Renowned US investment firm KKR has pushed the real estate market of Rajarhat by investing Rs 180 crore for a prime mixed-use development in the city. This investment will further fuel up the real estate market particularly in the surrounding areas of Rajarhat as per reports.
The report says that KKR (formerly Kohlberg Kravis Roberts) has made an investment in Mani Casadona, a predominantly office cum residential cum retail complex developed by Magus Bengal Estate LLP. The project is spread across 13 acres of area and is situated in Action Area II. It has a combined built-up space of 1.7 million square feet. Out of this, 700,000sq ft of the space is already occupied.
KKR is also planning to invest in several other projects like Durgapur’s IQ City spanning over 100 acres including a medical college and a hospital.
Giving more information on the investment, spokesperson of the US firm said, “We have financed the office building through KKR’s real estate-focused non-banking finance company (NBFC).”
As per the industry reports, this deal will further enhance the overall real estate of Kolkata furthering benefit the New Town-Rajarhat stretch in terms of big-ticket real estate projects both in the residential and commercial segments.
A fast-growing planned satellite city of Kolkata, Rajarhat- New Town in recent times has emerged as an affordable real estate market for both end users and developers. With several infrastructural development and smooth connectivity to the other parts of the city, this area is proposed to be a major growth driver, especially in the residential real estate over the next few years.
In 2006, KKR first invested in the Indian real estate market. Till today, the firm has already spent around $3 billion for the Indian companies via the private equity arm and offered $5 billion and more as financing for companies through its realty and corporate-centric NBFCs.