NEW DELHI: Sanjiv Goenka, chairman of the Rs 32,000 crore RP-Sanjiv Goenka Group, is foraying into the residential real estate sector and has set up a subsidiary, Quest Properties India, according to a report in the DNA newspaper.
The group plans to develop about 12 lakh square feet of residential and commercial space in Bengal and Maharashtra.
Besides being the chairman of CESC Limited, and with companies like Firstsource Solutions Limited, Philips Carbon Black Limited, Spencer's Retail and Entertainment major Saregama Limited, Goenka is the co-owner of ISL football club, Atlético de Kolkata and has recently bought the Pune IPL team.
The residential real estate sector has been facing a slowdown over the last few years. Buyers's confidence is at a low due to severe delivery delays.
Goenka's firm will build 3 projects across Bengal and Maharashtra with a total of 1,204,168 sq ft of developed space, said the report.
The project at Shyamnagar in Bengal will be spread over an area of 8,07,293 sq ft on the land of the closed Mulajore power plant owned by CESC.
The Haldia project, on the riverfront, will be spread over 300,000 sq ft, and will have a provision for housing CESC staff working at its 600 mega watt thermal power plant.