State-run pharmaceutical corporations, struggling to survive competition with private sector companies, are now emerging in a new avatar –– as developers of commercial complexes and IT parks because of their massive land holdings.
The recently-revived Bengal Chemicals and Pharmaceuticals Ltd (BCPL) is building a 38-floor sky scraper at Worli in Mumbai overlooking the Arabian Sea. The new office complex at this two acre land in the heart of Mumbai will be ready in about 18 to 24 months.
The company intends to offer the space on a 99-year lease. Potential tenants have already pooled in money for the Rs 300-crore construction, it is understood. Public sector developer National Building and Construction Corporation (NBCC) is assisting BCPL in this venture.
More : economictimes.indiatimes.com
Send an E-Mail for Gurgaon Property Enquiry!
Related News from Gurgaon
Ranbaxy opens third R&D facility at Gurgaon
The President of India, Dr APJ Abdul Kalam recently inaugarated the third drug discovery research centre of Ranbaxy Laboratories (RL) at Gurgaon. In his keynote address, the President urged the Ranbaxy team to be ready with four new molecules by the end of 2010 so RL may become the worlds largest generic company. He wanted the company to keep in mind the key components of success-quality, competitiveness and availability of drugs. The new R&D centre will focus on new drug discovery and the development functions of medicinal chemistry, analytical development, pharmacology, molecular technologies, infectious diseases, metabolism and pharmacokinetics. Commenting on the opening
DLF plans India’s largest mall in Gurgaon
Giving a big boost to its retail initiatives, realty major DLF has stitched together plans to set up the countrys largest mall in Gurgaon with nearly 40 lakh square feet lettable area and a chain of multiplexes in major cities. Slated to be Indias largest mall, the Mall of India will come up on 32.87 acres of land. Designed by Jerde Partnership, an international firm of architects, the under-construction mall has a total lettable area of around 39 lakh square feet. The realty company is also planning to build multiplexes in Mumbai, Chennai, Bangalore, Hyderabad, Chandigarh and Ludhiana. More : business-standard.com
Australian firm to set up film city in Jaipur
The film city project proposed to be set up in Jaipur has got a boost with an Australian company showing interest in the project. Australia-based Movie World had made its presentation before Chief Minister Vasundhara Raje and senior government officials here recently, officials said. The proposal has a list of the facilities, along with ideas on the model, scale, size and design of the film city. The presentation contained details about how the project would give a boost to employment in Rajasthan for artists, technicians and others. More : business-standard.com
State Of The Industry
State Of The Industry Occupancy witnessed a growth of 10.3 per cent in 2003-04. Average rate increased after a five-year decline, registering a growth of 45.5 per cent from the previous year. However, the large growth may partly be attributed to increases in ARR experienced by survey respondents in the branded hotels category, and those with a larger rooms base. The central and state governments are encouraging hotel development in all categories, and particularly in the mid-market segment, in preparation for the Commonwealth games to be held in the city in 2010. The National Capital Region is expected to see the development
DLF IPO gives new lease to realty stocks
DLF Ltds initial public issue (IPO), the largest-ever by an Indian company, has given a new lease of life to all realty stocks. Given the credit squeeze and rising home loan interest rates, realty stocks had taken a severe beating earlier this year. But in the last month, since DLF received clearance for its IPO from the Securities and Exchange Board of India (SEBI) a number of such stocks have soared. Unitechs for instance has appreciated by as much as 34 per cent. DLFs proposed initial public offer (IPO) has forced fund managers to revisit realty. A leading fund manager