Landmark development deal to catapult kolkata's property market forward

A landmark development deal is set to catapult Kolkata's property market forward, according to JLL.

The agreement between Tata Value Homes and Square Four Group of Companies, closed by JLL this week, will see the joint development of 25.5 acres of prime residential land at B.T. Road - the single-largest land transaction recorded in Kolkata to date.

The overall yield of this land parcel is estimated at Rs. 3000 crore and marks the introduction of the first large-scale integrated township condominium development by Tata Value Homes in Kolkata.

JLL India argues it will help "catapult the Kolkata residential market into high growth".

Mayank Saksena, Managing Director – Land Services, JLL India, comments: “The residential project to be developed on this prime land parcel will yield approximately 3500 budget apartments. It has about 15 acres reserved for open spaces and will feature a large Club House with all modern amenities. In terms of size, this deal supersedes JLL India’s previous benchmark when it facilitated Alchemist Township India Limited’s acquisition of 2 million square feet of land from Highland Group at Kolkata Riverside in 2013.”