Ambuja Neotia in a 72-acre development deal with Satyaa Homes

City-based real estate and hospitality major, Ambuja Neotia group had sealed a major development deal for 72 acres at Rajarhat with Satyaa Homes, a North India realty company and total retail sales value is estimated at Rs 3000-4000 crore, a company official said on Monday.

City-based real estate and hospitality major, Ambuja Neotia group had sealed a major development deal for 72 acres at Rajarhat with Satyaa Homes, a North India realty company and total retail sales value is estimated at Rs 3000-4000 crore, a company official said on Monday. Anarock Property Consultants Land Services announced the successful closure of a joint development deal.

This is a significant township deal to be struck in the pandemic period and will result in the large plotted/villa development township to be launched in Rajarhat. Ambuja Neotia Group is the development management partner, it said. The land which is near Asia's largest mass housing project Sukhobrihti had been financed by the HDFC Capital Advisors, sources said.

HDFC Capital Advisors is a specialized real estate private equity investment manager. The project entails offering land plots in the gated community and where the development of houses remains optional with the owner. Plots and house building the value could be Rs 3000-4000 crore, sources indicated.

''We are delighted to partner with Satyaa and HDFC to do this plotted development township in Rajarhat. Customers are looking forward to having a small home of their own on a freehold property where they can have a private patch of green. This is more so in the post-pandemic world. The township, which will encompass plotted developments, villas, villaments, and apartments in Rajarhat and will be completed within 5 years,'' Ambuja Neotia group chairman Harshavardhan Neotia said. ''Rajarhat's residential sector offers options across all budget segments but the affordable segment is predominant, accounting for nearly 54 percent of the housing supply here.

Mid-end segment housing accounts for only around 29 percent of the region's residential supply,'' Anarock Property director and city-head Soumendu Chatterjee said.