SK Birla owned Hindustan Motors, the makers of Ambassador cars, have fallen in bad times. The cars don’t sell, and no plan of turnaround is working. Can’t blame because the plans are presumably not designed to succeed.
But then the HM owns a sprawling complex at Hindmotor which is located very attractively. As is the current trend, the inevitable fallout of large tract of land sans dispute is the coming of deep pockets with money interested to build real estate projects.
In case of Hindmotor it is the US-based duo of Starwood Capital Group and Walton Street Capital that will develop the project. Today’s newspapers are agog with this story. But for a change let’s have it from Commercial Property News (CPN) of US, which is part of Nielsen Business Media.
Starwood Capital Group and Walton Street Capital, acting through sponsored funds, have joined forces to invest in a 20 million-square-foot mixed-use project in the Kolkata, West Bengal area that is being developed by India’s Shriram Properties. The integrated township will cost an estimated $1 billion to realize.
Located in Uttarpara about 15 miles from central Kolkata, formerly Calcutta, the development will occupy approximately 314 acres of land that had been owned by Hindustan Motors, which will hold a minority stake in the project. Plans for the development call for office, residential and retail space, as well as civic infrastructure. Architectural firm HOK has been tapped to design the project.