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Image: M Murali MD Shriram Properties making the announcement on Wednesday.   

Kolkata: THE once iconic Ambassador car is almost a past with a few old ones moving here and there. Now, Hind Motor ~ the factory in the suburb of Kolkata ~ that used to roll out the Ambassador cars has given in to real-estate.

Bangalore-headquartered Shriram Properties today announced that it is setting up a new township on the entire 314 acres sprawling premises where Hind Motors factory was functional until 2014.

The company has named it Shriram Grand City and it will run from Uttarpara in the northern suburb of Kolkata to up to Dankuni in Hooghly district. The distance of the exact site of the residential area in the proposed township is 21 km from central Kolkata.

“This is the largest ever township that we are building anywhere in India. It will have 25 million square feet of residential area and eight million square feet of commercial space housing malls, office space, school, hospital, etc. We are investing about Rs 650 crore in the first phase, which will be ready for possession by early 2022,” M Murali, managing director, Shriram Properties, said in Kolkata today.

The company has tied up with spiritual persona Ravi Shankar, whose trust will set up a school named Sri Sri Academy in the township on four acres land. This will be the second Sri Sri Academy in Kolkata with the first one already functional at New Alipore.

Sundaram Balasubramanian, the COO of the Bengal arm of Shriram Properties, said that the proposed township will have three entrances. “The entrances will at Uttarpara, Konnagar, and Dankuni. In addition to the 314 acres core area, we have acquired 77 acres additional land to construct a four-lane approach road that will run the entire course of the township,” he said.

“The first phase work has already started and we shall be holding the first allotment lottery on 18 March. The base price of the flats starts from Rs 13-lakh and runs up to Rs 31-lakh, excluding GST, stamp duty, etc.” Balasubramanian added. “First phase will have 24 residential towers housing 2,343 flats.”