Tata Value Homes and Square Four Group To Jointly Develop Prime 25.5 Acre Land Parcel
Leading international property consultancy JLL India today announced the closure of the single-largest land transaction recorded in Kolkata to date. JLL India has structured the deal between Tata Value Homes and Square Four Group of Companies for joint development of 25.5 acres of prime residential land at B.T. Road, Kolkata. The overall yield of this land parcel is estimated at Rs. 3000 crore.
This deal marks the introduction of the first large-scale integrated township condominium development by Tata Value Homes in Kolkata, and will help catapult the Kolkata residential market into high growth.
Mayank Saksena, Managing Director – Land Services, JLL India said, “The residential project to be developed on this prime land parcel will yield approximately 3500 budget apartments. It has about 15 acres reserved for open spaces and will feature a large Club House with all modern amenities. In terms of size, this deal supersedes JLL India’s previous benchmark when it facilitated Alchemist Township India Limited’s acquisition of 2 million square feet of land from Highland Group at Kolkata Riverside in 2013.”
The township, which will feature G+19 condominiums, has been designed to add considerable aesthetic charm to the North Kolkata skyline. The plot, which has a frontage of over 600 feet on B.T. Road, will encompass a commercial area on one side while the housing units on the other will enjoy a direct view of Dakkhineshwar Temple and the Hooghly River.
“The East Indian residential real estate market is now increasingly dominated by Kolkata, which is scaling up on large residential focused transactions,” says Mayank Saksena. “With the state GDP at an all-time high of 6.5%, activity in terms of new launches will increase in the year 2015.”