Alchemist group to develop township at Kolkata Riverside

Kolkata:  Delhi-based real estate developer Alchemist Township India has bought two million square feet of prime residential land from Highland Group at Kolkata Riverside, a satellite township development, encompassing 262 acres being developed on the banks of the Hooghly River.

Altogether, Alchemist Township India has earmarked approximately Rs. 600 crore for this project. Leading international property consultant, Jones Lang LaSalle India was transaction partner for both the firms in this deal.

Mayank Saksena, Managing Director - Land Services, Jones Lang LaSalle India says, "Kolkata Riverside is a prime township project that incorporates the latest features in environment-friendly urban planning. It also has a very healthy mix of market drivers, including a 25-acre IT Park created entirely on sustainable development parameters, various commercial establishments catering to the services sector, world-class physical infrastructure and advanced lifestyle features such as a golf course. Alchemist Township India Limited have made a very astute choice in terms of location and land parcel magnitude, allowing them to fully capitalize on this township's residential real estate potential."

Sumit Dabriwala, Managing Director - Highland Group says, "We are very satisfied to have the Alchemist Group as development partners at Kolkata Riverside. Alchemist will be the only outside entity to acquire land for residential development in our project. We have found a lot of synergy with them and are satisfied that they will both contribute to and derive optimum value from this partnership."

A spokesperson from Alchemist Township India Limited states that the Group intends to develop golf-course facing apartments and group housing in the two plots they have acquired. The corridor where Kolkata Riverside is located is developing rapidly, with high-speed road connectivity to Alipore actively underway.