EGV Press Release - Elita Garden Vista

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Keppel Magus Development Pvt. Ltd.
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Sureka - Merlin - JB Group consortium acquires 100%
shareholding at Keppel Magus with an investment of over
150 Cr.
~ The consortium takes over the ownership control of the company and its
operations in its up-market 25 - acre project Elita Garden Vista in New Town,
Kolkata ~
~ Would focus on incorporating value-engineering in Phase II and III of the project
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Kolkata, July 2, 2014: Marking a significant development in Bengal’s real estate industry, more so in the
eastern region of the country, Sureka Group, Merlin Group and JB Group announced today its
consortium–led acquisition of Keppel Magus Development Private Limited (KMD). With an
investment of over 150 Cr with the deal signed on July 2, 2014, the consortium has attained a 100
percent shareholding at KMD, thus taking over total ownership control in the company and its operations
in its up-market 25 - acre project Elita Garden Vista in New Town, Kolkata. The reputed law
firm Fox Mandal and the esteemed chartered accountancy firm S. K. Agarwal & Co acted as advisors to
this transaction. The consortium partners have over 50 years of combined experience in real estate having
delivered over 20 million square feet of quality development across real estate categories like residential,
commercial and retail.
"Our group of developers have a strong financial foundation and real estate knowhow", said Mr.
Rajendra Bachhawat of JB Group. "Being debt free, we have enough strength in the group balance
sheet to fund the 13 lakh sq ft development."
The consortium has acquired KMD as an “ongoing entity” and plans to execute Phase II and III of the
Project covering about 13 lakh sq.ft which will comprise of multiple towers (between 15 – 32
storeys) and 1.6 lakh sq ft of developed commercial space, besides speeding up the remaining few
deliveries from Phase I. A total of around 850 (2BHK and 3BHK) apartments are slated to be
constructed in Phase II. The project will have modern amenities for the residents including a lavish
green area, multi-level clubhouse and swimming pool, and various sports and entertainment facilities. !
3/1 Loudon Street, Kolkata 700 017
P +91 33 2287 1221 | www.elita.in
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Keppel Magus Development Pvt. Ltd.
Mr. Pradeep Sureka, Director, Sureka Group, said, "We were comfortable dealing with Keppel Magus
because of their commitment to quality and customer satisfaction. It fits our group core values of
delivering quality products and dealing with transparency and fairness".
KMD was previously held by Keppel Land of Singapore, Magus Estates & Hotels Ltd – subsidiary of
Asian Hotels (North) Ltd of the Jatia Group, owner of Hyatt Regency in New Delhi and Four Season
Resorts in Goa and Puravankara Group from Bangalore. After completing Phase I of the project Elita
Garden Vista, the group decided to divest 100% of its stake to the Sureka, Merlin and JB consortium.
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“New Town, as one of the first townships of its kind, has started to grow at a fast pace. The construction
quality of the project is of high-quality. The second phase has a huge opportunity for value engineering.
Our team has studied the market over the past year and identified the best way to offer a better product in
the market. We have made some design changes which we feel will delight the buyers and investors and
make the project even more appealing” said Mr. Sushil Mohta, Managing Director, Merlin
Group. "With the efforts of the Government, New Town is finally coming of age. The infrastructure is
superior to the older parts of the city and offers a modern living experience to residents. Property values
are expected to rise here. The location is fantastic with a six- lane Expressway leading to it. There is
excellent social infrastructure around the project location- schools such as DPS Megacity, hospitals such
as TATA Medical Centre, and malls and offices such as City Centre II and Ecospace.” he added.
In addition to the Kolkata Project, Sureka Group and Merlin Group are jointly developing 15 lakh sq ft of
residential space in Orissa in two projects - Springville Homes and Springville Greens. Individually, they
have projects in Hyderabad, Chennai, Raipur and Ahmedabad.
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For further details contact:
[email protected]
[email protected]
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Website:
www.elita.in
www.surekagroup.com
www.merlinprojects.com
www.jbgroup.info
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3/1 Loudon Street, Kolkata 700 017
P +91 33 2287 1221 | www.elita.in

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