Paharpur Cooling Towers Ltd, a Kolkata-based company offering cooling tower solutions, has formed a joint venture with Pragnya Fund I for a real estate foray. Pragnya has picked up a 49% stake for an undisclosed sum in Paharpur Pragnya Realty Pvt Ltd, a special purpose vehicle (SPV) formed to execute two residential projects in West Bengal.
The first of these two projects is coming up at Palta in Barackpore district, said the company in a statement. The company will develop around 1,000 apartments under the scheme over three years. The apartments will be priced between Rs12 lakh and Rs 15 lakh each. The complex will also comprise a club house and a convenient shopping centre.
The company further stated that the SPV will also undertake a 1.2-million square feet of mixed-use development project at Asansol, an affluent and a fast growing industrial town in West Bengal.
Paharpur, which made its real estate foray quite recently, has already developed a 2 million square feet mid-income housing complex called Gennexx Valley at Joka in Kolkata.
Pragnya Fund I is a Mauritius-based fund, and is focused on investments in the residential space. It has earlier invested in L&T Eden Park, a 87-acre integrated township being developed in partnership with Larsen & Toubro in Chennai. The fund also makes investments in Sri Lanka.