Ambuja Neotia’s ₹34 Crore Bet on Batanagar’s Usshar

Ambuja Neotia Group’s subsidiary, Ambuja Housing & Urban Infrastructure Company Limited (AHUICL), has received approval from the National Company Law Tribunal (NCLT) to take over the Usshar residential project in Batanagar.

The Usshar project forms part of the larger Batanagar township development, which was originally undertaken by Bata India in partnership with the Calcutta Metropolitan Group through Riverbank Developers. Following Bata’s exit from the project in 2012, the developer subsequently entered insolvency proceedings. Under the approved resolution plan, Ambuja Neotia will acquire a 9.4-acre parcel from the overall 230-acre site, with an upfront payment commitment of Rs 34 crore.

Ambuja Neotia has assured the completion of the project and the handover of homes to Usshar buyers, while clarifying that it will not assume any liabilities of the previous developer.

News by Rahul Yelligetti.