REIT Asset Management, a London-based company, will be building 2 housing projects in and around Kolkata. After Salim-Ciputra initiative at Kolkata West International City (see my post, Kolkata West is but Howrah), this is going to be the first foreign direct investment in the real estate sector in the state.
David Cohen, the chairman of REIT Property Management India feels the 2 projects are only the beginning of a long-standing relationship with the state and the city (see TT story, May 8).
One of the projects will be in the southern fringe of the city at Maheshtala. To be built on 21 acres of land, there’ll be 2248 MIG flats housed in 30 G+15 towers. Project cost: Rs.265 crore.
The second project is to come up at Bon-Hooghly opposite Indian Statistical Institute (ISI) on 18 acres land, which presently has dilapidated structures of 50s accommodating 800 refugee families. The families residing there will be removed and the houses pulled down before fresh constructions take place.
Till the time the present occupants are given flats in the new project at Bonhooghly, they’ll receive Rs.1000 a month for temporarily putting up elsewhere. Here 1476 flats will come up, once again largely for MIG section of people.
REIT holds majority stake in both projects, with Indrajit De promoted Eden Realty Ventures being the minority partner.
That apart, both the projects have participation by government departments, the Refugee Relief and Rehabilitation Department for Bonhooghly project, and Maheshtala Municipality for the other.
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