Kolkata-based developers team picks up 100% stake in Keppel Magus project.

A consortium of three Kolkata-based developers, Sureka Group, Merlin Group and JB Group, has acquired 100 per cent stake in Keppel Magus Development Pvt Ltd's project.

The consortium is said to have made an investment of about Rs. 150 crore and the acquisition was made on July 2.

Called Elita Garden Vista, the upmarket project is located in the satellite township of New Town over a 25-acre plot. Elite Garden Vista is to be made operational in a phase-wise manner.

According to sources, the first phase of the project is nearing completion and work on the other two phases is to be executed by the consortium.

The second and third phase of the project will have between 15 and 32 towers and a commercial space of approximately 1.6 lakh sq feet. The project will have modern amenities like multi-level clubhouse, swimming pool and various sports and entertainment facilities.

Keppel Magus Development was previously held by Keppel Land of Singapore​,​ Magus Estates & Hotels Ltd. - a subsidiary of Asian Hotels (North) Ltd. of the Jatia Group, and​ Puravankara Group from Bangalore.


HBL