Kolkata’s new high end address: Elita Garden Vista in New Town
It seems the struggling real estate sector is picking up as there is a ripple among the developers to launch new residential projects in Kolkata. A consortium of three Kolkata-based developers, Sureka Group, Merlin Group and JB Group, has acquired 100 % stake in Keppel Magus Development Pvt Ltd’s project.
This acquisition was made on July 2 and a whopping Rs. 150 crore was invested by the consortium in this deal. This project is named Elita Garden Vista and is located in the satellite township of New Town over a 25-acre plot.
This upmarket project will be completed in a phase wise manner and the possession will be handed over accordingly. The first phase of the project is nearing completion and work on the other two phases is to be executed by the consortium.
This high end campus will be a mixed property which will have residential units and commercial complexes. The second and third phase of the project will have between 15 and 32 towers and a commercial space of approximately 1.6 lakh square feet.
The project will have modern amenities like multi-level clubhouse, swimming pool and various sports and entertainment facilities.
Keppel Magus Development was previously held by Keppel Land of Singapore, Magus Estates & Hotels Ltd – a subsidiary of Asian Hotels (North) Ltd of the Jatia Group, and Puravankara Group from Bangalore. The good news is that now we see a trend when the Indian real estate players are joining hands with the foreign players and seeking their help in innovative construction technologies and financial investments. It seems this liaison will benefit the home buyers and India too will witness some world class buildings.
Source- The Hindu Business Line
100 % stake in Keppel Magus Development Pvt Ltd's project, Keppel Magus Development, Kolkata based developers, Merlin Group and JB Group, Sureka Group, township of New Town
