JLL closes largest-ever land deal in Kolkata

Leading international property consultant Jones Lang Lasalle India (JLL) has announced the successful closure of the largest land transaction in Kolkata to date. In this deal, Delhi-based real estate developers Alchemist Township India Ltd have purchased 2 million square feet of prime residential land from Highland Group at Kolkata Riverside, a satellite township development encompassing 262 acres being developed on the banks of the Hooghly River.

Altogether, Alchemist Township has earmarked approximately Rs 600 crore for this project. JLL was transaction partner for both the firms in this deal.

According to Mayank Saksena, managing director, JLL, “Kolkata Riverside is a prime township project that incorporates the latest features in environment-friendly urban planning. It also has a very healthy mix of market drivers, including a 25-acre IT Park created entirely on sustainable development parameters, various commercial establishments catering to the services sector, world-class physical infrastructure and advanced lifestyle features such as a golf course. Alchemist Township has made a very astute choice in terms of location and land parcel magnitude, allowing them to fully capitalise on this township’s residential real estate potential.”

However, Sumit Dabriwala, managing director, Highland Group says, “We are very satisfied to have the Alchemist Group as development partners at Kolkata Riverside. Alchemist will be the only outside entity to acquire land for residential development in our project. We have found a lot of synergy with them and are satisfied that they will both contribute to and derive optimum value from this partnership.”

A spokesperson from Alchemist Township states that the Group intends to develop golf-course facing apartments and group housing in the two plots they have acquired. The corridor where Kolkata Riverside is located is developing rapidly, with high-speed road connectivity to Alipore actively underway.