KOLKATA: Alchemist Township India Ltd, a Delhi-based real estate developer, has bought 20 acres of prime land in the Aerotropolis being developed by Bengal Aerotropolis Projects Ltd (BAPL) at Durgapur, 180 kilometres from Kolkata. Leading international property consultants Jones Lang LaSalle India were the transaction mediators for this deal, which is West Bengal's largest land transaction in 2013 to date.
"This acquisition marks Alchemist's formal entry into the east India residential real estate space," said a company spokesperson. "We are on an aggressive expansion and diversification drive, and the Durgapur Aerotropolis undertaking will be the first in several forays into the residential real estate domain. At Durgapur, we will be focusing on the budget homes segment."
This project envisages developing 2.4 million sq. ft. for housing. The company has set a target to develop 10 million sq. ft. for affordable homes in Eastern India, which will include Bengal, Orrisa, Assam, Bihar and Jharkhand. BAPL's Aerotropolis (or Airport City) is a massive project in Durgapur which is poised to reshape the aviation and industrial map of eastern India. With Changi Airports International - one of the world's largest airport management companies - as a 26% equity stakeholder, the Durgapur Aerotropolis will have the country's first privately-owned and operated airport.
The Aerotropolis is a unique urban development model that places the airport at its core, to act as a major economic growth driver for areas surrounding it. Mayank Saksena, Managing Director - Land Services, Jones Lang LaSalle India says, "We have already seen the Aerotropolis model successfully implemented in Hong Kong, Singapore and Dubai. The Durgapur Aerotropolis is definitely going to change the socio-economic profile of the Durgapur-Asansol region, and is all set to become a major game-changer for West Bengal. Alchemist Group's acquisition of this massive land parcel for residential development is important not only because it the largest in West Bengal this year, but because it will be a vital chapter of real estate history in the making. The Durgapur Aerotropolis is going to be one of the most dynamic employment generators in the region - and indeed in India."
Partha Ghosh, Promoter Director - Bengal Aerotropolis Projects Ltd said, "This acquisition is a significant milestone for BAPL as well as the Alchemist Group. We are talking about the formation of a new metropolitan destination in Eastern India, which will rival Kolkata. The Durgapur Aerotropolis is already attracting substantial investments into industries, services and associated sectors - not only from organisations in Bengal but from across India as well as globally."