Jain property in Alipore to house Rs 80 crore complex

A consortium of real estate developers has bought most of the famous Jain House, till recently the largest private residence in Kolkata.

The plot, which is located in the upmarket Alipore locality, covers 120 cottahs, and the project cost is estimated to be more than Rs 80 crore.

The landmark property, which is the ancestral house of the Jains of Bennett, Coleman & Co (BCCL), was sold by Amit Judge, husband of late Nandita Judge, the late sister of Samir and Vineet Jain of BCCL.

A consortium of developers including Jugal Khetawat of Rameshwara Group and Pradeep Sureka of Park Chambers, plans to build residential blocks on the property.

When contacted, Pradeep Sureka confirmed the development.

"We bought the property from Amit Judge," Sureka said.

However, he declined to give the value of the transaction.

"The details will be given once we go public about the project," he added.

Industry sources put the valuation of the property at more than Rs 40 crore with the going rate of Rs 35 lakh a cottah in that locality.The residential block would have about 40-50 dwelling units measuring 4,000 square feet and above.

The flats would cost more than Rs 1 crore each. The new block would be targeted at top-notch businessmen and NRIs.

"The pricing of the units are justified given the fact that there is an acute short supply of new, modern residential apartments in that locality. Promoters should not find it difficult selling the units there," a real estate industry expert pointed out.

The development comes on the heels of several other high-profile property deals in the heart of the city, including major projects in the Chowringhee area, on the buoyancy in the real estate market in Kolkata which witnessed two big ticket deals in the past one year.

Bata and Saregama, two city based company, sold off their excess land for development of housing complex.

However, real estate circles said that this would be one of the biggest deals for a residential property.