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Tata Value Homes inks JV with Square Four for affordable housing project in Kolkata

By Swet Sarika

  • 17 Feb 2015
Tata Value Homes inks JV with Square Four for affordable housing project in Kolkata

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.

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“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.

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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)

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