Inspite of the turmoil in Nandigram last month, West Bengal’s real estate market is booming. This has been borne out by London-based REIT Asset Management’s decision to invest in two mini-townships in Kolkata in partnership with an NRI entrepreneur, Indrajit De.
Based in the US, Indrajit De’s company Eden Realty Ventures P.L has entered into an agreement with REIT to set up township projects in Bonhooghly in north and Maheshtala in South Kolkata with a cash investment of USD 20 million.
REIT India selected 3 out of 140 proposals for investment, and 2 of these are being developed by Eden Realty.
REIT is a real estate management trust with assets worth USD
6.8 billion in Europe. The collaboration with Eden is the first
such investment by REIT in India, as the third project in Pune
is a 100% FDI.
The north Kolkata Bonhooghly Tenement Scheme will be built on
18 acres of land obtained from the state Government’s Refugee Relief and Rehabilitation Department. 800 flats on 6 acres will be handed over to refugee families currently occupying the land.
Additional facilities like a club, gym and parking space would
be provided to the housing colony. 12 acres of the property would
be commercially developed with 25 towers comprising 1476 flats.
The lake within the complex would also be beautified.
The Maheshtala project is a joint venture with the Maheshtala
Municipality on 21 acres of property near the Nungi station to
construct 2240 apartments in 44 towers for the middle income
group. Additional facilities like a football ground, a sports
and science centre for public use and a better road would be
provided.
