Satyaa Homes, Ambuja Neotia group to develop a 72-acre Kolkata township

After one of the largest land development deals of Kolkata in 2020, Ambuja Neotia group and Satyaa Homes will jointly develop a 72-acre township in Rajarhat, in the north-eastern part of Kolkata.

The deal will result in a large plotted/villa development township with Ambuja Neotia as the development management partner and HDFC Capital Advisors as finance partner. The deal was forged by Anarock Property Consultants.

Harshvardhan Neotia, chairman, Ambuja Neotia, said, “We are delighted to partner with Satyaa and HDFC to do this plotted development township in Rajarhat. Today, customers are looking forward to having a small home of their own on a freehold property where they can have a private patch of green. This is more so in the post-pandemic world.”

The township, which will encompass plotted developments, villas, villaments and apartments, will be completed within five years. The project will be delivered jointly by Ambuja Neotia Group and Satyaa Homes.

The last major township in Rajarhat was a 100-acre residential project by Unitech called Uniworld, which was completed about 10 years ago; it was later acquired by Brookfield and is now known as Candor Tech Park. Rajarhat, incidentally, is home to major IT-ITeS companies and is also close to Sector V, Salt Lake, Kolkata’s IT hub.

Commenting on the deal, Soumendu Chatterjee, director & city head - Kolkata, Anarock Property Consultants, said, “This deal is well-timed, aligning with the renewed aspirations in Kolkata for quality homes in superlative settings.”

“Rajarhat’s residential sector offers options across all budget segments but the affordable segment is predominant, accounting for nearly 54 per cent of the housing supply here. Mid-end segment housing accounts for only around 29 per cent of the region's residential supply,” added Chatterjee.