Ambuja Neotia Group has taken up a 20 acre- land inside the Batanagar township to develop two projects spread over 4 million square feet, signalling further consolidation in the city’s real estate space.
Ambuja will act as the development management partner for the twin projects, one of which will be on the banks of the river Hooghly and the other will be facing a golf course.
The land for the project belongs to Highland Group which purchased the 262-acre plot from Bata India Ltd in 2006. In the last one-and-a-half decade, it has been able to build 6 million square feet of residential properties so far.
According to the broad contours of the agreement, Ambuja will build and sell the project under its brand name while Highland Group will earn a share of the revenue.
Along the golf course, Ambuja will develop 12 residential towers (G+13) comprising 2,000 units in 2 & 3 BHK configurations.
Harshavardhan Neotia, chairman of Ambuja Neotia Group, said: “This association will give us an excellent opportunity to do another sizable project in the fast-growing affordable housing segment.’’
The transaction also marked the second such deal for Anarock Property Consultants. “With the flyover operational and the Majherhat bridge ready, connectivity with Calcutta has improved significantly,” Nandu Kishinchand Belani, director of Highland, added.