Realty investments have injected renewed energy into the faltering horse racing scene in Calcutta, with the Royal Calcutta Turf Club (RCTC) optimistic that this positive trend will continue. The recent partnership between RCTC and the premier real estate firm Emaar MGF marks an exciting development, involving the planning of a 300-room five-star deluxe hotel on the club's prominent 11 Russell Street premises, with Park Hyatt chosen as the hospitality collaborator.
Kishore Bhimani, a steward at RCTC, expressed optimism about the financial boost, stating, "Yes, we could virtually double the stake money for the Monsoon Meeting, which started on July 16. This has in turn doubled the size of the field, and we expect leading jockeys and trainers to turn their gaze back on Calcutta.”
According to reports, Emaar MGF Land Pvt Ltd transferred Rs 72 crore to the turf club last year as part of their collaborative venture. Additionally, profit-sharing agreements have commenced, and the turf club recently reported receiving its first monthly payment of Rs 61 lakh (after accounting for tax deductions and service tax).
This financial support has allowed RCTC to settle outstanding debts amounting to nearly Rs 18 crore. However, concerns linger regarding delays in groundbreaking on Russell Street. The construction of the campus, including plans for the conversion of the heritage clubhouse into a social club, has yet to begin, and the formal registration of the agreement remains pending.
For now, the financial influx is visibly benefiting the racecourse, as the club has managed to enhance its facilities, notably completing stables for up to 600 horses along with living quarters for stable hands on the Kidderpore premises.
J.R. Mukherjee, CEO of the turf club, stated, "The real renovation, however, can begin only after the army renews the lease for the racecourse.” The management's ambition is to have the entire renovation completed by 2011.
Boman Parakh, the secretary and chief financial officer, detailed future plans, saying, "Once the lease is renewed, we plan to start work on the Monsoon Stands, followed by the Grand Stand.” The club is also preparing to repair the third enclosure, alongside plans to establish a minimum of two restaurants and a well-appointed bar at the racecourse.