Kolkata’s RCGC plans to play game of realty
India’s oldest golf club, Kolkata’s Royal Calcutta Golf Club (RCGC), plans to enter real estate sector in order to create a regular source of income to rise its operational revenue and gather funds for the clubhouse and course upgrade.
The club authorities will be signing a joint agreement with private equity (PE) player, Xander Group, for developing a housing project.
The amount to be raised and the nature of the project would be decided only after signing the joint agreement. And then both the parties would together decide the pricing. The PE player would be responsible for finance and construction.
Earlier, RCGC had planned to build a luxury hotel about which it was in talks with Indian and foreign hospitality majors. But the plan had failed due to the long time period of the project. According to an RCGC report, the club has now planned to develop a mid-end hotel on one acre.
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Source: Business Standard
Construction, finance, Funds, India's oldest golf club, Indian and foreign hospitality majors, joint agreement, luxury hotel, mid-end hotel, operational revenue, Private Equity, RCGC report, Real Estate Sector, Royal Calcutta Golf Club, Source of income, Xander group
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