Inaugurates WTC Kochi, which is the group’s second operational centre after Bengaluru.
Kochi, Nov. 25:
The Bengaluru-based Brigade Group, which holds World Trade Centre licenses in south Indian cities, has envisaged an investment close to ₹2,500 crore by 2020.
The company — which received the license to set up WTC in Bengaluru, Kochi, Thiruvananthapuram, Chennai and Hyderabad — will set up a combined 7 million sq ft space to enable an international environment to global IT/ITEs firms, M.R.Jaishankar, Chairman and Managing Director said.
He was speaking to Business Line on the sidelines of the inauguration of WTC Kochi, which is the group’s second operational centre after Bengaluru.
“We have secured land for WTC Chennai for which construction will start next year”, he said adding that the investment will be on a much higher note compared to other centres which will be to the tune of ₹1000 crore for a 2.5 million sq ft. However, the company is looking at right parcel of land for the cities in Thiruvananthapuram and Hyderabad.
WTC, a licensed member of the World Trade Centres Association (WTCA), New York will showcase the strengths of each region and state in different economic sectors like industry, tourism, agriculture, fisheries, biotechnology, healthcare and others.
Asked whether the real estate sector in India will be benefited out of the currency demonetisation, Jaishankar said the move would clean up the system and enable international players to come and invest in the country. The reforms initiated by the government in the sector like tax reduction, Real Estate Regulatory Bill, reduction in stamp duties coupled with the passage of GST Bill will definitely revive the sector. The black money in real estate sector emerged on account of the higher tax burden on the consumer, which is to the tune of 22-25 per cent, he added.
To another question, he said the sector is witnessing a subdued demand in the last 15 months due to a combination of factors that included macro economic environment in the domestic market and global uncertainties.
(This article was published on November 25, 2016)
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Source: Hindu
