On the heels of Salim Group of Indonesia's foray into West Bengal's realty arena, the UK-based REIT Asset Management, which manages real estate assets valued at over $6.8 billion (Rs 27,880 crore) globally, has teamed up with a local developer, Eden Realty Ventures, to build at least two projects with a capital outlay of Rs 465 crore. This sets the stage for fresh foreign direct investment (FDI) in the city's realty space. Says a REIT representative: "This is just the beginning and we have bigger commitments in this part of the country, where opportunities are enormous." REIT has offices in London, Mumbai, Munich, Stockholm and Tel-Aviv to identify and take advantage of opportunities in the global real estate market.
|Eden Realty's De: Boom time|
REIT-Eden Projects will have active participation from various state government agencies; the first project at Bonhooghly in North 24 Parganas will be a public-private partnership with the Refugee Relief and Rehabilitation Department of West Bengal; in the other project, Maheshtala Municipality (a local Civic body) will be the partner, says De.