Kolkata-headquartered real estate major Ambuja Realty on Thursday, September 20, acquired the RMZ block at Ecospace Business Park in Rajarhat satellite township on the Eastern fringe of the city. According to sources, the deal size is in excess of Rs.300 crore.
According to market sources, Ambuja Realty’s acquisition of nearly 9 lakh sq. ft at around Rs.3,333.34 a sq.ft is reportedly the largest commercial property purchase in the city so far.
The previous largest real estate deal in the city was the Rs.200-crore sale of 7-lakh sq.ft (Rs.2,857.15 a sq.ft) by Emaar MGF along the Eastern Metropolitan Bypass.
“RMZ wanted to exit the Ecospace project and they made us an offer to acquire the block. Since both the Ambuja Realty Campus and RMZ blocks are located next to each other we decided to go ahead with the acquisition,” Harsh Neotia, Chairman, Ambuja Realty, said.
The deal between Ambuja Realty and RMZ was facilitated by real estate consultant major, Jones Lang LaSalle India.
Ecospace, a commercial complex, spread across 20 acres in Rajarhat was initially divided into two equal independent campuses of 10 acres each. One was to be developed by RMZ along with AIG; while the other half by Ambuja Realty.
However, RMZ citing “market conditions” wanted to exit the project. Nearly, 80 per cent of construction in the block is already complete.
“We will connect the two blocks soon,” Neotia said.
