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Rediff News  All News  » Business » Rosedale eyes NRI buyers

Rosedale eyes NRI buyers

May 22, 2007 09:41 IST

Kolkata's Shrachi group has joined hands with two non-resident Indians for a housing complex exclusively for NRIs and their parents living in India.

Called the Rosedale Garden, 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.

The complex would offer fully-furnished apartments and promote the 'plug-and-live' concept.

"NRIs want apartments ready with all electronics, modular kitchens and bathrooms in place so that they can move in without the trouble of buying and shifting everything to a new house and this Rs 300 crore (Rs 3 billion) project is expected to address just that," said Rahul Todi, managing director of Bengal Shrachi Housing Development.

The project, being built on 16 acres in Rajarhat, is expected to be completed by 2010. Around 75 per cent of the apartments would be reserved for NRIs and their parents living in India. The remaining 25 per cent may be sold to resident Indians.

The condominium was designed by architect Stephen Coates of aCTa International.

The complex would have, for the elderly, a low-rise tower with large elevators to take in equipment like wheel-chairs as well as a separate nursing station.

"We are not bringing in shopping malls or multiplexes within the complex because we feel NRIs are particular about privacy and may not want to live in a complex with lots of visitors inside the complex all the time", Todi claimed.

The complex would house convenient stores and small pharmacy stores but not any big shopping malls or multiplex.  The six towers would comprise G+25 floors and 504 apartments, of which 335 have already been sold. 

It would have apartments with upto four bedrooms and star apartments with more than four bedrooms and a swimming pool. Prices would be between Rs 50 lakh (Rs 5 million) to Rs 1.30 crore (Rs 13 million) per unit.

Rosedale would house a business centre, travel bureau, a medical unit with ambulance, office spaces, cafeteria and sports facilities.

The complex would centralised security system and alliance with hospitals like AMRI for medical assistance round the clock.

Pradipta Mukherjee in Kolkata