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Tuesday, October 25, 2011

Ambuja Realty Acquires RMZ’s Ecospace Business Park for Rs 300cr

In one of the largest real estate deals in Kolkata, Ambuja Realty has acquired the RMZ’s Ecospace Business Park in New Town in Rajarhat for little over Rs 300 crore. The acquisition will provide Ambuja Realy a large chunk of premium commercial property adjacent to its existing one, Ambuja Realty Campus. The project, which is 80% complete, is spread over about 9 lakh square feet constructed area. International property consultant Jones Lang LaSalle facilitated the deal. JLL said the deal signified the importance of Rajarhat in Kolkata’s business landscape.

Ambuja Realty chairman Harshavardhan Neotia said that RMZ and Ambuja Realty had got two adjacent plots of land in Rajarhat. “Even our architects and structural consultants are the same. Therefore, we decided to call the entire property Ecospace Business Park. Their end is called the RMZ campus and ours is called the Ambuja Realty Campus. Therefore, the acquisition will only help Ambuja Realty in consolidating its position in the upcoming area.”

The opportunity to acquire the company emerged as RMZ and AIG, who were managing the RMZ Campus, wanted to exit, he said. “Given that we are already housed at Ecospace and have part of the campus, we responded affirmatively to acquiring the other part, as well,” he said. JLL said with the acquisition, Ecospace became one of the largest non-SEZ office spaces in Kolkata, offering nearly 19 lakh square feet of ultra-modern and environmentally sustainable business space. According to a person close to the deal, the cost of the realty space after completion of the project would be around Rs 4,000 per sq feet, which is very competitive.

Rajarhat area has emerged as one of the most attractive area in Kolkata as it is close to the airport. Besides, a large chunk of land is available for the development. JLL MD (Kolkata) Mayank Saksena said 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.

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