NRI Real Estate and Property Investment in India
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NRI Investment in Kolkata Real Estate
Tuesday, May 15, 2007

Inspite of the turmoil in Nandigram last month, West Bengalís real estate market is booming. This has been borne out by London-based REIT Asset Managementís decision to invest in two mini-townships in Kolkata in partnership with an NRI entrepreneur, Indrajit De.

Based in the US, Indrajit Deís 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 Governmentís 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.

Related Readings :

New Residential Developments fuel Real Estate in Kolkata

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