The deal will result in the large plotted or villa development township in Rajarhat
A prominent micro-market in the north-eastern side of Kolkata, Rajarhat is home to major IT-ITeS companies
The Ambuja Neotia group has signed a major development deal with Satyaa Homes to develop a 72-acre township project at Kolkata's Rajarhat. The total retail sales value is estimated at ₹3000-4000 crore, according to a top official told PTI.
ANAROCK Property Consultants Land Services on Monday announced the successful closure of the joint development deal. It will result in the large plotted or villa development township in Rajarhat, ANAROCK said. Kolkata-based real estate and hospitality major Ambuja Neotia Group is the development management partner, while HDFC Capital Advisors Pvt Ltd is finance partner for the township project.
A prominent micro-market in the north-eastern side of Kolkata, Rajarhat is home to major IT-ITeS companies including Cognizant Technology Solutions, Tech Mahindra, Tata Consultancy Services, and Ericsson India Global Services. Thus, the area is an important employment hub, which benefits from its close proximity to the Sector V, Salt Lake and the airport.
The township, which will encompass plotted developments, villas, villaments and apartments right-priced in Rajarhat, will be completed within five years, said the real estate consultant. The project entails to offer land plots in the gated community and where development of houses remains optional with the owner.
Commenting on the significant development deal during pandemic year, Harshavardhan Neotia, chairman, Ambuja Neotia Group said, "We are delighted to partner with Satyaa and HDFC to do this plotted development township in Rajarhat. Today customers are looking forward to have a small home of their own on a freehold property where they can have a private patch of green. This is more so in the post pandemic world."
"This deal is well-timed, aligning with the renewed aspirations in Kolkata for quality homes in superlative settings," said Soumendu Chatterjee, director and city head, Kolkata, ANAROCK Property Consultants. "Rajarhat's residential sector offers options across all budget segments but the affordable segment is predominant, accounting for nearly 54% of the housing supply here. Mid-end segment housing accounts for only around 29% of the region's residential supply," he added.
The last major township in Rajarhat was a 100-acre residential project by Unitech called Uniworld. It was completed about ten years ago. Situated next to the Unitech SEZ, which was later acquired by Brookfield, it is now known as Candor Tech Park.