In one of the decade’s largest real estate deals in Kolkata, Ambuja Realty has acquired the RMZ block of Ecospace Business Park in New Town, Rajarhat, Kolkata. The project, which is 80% complete, encompasses about 9 lakh square feet. India’s largest and leading International property consultant Jones Lang LaSalle facilitated this deal, which once again throws the spotlight on Kolkata’s happening satellite city.
Harshavardhan Neotia, Chairman, Ambuja Realty, says, “RMZ and Ambuja Realty had got two adjacent plots of land in Rajarhat. Even our architects and structural consultants were the same. Therefore, we decided to call the entire property Ecospace Business Park. Their end was called the RMZ campus and ours was called the Ambuja Realty Campus. The opportunity to acquire Millennia Infrastructure Private Ltd. Came our way as RMZ and AIG, who were managing the RMZ Campus, wanted to exit. Given that we are already housed at Ecospace and have part of the campus, we responded affirmatively to acquiring the other part, as well.”
With this acquisition, Ecospace becomes one of the largest non-SEZ office spaces in Kolkata, offering nearly 19 lakh square feet of ultra-modern and environmentally sustainable business space, together with a unique business club ‘Ecohub’ to help foster superior work-life balance.
Mayank Saksena, Managing Director – Kolkata, Jones Lang LaSalle India, offers insights into this deal and on the potential of the proposed development by the Ambuja Group.
“Right from the initial proposal, there was no doubt that this is a winning proposition, both for our client and in real estate market terms. We at Jones Lang LaSalle consider this the perfect marriage of an outstanding asset with a Group that has accurately gauged the immense commercial real estate potential at Rajarhat, Kolkata,” states Mr. Saksena. “Rajarhat is Kolkata’s brightest rising star in terms of real estate growth, with both the commercial and residential segments holding immense possibilities for developers, occupiers and real estate investors alike. We consider it a privilege to have enabled this transaction.”
