Tanuj

Foreign investment in the booming real estate sector of West Bengal gets a boost with a London-based company joining hands with an NRI entrepreneur to invest $20m in two mini-townships here.

London-based Reit Asset Management, which plans to create $1bn assets in India in the next three years, has tied up with Eden Realty Ventures Private Limited, led by US-based Indrajit De, to set up the projects at Bonhooghly in north and Maheshtala in south in greater Kolkata area.

The cash investment in the two project is $20m besides collaterals for bank finances. Reit India Chairman David Cohen finalised three projects in India out of 140 proposals and of the three two are developed by us here.Reit, the London-based real estate management trust, owns $6.8bn worth assets in Europe. The twin project in Kolkata in collaboration with Eden is their maiden venture with an Indian partner since their other project at Pune is a 100 percent FDI.
According to David Cohen, the Chairman of Reit property Management India, the projects are the beginning of a long-standing relationship with the state and the city. Rai said of the two projects in Kolkata might be the state’s highest cash investment in the form of FDI by any foreign company on real estate.