keventer

Tatas to team up with Keventers group for housing project

An architect from abroad may be roped in for designing an "iconic" housing project being promoted by Tata Housing Development Ltd and the city-based Keventers Group.

The project is set to come up on three acres of prime land in the upscale Alipore area in South West Kolkata.

"It was a compelling opportunity," said Mayank Jalan, managing director of Keventer Projects Ltd.

Keventers Group has interests in agro and dairy products, infrastructure and real estate.

Tatas already have two ongoing housing projects in the upcoming new township in Rajarhat on the eastern fringes. While the 25-acre Eden Court project, taken up in 2008, was completed in 2012-13, Avenida, also in Rajarhat was taken up in April 2014. Booking for the second phase of this project was opened 10 days back, said Rajeeb Kumar Dash, head Marketing Services, THDL. The land here is 13 acres

The projects were taken up in 2007-08 entailing an investment of over Rs. 1,000 crore and will be completed in 2017.

It may be mentioned that notwithstanding the somewhat frosty relation between the Tata Group and the Mamata Banerjee government, the Tatas had always maintained that it would never abandon the State and would tap an investment opportunity whenever one arose.

Earlier this year, Tata Housing jointly with Keventers Agro, had bid for a land parcel in Tollygunj in south city which was auctioned by The Calcutta Tramways Company. The bids are yet to be opened.

The Tata Group is now locked in a legal battle with the State Government over the Singur land.

Abhijit Das of real estate advisory firm Cushman Wakefield told The Hindu that the real estate scenario in the city was now flat after a short pickup in the first quarter of 2014. "That makes it a good time to enter the market".

The real estate arm of the Tata Group has also announced its plans for 13 housing projects across eight cities, including Kolkata. These would mainly be senior citizen apartments.