Emami set to develop 40 acre township in Kolkata at Rs 300 cr

30 Jun 2021 CW Team

Emami Realty Ltd will develop a township in 40 acres area in Kolkata at an estimated cost of Rs 300 crore. The company is launching 525 plots for sale in its township project in Bhasa, near Joka in Kolkata.

The CEO and MD of Emami Realty, Nitesh Kumar, said that the company plans to launch a premium bungalow township. They had an old land bank in Kolkata, which they will now use to monetise these land banks.

He said that the company has decided to go ahead with the project despite the Covid-19 pandemic.

The total estimated cost of the township project 'Emami Aastha' is about Rs 300 crore.

He said that the property markets in Kolkata remained resilient during the pandemic.

The ongoing Covid-19 pandemic has created a massive demand for residential plots and standalone homes in township residentials with low-density living. It is bound to boost the investment in plots and development of the city with the highest return on investment, he said.

Emami Realty Ltd, the real estate arm of Emami Ltd, previously announced an investment of about Rs 225 crore to develop an integrated township of 100 acres 'Emami Nature' at Jhansi in UP.

Emami Realty Ltd has its presence in pan India with over 36 million sq ft of development at different levels of planning, construction, and delivery in West Bengal, Uttar Pradesh, Orissa, Tamil Nadu, Andhra Pradesh, Maharashtra and Sri Lanka.

The projects are being executed under various special purpose vehicles (SPVs) and joint ventures (JVs).

The company is one of the leading and fastest-growing personal and healthcare businesses in India. It has a portfolio of some renowned brands in India.

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Also read: Tata Realty, CPPIB to establish Rs 2,000 cr property platform

Also read: Developers line up housing projects for launch in July

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