Grand plans

Calcutta, Dec. 4: Reliance Retail has entered the Calcutta real estate market by buying a built-up area of 62,000 sq ft, comprising an entire floor of Axis, an upcoming mall in Rajarhat.

The mall, being developed by Bengal Peerless Housing Development Company, is already home to some big names in retail like Pyramid of the Piramals and Globus of the Rahejas.

Axis also houses a tennis academy of Mahesh Bhupati on the top floor.

Reliance plans to roll out an agri-retail chain in Bengal as part of its national grand plan.

It has been on the lookout for prime properties for quite some time, especially within Calcutta.

Axis is likely to be the first hypermart destination for Reliance when it opens in May 2008, Kumar Shankar Bagchi, managing director of Bengal Peerless, told The Telegraph.

Reliance plans to set up a hypermart in the first floor. The company is likely to keep 30 per cent of the space for fruits, vegetables and fish.

The balance area will showcase books and periodicals, perfumes, high-end leather goods, gems and jewellery and apparel.

Market sources said Reliance paid Rs 20-25 crore to buy the space. It is not taking it on rent.

Pioneer Property Management, a leading property consultant in Calcutta, brokered the deal between Reliance and Bengal Peerless.

Reliance has pledged to invest Rs 2,000 crore for its agri-retail venture in the state. It is on the lookout to pick up 1,850 acres for agri-retail as well as food and vegetable terminal markets.

It has approached the state government to facilitate acquisition of land to set up multi-purpose cold storage, warehouse, agro processing units and packing units.

Apart from this land, Reliance will also buy plots from interested parties to set up retail outlets of different sizes.

The Telegraph had reported in October that Reliance bought the first large tract of land — about 80 acres — in Asansol for the venture.