Ambuja Neotia buys 25-acre land in New Town

New Town | January 25, 2026

The Ambuja Neotia Group has acquired a 25-acre land parcel in Action Area III, New Town from Shapoorji Pallonji, marking one of the largest land transactions in New Town in recent years.

The plot is located close to the ITC Infotech campus and is earmarked primarily for commercial development, with office and retail spaces forming the core of the proposed project. A limited residential component is also permitted under government approval.

Land with legacy links to Shukhobrishti

When the Mumbai-based conglomerate started building Shukhobrishti, one of India’s biggest mass housing projects in New Town, decades ago, the Shapoorji Pallonji Group purchased the land. Just about half of Shukhobrishti‘s nearly 150 acres have been developed thus far.

According to industry sources, the deal value was estimated to be between ₹12 and ₹13 crore per acre, which is reportedly far below current market rates because of transactional and structural complexity.

Before the agreement was finalized, the two groups had been in talks for a number of years.

Commercial focus with limited housing

Up to 25% of the acquired land may be used for residential purposes in compliance with regulatory approvals; the remaining portion must be developed for commercial use.

The chairman of the Ambuja Neotia Group, Harshvardhan Neotia, confirmed the acquisition and stated that the development would be carried out in stages over the following five to seven years.

“A part of the land can be used for residential purposes, but the majority has to be commercial development, including office and retail. We are still evaluating the best possible mix,” Neotia told The Telegraph.

Mall planned, hotel on hold

Plans for a hotel at the location have been temporarily shelved, but a shopping center is part of the early concept, according to people familiar with the original planning.

Ambuja Neotia is among Kolkata’s most prominent real estate developers, with a diversified portfolio spanning residential, retail and office projects.

The group has also strengthened its presence in hospitality through luxury hotels and resorts and is expanding into healthcare, particularly super-speciality hospitals with a focus on mothers and children.

Legal advisory on the deal

Neotia refused to reveal the precise deal value, characterizing it as a “structured transaction” with the SP Group.

The acquisition was advised by solicitor firm Aquilaw, with founding partners Sanjay Basu and Sucharita Basu, along with real estate and infrastructure practice head Saumya Banerjee, working on the transaction.

With this acquisition, industry observers see Ambuja Neotia positioning itself for a significant role in the next phase of commercial expansion in New Town’s Action Area III.