Tag: real estate investment

Barasat, The New Residential Investment Attraction In Kolkata

Located in the northern fringe of Kolkata, Barasat is transforming into a well-established residential area. Situated on the Jessore Road, Barasat promises good location with easy access to civic amenities.

Barasat, which was earlier less developed, is growing at a fast rate and is giving other areas such as Rajarhat and New Town, a run for their money. Experts in the industry say that Barasat is becoming a sought-after option as it is affordable as compared to other areas and is well-connected to business hubs.

The area was less crowded earlier but now it is developing by leaps and bounds. All facilities like hospitals, schools and shopping complexes are in the vicinity and the area is also affordable as compared to other areas.

Barasat is just 15 minutes away from the Netaji Subhash Chandra International Airport and the railway station, Barasat Junction, is also at a distance of about 10 minutes. It is also favourable for people as it is closer to NH-34 towards north Bengal and is also near the Salt Lake.

In multi-storey apartments along this stretch, the major features are ample parking space and lush greens. The apartments are serviced with facilities such as swimming pools, courtyards, gyms, maintenance, security, etc.
Presently, the sale values in the area are in the range of Rs 1600 and Rs 2,600 per square ft.

There are less of 1BHK apartments whereas the 2BHK configuration with an area of 450-800 sq ft is more in demand. The 3BHK apartments are constructed in 1100 sq ft area. A 2BHK unit is available at rental values of approximately Rs 18, 000 per month while for 3BHK it is about Rs 27,000.
As per the experts, the proposed metro station is expected to bump up the rental values.

Barasat is a desirable location for property buyers and approximately half the buyers are end-users. A 30 per cent return on investment, accounts for the other half of buyers being investors.

Major developers that include Fortune Group, Sanjeevani Developers, Vedic Group etc, who are coming up with residential projects in Barasat attracting end-users, especially from North Bengal itself.

Source: aawas.in

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