Targeted at elderly couples and individuals who are living alone, the developers are building on the success of a pioneering project done by HIDCO in Rajarhat and coming up with their own ventures in the city
The rebate on stamp duty announced by the Bengal government, if equally matched by developers by way of discount, could boost the sales of residential properties in Calcutta, experts feel.
Bengal has reduced stamp duty by 2 per cent and cut circle rate a government pre-decided rate at which a property must be registered in a given location by 10 per cent in its budget in July.
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When a similar announcement was made in Maharashtra in September, many developers extended a matching rebate to make a transaction ‘free’ of stamp duty payment altogether. The end result was record breaking sales and launches.
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Home / Business / IHCL and Ambuja Neotia group tie up to roll out 4 new hotels in Bengal and Sikkim IHCL and Ambuja Neotia group tie up to roll out 4 new hotels in Bengal and Sikkim While the properties will be built by the realtor, the hospitality company will manage the assets
Indian Hotels Company Ltd (IHCL), the largest hospitality player in the country, may further expand its partnership with the city-based Ambuja Neotia group. The duo is planning to develop four more properties in Bengal and Sikkim, including one at Darjeeling.
Ambuja owns land parcels in Ghoom and near Gorumara forest in North Bengal and in Sunderbans, apart from one at Rabangla in Sikkim. They are likely to be developed under the Taj brand. While the properties will be built by Ambuja, IHCL will manage the assets.
The sales of residential property appear to be gaining momentum in Calcutta, with big brands cornering a larger share of the pie in a market where launches continue to remain tepid.
Brokerages, developers and people associated with the trade say bookings and transactions have picked up from January for established players, rivalling the situation before Covid-19 sent the economy to deep freeze.
Consumer preference towards big brands having the right expertise to deliver good projects in a time bound manner is also leading towards consolidation in the marketplace.
“There has been a pick-up in demand from October onwards. Well-known builders are getting good traction,” Harsh Vardhan Neotia, chairman of Ambuja Realty, said.