to be a blessing for these property owners, many of who have been abandoned by their children.

To keep up with the tradition of the company, the company has drafted an exhaustive plan for developing the industrial areas for the reason as only industrial land is available for such for the infrastructure development and its up gradation with time.

Not only this, the company will also cater to the basic needs of the to- be dwellers with the interiors being designed by the interior designer, for the user and according to their wishes. When a person will enter the space, all he is he will be needed to start forming an image of the apartment he has picked up for the purpose. The way the components of the interior (furniture, flooring, upholstery, walls) shall be laid with their form (square, circular, elliptical, curvilinear, straight linear) and color composition (harmonious, contrasting or a mix of both). This is not only the company’s key project but can prove to be a great passé for it if all goes well. This system will depict the psychology and social status of the purchaser as well.