Ambuja Neotia & Phoenix Mills To Create Township At Kolkata Riverside
Calcutta Riverside is in for a complete makeover. Two of the country’s most trusted and leading developers — Ambuja Neotia and The Phoenix Mills Limited, through its wholly owned subsidiary, Market City Resources Private Limited (“Market City”)) have announced their inking of three large projects that are likely to have a long-term impact on the development of the 262-acre township in Batanagar.
While Ambuja Neotia will be involved in the development of two residential projects covering 4 million sq ft across two plots of land of 10 acres each, Calcutta Riverside will be coming up with a state-of-the-art shopping centre spread across 4,96,000 sq ft within Calcutta Riverside. In this connection, Market City, has entered into Property Management and Development Management Agreements with Calcutta Riverside to assist the latter in supervising the construction, development and managing the operations of the proposed mall with the licensed use of the Phoenix’s trademark on a non-exclusive basis.
In the past two years, all connectivity issues of this evolving neighbourhood on the southern fringes of Kolkata were sorted after the completion of the new Majerhat and Sampriti flyovers. Now, this announcement by the two leading developers comes as a mega boost to the social and infrastructural needs of the township, that is already home to a thriving community.
It is anybody’s guess that more community development will lead to more demand, thus paving the way for further proliferation of other social, educational, commercial, transport and healthcare facilities.
During the inking of the agreement, Ambuja Neotia group chairman Harshavardhan Neotia said, “Our association with Calcutta Riverside gives us the opportunity to enter a new and evolving area of Kolkata, which over the years has seen a significant transformation. We certainly hope that we can give the people of Kolkata a home, which they always dreamt of, at a price which is within everyone’s reach.”
In recent years, Calcutta Riverside has been witnessing a sharp rise in the growth of lifestyle amenities, connectivity and a host of other social infrastructure. The Apollo Hospitals Group has commenced construction of an out-patient department, which is expected to be operational soon.