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Bajoria acquires fresh RPG real estate

Kausik Dutta

Yet another property of the RPG Enterprises has changed hands. The buyer is once again the jute baron Arun Kumar Bajoria.

This time, Bajoria has acquired a large piece of land owned by the Rs 66-billion RPG Enterprises on Park Street, the heart of Kolkata.

While Bajoria confirmed the deal, Sanjiv Goenka of RPG Enterprises was unavailable for comments till late on Thursday evening.

This is Bajoria's second acquisition of RPG Enterprises' property, following Magnet House in central Kolkata. RPG group chief Rama Prasad Goenka had acquired Magnet House, a three-storied white edifice on Central Avenue, from GEC. The British company's Asian business was run from Magnet House till the 1980's.

Real estate operators indicated that the Park Street land deal would be worth around Rs 100 million. Bajoria declined to talk about the value of the deal.

The Goenkas are believed to have been looking for disposing of the land and property which has been lying idle. The huge Park Street plot is adjacent to Mico House on the street. The deal comes through at a time when the real estate market in the city is down. Several finished buildings as well as land have failed to draw buyers.

"This proves that both the parties need to have the right mindset to clinch a deal," said a big-ticket real estate operator.

Goenkas, who own vast real estate across the city, had reportedly come into possession of this land through one of their acquisitions.

Bajoria has been acquiring prime real estate in the city one after another.

He has also bought some properties in other cities such as Bangalore. The fund-flush Bajoria is considered as a probable buyer for any big real estate asset up for sale.

He had evinced interest in buying out Standard Chartered Buildings in the business district of the city. However, the deal did not materialise owing to differences on price between him and the owners of the building, the former royal family of Burdwan in West Bengal.

Originally from Rajasthan, the Goenkas came to the city in 1820s to do business with the East India Company. They developed interest in real estate as also interests in manufacturing and banking. They later ventured into trade and manufacture of commodities such as tea and jute.

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