Ambuja Neotia Group, a real estate developer, has entered into an agreement with Satyaa Homes to jointly develop 72-acre land parcel in Rajarhat locality in Kolkata, West Bengal, in the first-ever mega land transaction in the New Year.
Ambuja Neotia Group is the development management partner. Satyaa Group will bring in land parcel into the alliance, while HDFC Capital Advisors will be finance partner of the project.
The transaction was facilitated by Anarock Property Consultants' land services division.
The joint project will see an integrated township with villas, apartments and large plotted development to be completed in a period of five years.
The total development potential of the project, at a floor space index (FSI) of 2.5 times, will be in the range of approximately eight million sq ft.
The last major township project in Rajarhat was a 100-acre residential project called Uniworld by Unitech.