SINGAPORE: Keppel Land is expanding its presence in India.

The Singapore property developer has formed a joint venture with India's Magus Estates and Hotels to develop a high-rise condominium in Kolkata, the economic capital of West Bengal.

The venture will acquire a 25-acre residential land from the West Bengal Housing Infrastructure Development Corporation for S$26.6 million.

The site is located within the 7,600-acre Rajarhat Township being developed by the West Bengal corporation.

The township has a target population of about 1.5 million people and will have a mix of residential, retail, entertainment, commercial, IT and light industry components.

The condo project will yield 1,670 homes targeted at the upper-middle income segment working in the nearby IT parks.
It is expected to be completed by mid-2011.

- CNA /ls

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