Calcutta: Tata, Keventer team up for plush housing project in Alipore
Tata Housing and Calcutta-based Keventer Group have teamed up for developing an upscale residential complex in Alipore. The collaboration between Tata Housing and Keventer for the plush housing project marks the return of the conglomerate in Bengal after the 2008 Singur fiasco.
For building the top-end residential project in Alipore, Tata Housing and Keventer have floated a special purpose vehicle. The conglomerate also plans to look for other housing projects in Bengal.
Confirming Keventer’s tie-up with Tata housing for the Alipore residential project, Keventer’s Managing Director Mayank Jalan said that the Alipore project will be the companies’ first project together. Jalan also added that Tata Group’s different formats will also be brought to the state.
In the venture involving the classy housing complex in Alipore, a 51 percent majority stake will be held by Tata Housing. Meanwhile, Keventer’s initial investment in the venture will essentially comprise the transfer of land parcel – valued at approximately Rs 300 crore, or Rs 100 crore per acre – for the housing project.
With the top-end Alipore residential project apparently to set a new yardstick in luxury real estate in Calcutta, Brotin Banerjee – Tata Housing’s Managing Director and CEO – said: “Tata Housing has always believed in setting a benchmark in the real estate industry with luxury and ultra-luxury projects.”
Source – The Telegraph
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