Tag: Residential Apartments in Kolkata

Alchemist buys land in Kolkata, to invest Rs 600 crore in project

NEW DELHI: National capital-based realty firm Alchemist Township has bought about 20 acre land in Kolkata from a local builder Highland Group and will invest Rs 600 crore to develop a residential project.Property consultant Jones Lang LaSalle India facilitated the deal. Alchemist Group is promoted by K D Singh, a Rajya Sabha MP from Trinamool Congress Party.

“In this deal, Delhi-based real estate developer Alchemist Township India has purchased 2 million square feet of prime residential land from Highland Group at Kolkata Riverside, a satellite township development encompassing 262 acres being developed on the banks of the Hooghly River,” JLL India said in a statement.

When contacted, JLL India Managing Director (Land Services) Mayank Saksena said Alchemist has bought about 20 acre of land but declined to disclose the value of the deal.He also noted that this is the largest land deal between two private parties.

“Altogether, Alchemist Township India Ltd has earmarked approximately Rs 600 crore for this project,” JLL India said.Jones Lang LaSalle India was transaction partner for both the firms in this deal.

A spokesperson from Alchemist Township India said the group intends to develop golf-course facing apartments and group housing on the two plots they have acquired.

Source: The Economic Times

India could miss projected infrastructure investment

KOLKATA: Amidst the economic slowdown in almost every industry in India, a dearth of “bankable” projects, not capital could be a major constraint for India to meet its projected Rs.56.32 lakh crore investment in infrastructure during the 12th Plan period (2012-17), the head of an infrastructure consulting firm said on Saturday.

“Lack of bankable projects is the biggest problem in our country,” Vinayak Chatterjee, chairman of Feedback Infrastructure – among India’s biggest – told media on the sidelines of an event organised by the Confederation of Indian Industry (CII) in Kolkata.

Of the projected Rs 56.32 lakh crore investment during the 12th Plan period, about Rs.29 lakh crore is likely to be invested by the government and the rest by the private sector.

However, Chatterjee said the country would need much more projects in the pipeline every year to meet the investment target.

“The basic reason is it have not factored in the arithmetic that how much of bankable projects are required to meet the target,” he said.

“The other problem is that the creative energy is with the private sector. But the private sector cannot create the bids. It can only respond to the bids,” he observed.

According to him, lack of tangible infrastructure projects along with lack of political and bureaucratic willingness were the “effective constraints” rather than dearth of capital, which had been the popular belief.

He also called for setting up of an independent commission for renegotiation of public-private-partnership (PPP) projects in India for “transparency”.

The country required an institutional and interventional framework for renegotiation of infra projects under PPP mode, he averred.

Source: indiamart