Kolkata-based real estate firms Ambuja Neotia Group and Hiland Group have signed a deal to jointly develop two parcels of land spread across 20 acres in Batanagar township in Maheshtala area.
The deal was sealed by Anarock Property Consultants’ Land Division.
As part of the deal, two residential projects will be coming up across 20 acres of land in Kolkata which will be spread across 2 mn sq ft each.
This a joint venture between development management partner Ambuja Neotia Group and Hiland Group which includes 10 acres of land along the golf course, and another 10 acres at the Calcutta Riverfront, Anarock said in a statement.
Bata India Ltd was the landlord in both instances.
Along the golf course, the two groups will develop 12 residential towers (G+13) comprising of approximately 2,000 units in 2 and 3 BHK configurations. The riverfront project is currently being planned and further project specifications will be announced soon.
The land parcel is strategically located on the eastern banks of the Hooghly river and Maheshtala and offers spectacular views of the riverfront. Social and physical infrastructure of the area is well-developed, and homes there fall well within the ‘sweet spot’ affordable bracket.
"Coming close on the heels of another major land transaction in Kolkata by ANAROCK, 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," said Soumendu Chatterjee, Director & City Head - Kolkata, ANAROCK Property Consultants.
Last month, ANAROCK Property Consultants' Land Services division announced the closure of a joint development deal for 72 acres in Kolkata's Rajarhat, between Satyaa Homes and Ambuja Neotia Group.
"This association will give us an excellent opportunity to do another sizeable project in the fast-growing affordable housing segment," said Harshavardhan Neotia, Chairman - Ambuja Neotia Group.
Sumit Dabriwala, Managing Director, Hiland Group says, “We are extremely excited to be collaborating with the Ambuja Neotia Group. Their bespoke development style will take Calcutta Riverside to a whole new level. With the Majherhat Bridge now operational, we are now in the heart of South Kolkata.”