Srijan Group Seals Major Real Estate Deal in Kolkata with Rs 696 Crore Acquisition
In a landmark transaction that ranks among the largest real estate deals in Kolkata, the city-based Srijan Group has successfully acquired DLF TechPark II along with an 18-acre vacant land parcel for a total sum of Rs 696 crore. This strategic move significantly expands Srijan's footprint in the region's property market.
Regulatory Confirmation and Transaction Details
DLF officially confirmed the transfer through a regulatory filing on Monday, detailing that its IT/ITeS SEZ undertaking, which includes DLF TechPark II, has been transferred to Makalu Builders LLP. Makalu Builders is an entity formed by Srijan Group and Srijan Realty Pvt Ltd. Additionally, the vacant land has been transferred to Gangapurna Projects LLP, another entity under the Srijan Group umbrella.
The entire land parcel, originally designated as an IT/ITeS SEZ, underwent a significant change earlier this year. In January, the 18-acre vacant portion was denotified by HIDCO, effectively removing it from SEZ terms and conditions. This denotification liberates Srijan Group to pursue diverse development opportunities, such as offices, retail spaces, or mixed-use projects, subject to necessary conversion approvals.
Insights from Srijan Group Leadership
Karan Agarwal, director of Srijan Group, shared insights with TOI, stating, "We have concluded the agreement with DLF on the acquisition of 25.9 acres in a prime location in New Town." He further revealed ambitious plans for the vacant land, noting, "Over the next five years, we plan to undertake a 20 lakh sq ft development on the vacant land parcel."
While real estate consultancy firm JLL India, which served as the transaction advisor, declined to comment, sources indicate that the deal involved Rs 410 crore for the SEZ asset and Rs 286 crore for the vacant land. The vacant land is particularly noted for its immense business potential, given its strategic location and development flexibility.
Background and Market Context
This acquisition follows a similar trend in Kolkata's real estate sector. In November 2024, RDB Primarc Techno Park LLP, a consortium of Primarc and RDB Group, acquired DLF TechPark I for Rs 637 crore. The deal between Srijan and DLF has been in negotiation for over a year, highlighting the complexity and scale of such transactions.
The DLF TechPark II SEZ asset boasts a gross leasable area of approximately 10.5 lakh square feet and houses prominent tenants like Tech Mahindra and Ericsson. In FY25, the SEZ business contributed about Rs 66.9 crore in revenue for DLF, underscoring its value in the commercial real estate landscape.
Future Prospects and Strategic Implications
With the acquisition now finalized, Srijan Group is poised to leverage the prime location in New Town for substantial growth. The ability to develop the denotified land without SEZ restrictions opens up numerous possibilities, potentially transforming the area into a hub for commercial and retail activities. This deal not only strengthens Srijan's portfolio but also signals robust investor confidence in Kolkata's evolving real estate market.
