Kolkata-based Sunsam Properties has entered into an agreement with a Non-Resident Indian investor named Sat Pal Khattar based in Singapore for a Rs 1,500 crore (Rs 15 billion) township project in Kolkata.
A memorandum of understanding was recently been signed to this effect between Sunsam Properties, Phoenix Software, Khattar's Holdings and a real estate fund promoted by Khattar.
Rahul Saraf of Sunsam Properties said that the project would cover 100 acres.
The builders had already approached the government for identifying land for the project. The arrangement between Khattar and Saraf was that the investment would be borne equally and it would be a 50:50 joint venture.
However, Saraf said, the agreement was such that Saraf had the option of bringing in one or more partners, if required.
The project would have housing and an information technology park.
Saraf said the township would have smart homes to cater to the demands of the IT sector and NRIs.
The housing be for the higher income group.
The MoU was signed in the presence of chief minister, Buddhadeb Bhattacharjee on his recent trip to Singapore.
Saraf said the technology provider for the smart homes had been identified and appointed for the project.
Khattar Holdings was engaged in infrastructure development in Singapore with investments in the United Kingdom, China and India.
Bengal Unitech was building a township in Rajarhat covering 100 acres.
However, Saraf said the land for the project was yet to be committed and the search for a suitable location was still on. It could be in Rajarhat or could be elsewhere as well.
