Tag: plots in kolkata

TMC MP’s firm buys 2 mn sq ft in Kolkata township project

In one of the biggest land deals in Kolkata, Alchemist Township India Ltd has purchased 2 million sq ft of prime residential land from the Hiland Group at the Calcutta Riverside, a satellite township development of 262 acres on the banks of the Hooghly river.

Alchemist Township India Ltd is an arm of the Alchemist Group, promoted by KD Singh, who is currently Trinamool Congress MP in the Rajya Sabha. Alchemist Township India has earmarked approximately Rs 600 crore for this project.

“Alchemist will be the only outside entity to acquire land for residential development in our project. We have found a lot of synergy with them and are satisfied that they will both contribute to and derive optimum value from this partnership,” said Sumit Dabriwala, managing director of Hiland Group.

The deal has been facilitated by Jones Lang LaSalle India, who was the transaction partner for both the companies.

Mayank Saksena, managing director-land services, Jones Lang LaSalle India said, “Calcutta Riverside is a prime township project that has a very healthy mix of market drivers, including a 25-acre IT Park, various commercial establishments, world-class physical infrastructure and advanced lifestyle features such as a golf course.” Alchemist Township India Ltd is reported to be planning to develop golf-course facing apartments and group housing in the two plots they have acquired.

In May this year, the company bought 20 acres of land from the Bengal Durgapur Aerotropolis Projects Ltd at Durgapur. According to media reports, the deal amount was around 50 crore.

Source: The Indian Express

Growth of kolkata real estate market

Since independence, the city of joy Kolkata has been growing; both in size and in terms of population. From incorporating different people to different businesses, growth has been quite consistent. But very recently the talk of the town is certainly the boom of real estate industry in Kolkata. The city is expanding like never before; and these days the buzz is high around all those skyscrapers, shopping malls, cinema hubs, multiplexes etc in and around Kolkata. Some years’ back we have seen cities like Mumbai or outskirts of Delhi and even Bangalore were growing but the hype that is happening around the real estate market in Kolkata of late, is something that has never been seen in Indian market thus far.

From those glittery malls to the newly build high-rises in various parts of Rajarhat, New Town etc places, Kolkata real estate has become such a hotshot that real estate tycoons from various parts of India are going gaga over the city now. Apart from the big commercial properties, residential properties too are in great demand. People; NRI’s, bongs who wants to come back from various parts of the globe, big celebs etc all are trying their hands in searching a soothing, serene, posh location in or around the city.

You may found it strange but truth is that Kolkata is getting bigger and better with time. And in upcoming years, it only promises more. Kolkata’s latest outskirts like; Garia, Topsia, Chinar Park or New Town etc are the new hot properties around Kolkata. Especially places like Rajarhat, New Town have emerged as the most favoured places for the big property developers. Thus now you would find high-priced and luxurious housing complexes in Shrachi Rosedale Garden or in Chinar Park etc. Spreading across a long stretch of 16 acres, Shrachi Rosedale Garden is undoubtedly one of the finest residential properties to be sought after in the city of joy in current times. These sort of residential
a actually have been able to cuddle an array of services which were not that easy to see in earlier scenario. Today if you have money and if you are willing to spend then you would virtually get hundreds of options too.

With more companies coming in and around the IT hubs like Salt Lake sector V & Rajarhjat, the future seems to be sparkling for the real estate builders for sure. Anyways, when you can find all the important amenities of life like; school, station, airport, market etc within your short reach, then no wonder to see people becoming more eager to buy these properties like ever. So you just need to pick the right one for yourself as per your choice and then it’s time to indulge yourself in luxury my friends. Come and discover Kolkata.

Source: Electron Style

Narendrapur: Realty Hotspot in South Kolkata

Kolkata is one of the best locations of India which witnessing a huge growth across all sectors, especially the real estate sector which has rapidly changed the face of Kolkata as one of the top most metropolitan cities of the country. Kolkata real estate has plunged in all parts of the city but south and south central Kolkata has observed sky rocketing price trends and it certainly is ever increasing. Rajarhat Township and Eastern Metropolitan Bypass are also experiencing good growth compared to other parts of the city. Many new parts in and around the city have emerged as new real estate hubs in Kolkata. Kolkata real estate market is swelling with huge demand and transactional activities which has been looked as great growth prospect in the city’s real estate.

Narendrapur, located near Dhalai bridge-EM bypass is one of the most sought after residential real estate destination which is developing rapidly in Kolkata. Kolkata property market is growing swiftly with noticeable price appreciation across the city. Rising demand of properties in central areas and scarcity of land parcels in these regions has shifted the real estate market of Kolkata to its fringes which has given rise to the outskirts areas like Narendrapur.

Real estate scenario

Affordable property prices are the major driving factor of Narendrapur along with smooth connectivity and decent infrastructure which helped region to establish foundation of the real estate market at Narendrapur. Although the region has great opportunities for affordable housing, it also has great appreciation for luxury residential real estate. Many projects in this locality offer premium luxury apartments and houses in the affordable price range which is much lower compared to the other prominent parts of the city. With growing real estate growth and development in the region, it has observed price appreciation of about 10 to 15 per cent in the past six months and the highest demand was observed for new supply instead of resale sector in the region. Narendrapur region has shown a huge growth in the past three years with a clear growth of about 25 per cent owing to the infrastructure developments, good connectivity and affordable prices. Numerous developers are considering the region as new realty hotspot in Kolkata as an alternative to the high value property areas in central Kolkata.

