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