Alchemist buys land in Kolkata, to invest Rs 600 crore in project

NEW DELHI: National capital-based realty firm Alchemist Township has bought about 20 acre land in Kolkata from a local builder Highland Group and will invest Rs 600 crore to develop a residential project.

Property consultant Jones Lang LaSalle India facilitated the deal. Alchemist Group is promoted by K D Singh, a Rajya Sabha MP from Trinamool Congress Party.

"In this deal, Delhi-based real estate developer Alchemist Township India has purchased 2 million square feet of prime residential land from Highland Group at Kolkata Riverside, a satellite township development encompassing 262 acres being developed on the banks of the Hooghly River," JLL India said in a statement.

When contacted, JLL India Managing Director (Land Services) Mayank Saksena said Alchemist has bought about 20 acre of land but declined to disclose the value of the deal.

He also noted that this is the largest land deal between two private parties.

"Altogether, Alchemist Township India Ltd has earmarked approximately Rs 600 crore for this project," JLL India said.

Jones Lang LaSalle India was transaction partner for both the firms in this deal.

A spokesperson from Alchemist Township India said the group intends to develop golf-course facing apartments and group housing on the two plots they have acquired.