A UK company is taking the lead role in two housing projects near Calcutta, setting the stage for fresh foreign direct investment in Bengal real estate after the Salim Group’s initiative.

REIT Asset Management, a London-based company that manages real estate assets valued at over $6.8 billion globally, will partner a local developer to build nearly 5,000 flats on the northern and southern fringes of the city.

The project in Bonhooghly, opposite the Indian Statistical Institute (ISI), will involve redevelopment of a refugee colony. Around 800 families living there now will be given a flat each, free of cost.

The southern project at Maheshtala will be a fully commercial venture but the developers have promised to build a sports-cum-cultural centre for the municipality.

The cumulative project cost is an estimated Rs 465 crore. The two projects will be developed over two to four years.

REIT will hold a majority stake in both projects with local partner Eden Realty Ventures, promoted by NRI businessman Indrajit De

Both projects will have active participation from government departments. The Bonhooghly project will be a public-private partnership with the Refugee Relief and Rehabilitation Department of Bengal, while the Maheshtala Municipality will partner the other project.


Source: The Telegraph
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