Real estate in Bengal sores as Ambuja Neotia invest over ₹14,200 across housing, golf township, and hospitality

Ambuja Neotia Group, one of East India’s leading business conglomerates announced over ₹14,200 crores in various sectors of real estate development. Representational file image.
| Photo Credit: M. Moorthy

The West Bengal real estate market got a major boost after investments were announced in this sector at the 8^th edition of the Bengal Global Business Summit (BGBS), which wrapped up on February 7. These developments will include the first ever international-standard golf township in the State. 

Ambuja Neotia Group, one of East India’s leading business conglomerates announced over ₹14,200 crores in various sectors of real estate development including hospitality, commercial and residential developments. ₹6,500 of this will be directly invested in residential and commercial real estate, ₹5,000 in a golf-themed township, and ₹2,700 in hospitality and tourism. 

The 240-acre golf township project will include 18-hole golf course, golf-view villas, apartments, a golf hotel, a clubhouse, and premium lifestyle amenities and the preliminary developments of it have already started. 

During his speech at the recent event, Harshavardhan Neotia, Chairman of Ambuja Neotia Group noted that the Government of West Bengal has helped sustain a business-friendly environment in the State and highlighted the strategic advantages of the area including skilled workforce, growing infrastructure, and proximity to Asian markets. 

The Neotia group has nine large-scale real estate projects in progress in the State and 10.5 million sq. ft. of built space across residential and commercial sectors over the next four to five years which will significantly boost the markets in this region. 

They are also set to make the first golf-themed township and invest in hotels and hospitality businesses across the State. 

“Bengal has always been our home and our karmabhoomi. We are committed to its growth and development, and these projects will create new opportunities, enhance infrastructure, and strengthen Bengal’s position as a business and tourism hub,” said Mr Harshavardhan Neotia. 

Confederation of Real Estate Developers’ Association of India (CREDAI), West Bengal unit saw the investments in real estate sector in BGBS as a major boost. They have also said that the State’s real estate market has remained resilient and steady through most setbacks and insisted that the urban development and infrastructural expansion, including metro connectivity has helped in the real estate market boom. 

Sidharth Pansari, President of CREDAI Bengal said, “The BGBS has been a game-changer, attracting substantial investments in real estate and allied sectors. This influx of capital is expected to catalyze business growth, generate employment, and enhance the overall economic landscape of the state.” 

According to a study by JLL a international real estate consultant they found out that Kolkata is the most affordable when it comes to real estate markets, which is a major plus for new investors. 

Champalal Baid, a veteran real estate agent in Kolkata told The Hindu, “Both ITC and Infosys now have their own campuses in Salt Lake, Sector 5. This was possible due to an initiative by the West Bengal government where they offered land to these companies to help the IT industry bounce back in the State.” He also highlighted that the number of enquiries have also increased in the recent months indicating a boost in the market. 

Mr Baid also said that the financial hub in Salt Lake’s Rajarhath is also seeing a steady growth as businesses like Bandhan Bank, Coal India and others set up their commercial offices in the area increasing demand for properties in the area.