Ambuja & Phoenix Mills signs MoU for three realty projects

Ambuja Neotia and The Phoenix Mills, through its wholly-owned subsidiary Market City Resources, have signed an agreement for three large projects that are likely to have a long-term impact on the development of the 262-acre township in Batanagar in Kolkata. In the joint venture, Ambuja Neotia will be involved in the development of two residential projects covering 4 million sq ft across two land parcels of 10 acres each. Calcutta Riverside will come up with a shopping centre spread across 4,96,000 sq ft. Market City has entered into property and development management agreements with Calcutta Riverside to assist the latter in supervising the construction, development and running operations of the proposed mall with the licenced use of the Phoenix's trademark on a non-exclusive basis. Ambuja Neotia group chairman Harshavardhan Neotia informed that in the past two years, all connectivity issues of this evolving neighbourhood on the southern fringes of Kolkata have been sorted out after the completion of the new Majerhat and Sampriti flyovers. The association with Calcutta Riverside gives an opportunity to enter a new and evolving area of Kolkata, which over the years has seen a significant transformation and they are going all out to give the people of Kolkata a home at a price that is within their reach.