Ambuja Neotia Group in JV unveils 72-acre townships

Real estate developer Ambuja Neotia Group has agreed with Satyaa Homes to jointly develop a 72-acre land parcel in Rajarhat locality of Kolkata in the first-ever mega land transaction in 2021. Ambuja Neotia Group is the development management partner, while Satyaa Group will bring in its land parcel into the alliance. Harshavardhan Neotia, Chairman of Ambuja Neotia Group, informed that HDFC Capital Advisors will be the finance partner of the project. The joint project will entail an integrated township with villas, apartments and large plotted development to be completed in five years. Total development potential of the project, at a floor space index (FSI) of 2.5 times, would be in the range of 8 million sq ft. The transaction was facilitated by Anarock Property Consultants' Land Services division. Rajarhat's residential sector offers options across all budget segments but the affordable segment is predominant, accounting for nearly 54% of the housing supply there. Director & City Head of ANAROCK Property Consultants, Soumendu Chatterjee said that mid-end segment housing accounts for only around 29% of the region's residential supply and the newest is one of the largest project alliances formed in eastern India in recent times.