Emami Realty Ltd will develop a 40-acre township in Kolkata at an estimated project cost of Rs 300 crore.
The company is launching 525 plots for sale in this township project, located at Bhasa, near Joka in Kolkata.
We are planning to launch a premium bungalow township. We had an old land bank in the city and now we are going to monetise these land banks," Emami Realty MD and CEO Nitesh Kumar told PTI.
The company has decided to go ahead with the planned launch despite the COVID-19 pandemic, he added.
The total project cost of the township 'Emami Aastha' is estimated to be about Rs 300 crore.
Kumar said the Kolkata property market has remained resilient during the pandemic.
"The ongoing pandemic has created a massive demand for residential plots and standalone homes in theme-based residential townships with low-density living. This trend is bound to boost the investment in plotted development in the city with the highest return on investment," he added.
Emami Realty Ltd, the real estate arm of Emami Ltd, last year announced an investment of nearly Rs 225 crore to develop a 100-acre integrated township 'Emami Nature' at Jhansi in Uttar Pradesh.
Emami Realty Ltd has a pan India presence with over 36 million square feet of development at different stages of planning, construction and delivery across West Bengal, Uttar Pradesh, Tamil Nadu, Andhra Pradesh, Orissa, Maharashtra and Sri Lanka.
These projects are being executed under various special purpose vehicles (SPVs) and joint ventures (JVs).Emami Ltd is one of the leading and fastest-growing personal and healthcare businesses in India, with a portfolio of brands such as Boro Plus, Navratna, Fair & Handsome, Zandu Balm and Mentho Plus Balm.