Ambuja Neotia, Hiland ink deal for Batanagar township

Kolkata: Close on the heels of the 72-acre deal between

Ambuja Neotia

group and the

Hiland group

at New Town for development of plots and villas, the two real estate companies have signed a second deal for development of 20 acre at Calcutta Riverside, the township project in Batanagar.

Brokered by Anarcok Property Consultants' land division, the joint venture between management development partner Ambuja Neotia group and Hiland group includes 10 acre along the golf course and the rest along the riverfront in the 262-acre

Batanagar township

.

Altogether, 12 residential towers (G+13) comprising around 2,000 units in 2BHK and 3BHK configuration will be constructed on land parcel alongside the golf course. The riverfront project is currently being planned and further project specifications will be announced soon.

In all, Rs 600 crore is expected to be investment in the two residential projects covering 2 million sq ft. The development will take place over five years.

The deal marks the entry of a premium A-grade developer in the Maheshtala belt. Sources said a bulk of the investment will happen from the Ambuja Neotia group that will not only design and execute the project but also deliver it to customers.

Anarock Property Consultants director & city head Soumendu Chatterjee said: "This deal stands further testimony to Kolkata's rebooted real estate potential. Maheshtala is an ideal location for affordable residential developments by two reputed developers."

Ambuja Neotia group chairman Harshavardhan Neotia said the association would give the company an opportunity to do another sizeable project in the fast-growing affordable housing segment.

Realtors said the deal comes at a time when the city is experiencing considerable pent-up demand for affordable housing after lockdown. "Social and physical infrastructure of the area is well-developed, and homes there fall well within the ‘sweet spot’ affordable bracket," a real estate consultant said.


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