Tata Value Homes, the affordable housing arm of Tata Housing, has signed a joint venture agreement with Square Four Group to develop a township project in Kolkata.
Real estate consultancy firm Jones Lang LaSalle India acted as the advisor on the deal.
The project will be developed on a land parcel measuring 25.5 acres located at BT Road, Kolkata.
“The overall yield of this land parcel is estimated at Rs 3,000 crore,” JLL said.
The township project will churn out approximately 3,500 budget apartments and will also have a commercial element.
“It has about 15 acres reserved for open spaces and will feature a large club house with all modern amenities. 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 BT Road, will encompass a commercial area on one side while the housing units on the other will enjoy a direct view of Dakshineswar Temple and the Hooghly River,” said Mayank Saksena, managing director - Land Services, JLL India.
The East Indian residential real estate market is now dominated by Kolkata, which is scaling up in terms of large residential focused transactions. With the state GDP at an all-time high of 6.5 per cent, activity in terms of new launches will increase in 2015.
Tata Value Homes, which is present in the affordable housing space among a handful of players, has projects starting from Rs 12 lakh in Ahmedabad.
(Edited by Joby Puthuparampil Johnson)