Wednesday, September 23, 2020

Realty Biz

There is a huge demand for affordable housing in Kolkata and we would like to cater to that need


Eden City Maheshtala is the largest housing project in South Kolkata. It has been developed by Eden Real Estates Pvt Ltd, an SPV floated by Eden City Group, one of the renowned real estate developers of Kolkata and UK based F&C REIT Asset Management. Maheshtala, the flagship project of the Eden City Group has been awarded a Kolkata-6 Star Rating by CRISIL Real Estate Star Ratings (CREST). INDRAJIT DE, CHAIRMAN, EDEN CITY GROUP, responded to CONSTRUCTION OPPORTUNITIES about the project and the qualitative difference it is making in the life of Kolkata’s citizens. 


Briefly tell us about your company’s credo and the role it has been playing in the real estate space with reference to the Eden City Maheshtala project?

The Eden City Group has been formed with an objective to develop quality infrastructure and real estate projects. Based out of Kolkata, India, the corporate office of the Group is located in one of Kolkata's landmark buildings  - The Metropolitan Building. We, at Eden City, believe in embedding superior quality at the grassroots level for each of our projects. Every single project incorporates tedious quality checks that endow it with once-in-a-lifetime investment value.  Eden City Maheshtala is the first FDI project delivered in eastern India. The attractive pricing made it an affordable housing destination for middle class people having all modern facilities. With only a distance of 8 km from Alipore, Kolkata’s most aristocratic area, Maheshtala has fast evolved as the new South Kolkata. The increase in demand for the project can be attributed to the ever increasing demand of city dwellers for a green and clean location which has easy and quick accessibilities to city centre. The proposed 7.5 km flyover connecting Brace Bridge to Batanagar and the upcoming Metro Rail from Joka to BBD Bag via Taratala will also add immense value to Eden City Maheshtala.

Give us an understanding of the contours of the Eden City Maheshtala project – tell us about the location, size of area being developed, special features, investments, status of project implementation etc?

The project is located in the southwestern part of the city at Maheshtala in an area of 22 acres.  It offers housing with HIG finishing at MIG price. There are G+7 and G+15 towers with more than 2000 Flats of 2-3 bedrooms. Amenities include fully equipped club, ‘The Elixir’ with swimming pool, gymnasium, library, games room, yoga and meditation room, home theatre, coffee shop and restaurant, banquet halls, medicine shop, convenience store and ATM. Apart from these, there are four community halls, an indoor stadium, a football field, multipurpose courts, children’s play ground jogging tracks and two natural water bodies. It also has air-conditioned buses dedicated for the residents.  As far as current status is concerned more than 1250 families have been offered possession till date and many of them have already started living there. Bookings are currently open for ready-to move-in flats as well as flats to be delivered by December, 2014 and 2015. The total investment for the project is around `450 crore. Phase II of the project will be launched in 2015. 


Tell us about your various partnerships leading to the implementation of the project – architectural, finance etc?

F&C REIT Asset Management is a specialist investment, finance and asset management firm. With offices in London, Mumbai, Munich, Stockholm and Tel Aviv, F&C REIT Asset Management is well placed to identify and take advantage of opportunities in the global real estate market. F&C REIT Asset Management owns and manages real estate assets worth £8.5 billion globally. Our architectural partner is Espace. For finance we have HDFC, State Bank of India and Bank of Baroda as our collaborators. 


Tell us about the challenges and the strategies employed by your firm to market your projects? 

The first challenge was the project location, which was a new destination as compared to the established locations of the city. This was addressed by including the location of the project in the name itself – Eden City Maheshtala, and the branding was accordingly done to popularise the location.


What kind of a value the project is expected to bring to Kolkata, and more particularly the surrounding areas?

This project is value for money. Moreover, there were no organised real estate developments on the south west zone of Kolkata. Eden City is a pioneer in real estate development in the area. Our project at Maheshtala is a sincere effort, with significant attention to detail, to improve quality of life of our customers at a price which is affordable.

Could you talk of some of the green features in your project?

The existing big trees of the project have been preserved. We have planted a lot of trees in the landscaping areas. We organise drawing competition among residents' children on this theme to create and spread awareness amongst the residents of Eden City


Give us an understanding of Kolkata as a real estate market?

Price is the most important decisive factor. Kolkata market is overpriced in general. Delivering quality product in mass housing format at attractive price for consumers is a challenge. There is a huge demand of low cost housing in the city.


How has the real estate market in eastern India performed in recent times? Which are the new growth areas of real estate in which you are looking to invest?

Fortunately, since our price was always reasonable, there were always buyers for our project. However, the market has started looking up recently. Low cost housing for middle class and lower middle class in an interesting area is yet to be explored.


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.



Indrajit De is the Chairman of the Eden City Group. He completed his Masters Degree in Commerce from University of Calcutta, India and MBA and MS from University of Virginia, United States of America. Thereafter, he joined Financial Services Practice at Deloitte Consulting (Braxton) in New York overseeing large scale IT implementation. Subsequently he joined Xcelerate Corp., a Ft. Lauderdale based boutique e-business consulting company as a Partner, responsible for setting up practices in NYC & San Francisco bay area. Indrajit organised a group of investors out of NY investing in various bio-tech and IT start-ups both in the US and in India. Till date, he has arranged for more than $65 million in funding. In the year 2007, Indrajit set up Eden City with a maiden project at South Kolkata


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