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PS Group to invest Rs 250 crore for Patna shopping mall; Rs 1,812 crore for residential projects in Kolkata

The shopping mall having commercial space of around five lakh sq ft will be PS Group's first project in Bihar.

PS Group's new projects will come up in localities like Eastern Metropolitan Bypass, Lansdowne, Convent Road, Russel Street and New Town of Kolkata. (Representative image)

PS Group's new projects will come up in localities like Eastern Metropolitan Bypass, Lansdowne, Convent Road, Russel Street and New Town of Kolkata. (Representative image)

Kolkata-based PS Group has planned to develop around five lakh square feet of commercial space in Patna for an investment of Rs 250 crore. PS Group Chairman Prashant Chopra said that the company will launch its shopping mall project in Patna during the next quarter. It will be the group's first project in Bihar.

"We acquired land for the Patna project 10 years ago. We will be investing around Rs 250 crore for building a shopping mall there," said Chopra.

He shared that as many as 17 residential projects are under construction at present in Kolkata consisting of 5o lakh square feet. Chopra said that projects of around 30 lakh square feet are in pipeline and will be launched this year and the approximate investment in the projects will be around Rs 1,812 crore.

Also Read: Greater Kolkata sees 40% decline in property registrations over Omicron outbreak

"We are going to launch at least three projects in the next quarter and another three to four projects by December. The average size of each project is between 5-8 lakh square feet. These projects will be in the mid or premium segment. Of these, a couple of projects we are doing on a joint venture basis where land belongs to either an investor or land aggregator. Two projects that we are going to launch during next quarter are on our land," said Chopra.

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The projects will come up in localities such as Eastern Metropolitan Bypass, Lansdowne, Convent Road, Russel Street and New Town of Kolkata. The group deals mostly in the residential segment which consists of around 85 percent of its inventory while the rest 15 percent is in the commercial segment.

Also Read: Mumbai and Kolkata witness highest construction costs for industrial and warehousing spaces: Savills India

"Most of our projects are in Kolkata, a couple of projects are in Chennai and one in Bengaluru. Around 90 percent of our business is in Kolkata. We deal mostly in the mid or premium segments and the demand numbers have been quite a robust post Covid. The highest ticket size in the premium category is around Rs 21,000 per sq ft while it's around Rs 7,000 to 8,000 per sq ft in the mid-segment. The low-end segment is priced around Rs 4,000 sq ft," he said.

The company has recently acquired five acres of land in the heart of Topsia in Kolkata for about Rs 65 crore. The group will be launching one of its residential projects on the land this year that will be priced around Rs 11,000 per sq ft. Chopra shared that post-Covid, the demand for large and open spaces has increased significantly.
Akash Sinha
first published: Jun 23, 2022 06:14 pm
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