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Bengal floats JV for Rs 1 bn housing project for NRIs

The West Bengal government has taken up a multi-million rupee project for construction of a residential complex in East Calcutta exclusively for the Non Resident Indians or NRIs.

Announcing this in the state assembly today, Commerce and Industries Minister Bidyut Ganguly said the government had already floated a new joint venture company called Bengal NRI Complex Limited and acquired a ''portion'' of the 95 hectares prime land on the eastern fringe of the city.

Initially, at least 500 large flats would be constructed in the proposed complex, with all modern facilities. In addition, provisions would be made for accommodating a few hundred more applicants in later stages, the minister said.

However, the price of each flat was yet to be fixed, he said and described the response from the NRI community as ''overwhelming''.

So far, about 500 inquiries were made and many more are expected in the coming months, the minister said. He hoped that the construction of the nearly Rs 1 billion project would start soon and would be completed during the next few years.

UNI

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