The Hindu Business Line : Bengal’s mega housing projects attract FDI in a big way

Kolkata, Aug. 16 Even as the controversy-ridden Singur small car project and the proposed chemicals hub (site not selected as yet) over land acquisition have managed to generate heated debates among potential investors, FDI in large housing projects in West Bengal is quietly happening in a big way.

The New York-based NRI entrepreneur, Indrajit De, jointly with London-based REIT Asset Management Company, has chalked out plans to invest close to Rs 2,000 crore ($500 million) in Bengal in the next few years, and has rolled out two mega housing projects – one each in North and South Kolkata. Building plans have been okayed and work is expected to start soon.

Mr De, Chairman of Eden Realty Ventures Pvt Ltd, told Business Line here recently that the projects were being developed on a PPP (Public Private Partnership) model, and one of its kind in the State. He said organised real estate in the State was now here to stay, having attracted FDI from funds like REIT.

Eden projects

The sprawling ‘Eden Lakeside’ project at Bonhooghly, off BT Road, being executed in collaboration with the Refugee Relief Rehabilitation Department of the State Government is said to be a model project. It involves rehabilitation of some 800 poor families (now living in the slum area) who will get flats (645 sq ft super built and registered in their own names) absolutely free of cost.

He put the cost of land (18 acres in total) for Eden Lakeside project at Rs 21.36 crore, with the rehabilitation project coming up in 5.5 acres (Some 800 residential flats at a cost of Rs 28 crore are being built). In the remaining 12.5 acres, some 1,476 residential flats (for both MIG and HIG categories) are coming up, including a 6,000 sq ft community facility, landscaped garden with a 70 per cent open area. Mr De said the flat costs would be cross-subsidised by the other residential blocks in the area, said to be close to Dunlop Bridge (near the famous Dakshinewar Kali temple), new second Vivekananda Setu, Belgachia Expressway and of course the airport.

Eden City, the south Kolkata housing project, according to Mr De, is being developed in two phases, with the first coming up in an area of 22 acres, also on the lines of a PPP model in collaboration with Maheshtala Municipality, with REIT AMC as the FDI partner. Some 2,248 (MIG & HIG) flats would be offered, and work is expected to commence soon.

Mr De said a Centre for Science, Sports and Culture will be built at the site and dedicated to the neighbourhood.