Connectivity and infrastructure

The region has great connectivity as it comes in the vicinity of Dhalai Bridge in the southern fringes of the Kolkata. It is well connected with almost all parts of the central Kolkata and other prominent locations of Kolkata. The proposed under construction metro rail have huge future connectivity prospects in the region which will boost the real estate prices of this locality to the skies. The Eastern Metropolitan Bypass Road which will connect to Baruipur will also be the best future catalyst in the region’s real estate market. The proposed developments in the region are already attracting numerous developers in the region to set up their projects offering all sorts of housing units.

Narendrapur is located approximately 20 km from Howrah Bridge station and about 15 km from Sonarpur which are the prominent destination in Kolkata. An array of commercial developments was observed in the region in the past few months. Narendrapur’s strategic location on Kolkata fringes with decent connecting has worked as catalyst in the exponential growth in the real estate of this region. Narendrapur houses some of the prominent schools, colleges, hospitals, entertainment and shopping outlets providing basic social infrastructure facilities in the region.

Factors like good connectivity, affordable prices and availability of land has led to surge in the real estate market of the city. Many developers are coming up with residential project offering range of housing units which will be ready for possession by 2014. Some of the active developers in Narendrapur are Rajwada Group, City space, Shree Ganeshaya Infraprojects Ltd., Mayfair Group and Sugam Homes etc. Alongside Narendrapur, many other new areas have recently gained momentum in the real estate market of Kolkata these regions include Naktala, EM bypass etc.

Source: Bharat Estates

Major real estate projects stalled in Kolkata and State since April

Real estate business in Kolkata has come to a standstill as major projects in the city and rest of the state are stalled since April since the mechanism to clear them has been lying dormant for almost six months. The State Environment Impact Assessment Authority (SEIAA) and the State-level Expert Appraisal Committee (SEAC), which clear large-scale projects, remain defunct with no members on board.

At least 40 multi-crore projects have not moved beyond the planning stage. Developers are unable to apply for the mandatory environmental clearance in absence of the twin committees. Government also appears to be in no hurry and developers have to bear the brunt of time- and cost-overrun.

The impasse is inflicted by the delay of ministry of environment and forest (MoEF) in clearing names of members proposed by the state for the committees. Reports indicate that the state too was late in forwarding the names late. The term of the previous panels expired in April 2013. Since this was known, the environment department should have got the members for the next panel approved by April. But it was not done.

The robust mechanism was been put in place to ensure that norms are followed by developers and no major environmental damage is caused by the construction of multi-storied buildings. According to norms, all projects above 20,000 sq metre must first submit the conceptual plan before the SEIAA. Once the form is approved, the proposal has to be sent to the SEAC. If the proposal is approved, the developer has to submit the building plan to the SEAC. Following the recommendations of the SEAC, the SEIAA then issues the environment clearance for the project.

According to the Bengal chapter of the Confederation of Real Estate Association of India (Credai-Bengal) since there has been vacuum for some time now, developers should be allowed to start the projects and construct up to 20,000 sq metre to prevent further wastage of time and resources. “Since the requirement is for SEIAA and SEAC clearance for projects above 20,000 sq metre, we want the KMC and other municipalities concerned to allow us to construct till the threshold. Thereafter, further construction should be allowed once the environmental clearances are in place,” said Credai-Bengal president Harsh Patodia

Source: infrawindow.com

Godrej Properties buys back Red Fort

Realty firm Godrej Properties on Wednesday said the company has bought back private equity firm Red Fort Capital’s 49 per cent stake in a subsidiary that is developing an IT Park in Kolkata, for an undisclosed amount.

In 2008, Red Fort had picked up 49 per cent stake in the IT Park project ‘Godrej Genesis.’

“In terms of the agreement with Red Fort India Real Estate Babur (Red Fort) for Project Godrej Genesis at Kolkata, the company has given exit to Red Fort by purchasing its 49 per cent stake in the equity share capital of its subsidiary Godrej Developers Pvt Ltd (GDPL),” Godrej Properties said in a filing to the BSE.

GDPL has become wholly-owned subsidiary of the company with effect from December 4, 2013, it said, but did not disclose the amount it paid to Red Fort for the stake.

In July, Godrej had bought back HDFC Asset Management Company Ltd’s nearly 50 per cent stake each in the realty firm’s two projects at Chennai and Chandigarh.

HDFC PMS (Portfolio Management Services) had invested about Rs. 100 crore to pick up stakes in Godrej Properties two subsidiaries, which are developing realty projects in Chennai and Chandigarh.

Godrej Properties has presence in 12 cities across India with about 90 million sq ft of potential developable area.

The company reported 48 per cent rise in net profit during first half of this fiscal at Rs. 73.7 crore, while total income grew by 21 per cent to Rs. 564.6 crore during the period under review.

PE firm Red Fort Capital focuses on Indian real estate and has invested in several projects. Besides Godrej, it has made investment in projects of Parsvnath Developers, The 3C Company and Lotus Green among others.

Source: The Hindu