By IANS,
Kolkata : South City Projects (Kolkata) Ltd, one of the fastest growing real estate firms in eastern India, will foray into the real estate sector in Sri Lanka by investing nearly $100 million in a project in Colombo.
The mixed-use development project will be executed by the company’s newly-formed subsidiary, Indocean Developers Pvt Ltd.
“We are finalising the details of the project and will start work on designing in six to seven months.
“The construction of the project is expected to begin within a year and has an expected completion dateline of 2014,” Indocean Developers director Anil Khetawat told reporters here Tuesday.
The project will consist of high-end retail stores, restaurants, spas and residential apartments and will be spread over two acres of land. Funding for the project will be through the debt-equity route.
Khetawat said it will use the ‘South City’ brand name for the Sri Lanka project. “This is our first international project. The company is expecting a turnover of nearly $400 million from the project.”
South City Projects is a consortium of six Kolkata-based real estate companies namely the Merlin Group, Shrachi, Rameswara Group, Emami Group, JB Group and Sureka Group.