By Accommodation Times News Services
Kolkata will now soon have city’s first largest integrated township comprising of around 3,500 budget homes, Tata Group’s affordable housing arm Tata Value Homes (TVH) has entered into a joint development agreement with Square Four Group of Companies for a prime residential land parcel spread across 25.5 acres at B T Road, Kolkata.
The land deal for the project was structured by international property consultants Jones Land LaSalle (JLL) India and the overall yield of this land parcel is estimated at Rs 3,000 crore. It is the biggest residential land deal in Kolkata till dated.
The deal is also said to help catapult the Kolkata residential market into high growth.
According to Mayank Saksena, managing director – land services, JLL India said, the residential project to be developed on this prime land parcel will yield approximately 3,500 budget apartments. “It has about 15 acres reserved for open spaces and will feature a large Club House with all modern amenities. In terms of size, this deal supersedes JLL India’s previous benchmark when it facilitated Alchemist Township India Ltd’s acquisition of 2 million square feet of land from Highland Group at Kolkata Riverside in 2013.”
The township, which will feature ground plus 19 (G+19) condominiums, has been designed to add considerable aesthetic charm to the north Kolkata skyline. The plot, which has a frontage of over 600 feet on B T Road, will encompass a commercial area on one side while the housing units on the other will enjoy a direct view of Dakkhineshwar Temple and the Hooghly River.
“The East Indian residential real estate market is now increasingly dominated by Kolkata, which is scaling up on large residential focused transactions. And with the state GDP at an all-time high of 6.5%, activity in terms of new launches will increase in the year 2015,” said Saksena.