Residential Batanagar, Kolkata
Project Details:
Asset Class : Residential development
Land : 25 acres
Leasable / Saleable Area : 2.8 million sq ft
Location : Batanagar, Kolkata
Indian Portfolio Company : Riverbank Holdings Private Limited
Development Partner : Riverbank Developers Private Limited
Investment Date : December 2007
Completion Date : N.A.
Funds Invested : EUR 20.28 million
Equity Stake : 50%


With a population in excess of 14 million, Kolkata is the largest and most prominent city in eastern India. Progressive government policy in recent years has improved the socio-economic environment in both the city and the state of West Bengal. A number of large infrastructure projects prompted global companies to establish operations including IBM, Siemens, Cognizant, HSBC, Deutsche Bank and American Express. As a result, Kolkata has witnessed considerable activity and evolution in its real estate landscape.

The project site is spread over an area of 25 acres and situated within Calcutta Riverside, an integrated township development covering over 262 acres in south-western Kolkata. Located on the banks of the Hoogly (Ganges) river, Calcutta Riverside will provide facilities such as premium housing, a retail shopping mall, healthcare facilities, a nine-hole golf course and a hotel and convention centre.

In light of slowdown in commercial real estate market in Kolkata in the year 2010, proposed IT SEZ project was de-notified. The business plan of the project was reviewed and changed into an affordable residential project which will be developed in a phased manner. The construction of Phase - I has commenced and sales was launched.

Yatra's project partner is Riverbank Developers Private Limited, a joint venture between United Credit Belani Group (UCB), a prominent Kolkata based developer, and Kolkata Municipal Development Authority.

Riverbank Developers Private Limited (“larger township company”) and Riverbank Holdings Private Limited (“25 acres company”) are both private limited companies, with common shareholders (Bata India Limited and Kolkata Metropolitan Development Authority), and engaged in development of 262 acres integrated township in south-western Kolkata. In order to harness better synergies, the Management of both companies is considering the option of merging these two entities. High Court order for this merger of the 25 acres company with the larger township company is awaited.

Yatra has fully exited from this investment in November 2017 and has received the entire sale proceeds of EUR 16.61 million.

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