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Old Posted May 27, 2008, 10:18 AM
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LIC to invest Rs 400 cr in 50-storey office building

LIC to invest Rs 400 cr in 50-storey office building


Kolkata: LIC will be investing an estimated Rs 400 crore, including the land cost, in constructing a 50-storey office building, the tallest in Eastern India, Mr R.R. Dash, LIC’s Zonal Manager, said here.

LIC had won the bid for acquiring a five-acre plot opposite Science City at Rs 276.2 crore from the Kolkata Municipal Corporation, in what turned out to be one of the costliest land deals in the region at the time.

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The proposed building will comprise 7 lakh square feet of rented area, Mr Deb Kumar Banerjee, LIC’s Chief Engineer said. The corporation is expected to earn a rent of around Rs 12 crore per month from the building. “We are expecting a rent of Rs 150-170 per square foot per month when the tower comes up. It is going to be a 150 metre high building, the highest in Eastern India,” he said.

The corporation is in the process of finalising a number of consultants for the project, he added. “Fourteen have been shortlisted. We will choose the final consultants in three months time,” Mr Banerjee said. There can be more than one consultant for the project including a few international consulting companies, he added.

The building may be rented out for malls, offices, IT-ITES companies. “We plan to zero in on the physical part of the project by the end of this financial year, after which the construction will start,” he said.
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