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REALTY BIZ Give us an understanding of the contours EDEN’S ADAM of the Eden City Maheshtala project – tell Indrajit De is the Chairman of the Eden City Group. He completed his Masters Degree us about the location, size of area being in Commerce from University of Calcutta, India and MBA and MS from University of developed, special features, investments, Virginia, United States of America. Thereafter, he joined Financial Services Practice at status of project implementation etc? Deloitte Consulting (Braxton) in New York overseeing large scale IT implementation. The project is located in the southwestern Subsequently he joined Xcelerate Corp., a Ft. Lauderdale based boutique e-business part of the city at Maheshtala in an area consulting company as a Partner, responsible for setting up practices in NYC & San of 22 acres. It offers housing with HIG Francisco bay area. Indrajit organised a group of investors out of NY investing in various finishing at MIG price. There are G+7 and bio-tech and IT start-ups both in the US and in India. Till date, he has arranged for more G+15 towers with more than 2000 Flats than $65 million in funding. In the year 2007, Indrajit set up Eden City with a maiden of 2-3 bedrooms. Amenities include fully project at South Kolkata equipped club, ‘The Elixir’ with swimming pool, gymnasium, library, games room, market. F&C REIT Asset Management owns Could you talk of some of the green yoga and meditation room, home theatre, and manages real estate assets worth £8.5 features in your project? coffee shop and restaurant, banquet billion globally. Our architectural partner The existing big trees of the project have halls, medicine shop, convenience store is Espace. For finance we have HDFC, been preserved. We have planted a lot and ATM. Apart from these, there are State Bank of India and Bank of Baroda of trees in the landscaping areas. We four community halls, an indoor stadium, as our collaborators. organise drawing competition among a football field, multipurpose courts, residents' children on this theme to create children’s play ground jogging tracks Tell us about the challenges and the and spread awareness amongst the and two natural water bodies. It also strategies employed by your firm to residents of Eden City has air-conditioned buses dedicated for market your projects? the residents. As far as current status The first challenge was the project Give us an understanding of Kolkata as is concerned more than 1250 families location, which was a new destination as a real estate market? have been offered possession till date compared to the established locations of Price is the most important decisive factor. and many of them have already started the city. This was addressed by including Kolkata market is overpriced in general. living there. Bookings are currently open the location of the project in the name itself Delivering quality product in mass housing for ready-to move-in flats as well as flats – Eden City Maheshtala, and the branding format at attractive price for consumers is to be delivered by December, 2014 and was accordingly done to popularise the a challenge. There is a huge demand of 2015. The total investment for the project location. low cost housing in the city. is around `450 crore. Phase II of the project will be launched in 2015. What kind of a value the project is How has the real estate market in eastern expected to bring to Kolkata, and more India performed in recent times? Which Tell us about your various partnerships particularly the surrounding areas? are the new growth areas of real estate leading to the implementation of the This project is value for money. Moreover, in which you are looking to invest? project – architectural, finance etc? there were no organised real estate Fortunately, since our price was always F&C REIT Asset Management is a developments on the south west zone of reasonable, there were always buyers specialist investment, finance and asset Kolkata. Eden City is a pioneer in real for our project. However, the market has management firm. With offices in London, estate development in the area. Our project started looking up recently. Low cost Mumbai, Munich, Stockholm and Tel Aviv, at Maheshtala is a sincere effort, with housing for middle class and lower middle F&C REIT Asset Management is well significant attention to detail, to improve class in an interesting area is yet to be placed to identify and take advantage quality of life of our customers at a price explored. of opportunities in the global real estate which is affordable. Going forward what are the other projects you are looking to take up pan India? We have no immediate plans to go pan India in the near future. We will continue to focus on the outskirts of Kolkata and new areas for real estate development in low price. What is your outlook for the future? More developers are looking to provide affordable housing for the city. We would like to cater to the huge demand in this sector. u 30 construction opportunities|NOVEMBER 2014
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