Kolkata-based real estate consortium, Sureka Group, Merlin Group and JB Group has acquired a 100 per cent stake in Keppel Magus Development Private Limited (KMD), a special purpose vehicle launched to develop a 25 acre real estate project, Elita Garden Vista, in New Town, on the fringes of Kolkata.
The consortium has paid KMD Rs 150 crore for acquiring the existing property.
It would spend another Rs 350 crore for developing the property, expected to be complete over the next four to five years, said Pradeep Sureka, Director, Sureka Group.
KMD was previously held by Keppel Land of Singapore, Magus Estates & Hotels Ltd – subsidiary of Asian Hotels (North) Ltd of the Jatia Group, owner of Hyatt Regency in New Delhi and Four Season Resorts in Goa and Puravankara Group from Bangalore. However, after completing Phase I of the project Elita Garden Vista, the group decided to divest 100 per cent of its stake to Sureka, Merlin, JB consortium.
The consortium has acquired KMD as an “ongoing entity” and plans to execute Phase II and III of the project covering about 1.3 million square feet, which will comprise multiple towers (between 15 – 32 storeys) and 1.6 million square feet of developed commercial space, besides speeding up the remaining few deliveries from Phase I. A total of around 850 (2BHK and 3BHK) apartments are slated to be constructed in Phase II.“New Town, as one of the first townships of its kind, has started to grow at a fast pace.
The second phase has a huge opportunity for value engineering. Our team has studied the market over the past year and identified the best way to offer a better product in the market. We have made some design changes,” said Sushil Mohta, Managing Director, Merlin Group.
