Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.
In a strategic move to boost tourism and development in the city, a prime five-acre plot adjacent to two luxurious five-star hotels, located off the Eastern Metropolitan (EM) Bypass, is poised to go up for auction. The Housing Infrastructure Development Corporation (HIDCO) is set to conduct the e-auction and is currently accepting applications from prospective developers. The starting bid for this coveted piece of land is a whopping Rs 310.3 crore, equivalent to Rs 62 crore per acre.
The highest bidder will secure a leasehold on the property for a remarkable 99 years. HIDCO officials have outlined specific guidelines for the land's usage, requiring that 50% of the area be utilized for the development of a budget hotel, while the remaining space can be allocated for commercial or residential purposes, or a combination of both. The floor area ratio and ground coverage regulations for construction will align with Kolkata Municipal Corporation (KMC) building rules and the area's land use development and control plan.
This strategic move follows a similar policy shift in the Sabarmati riverfront project in Ahmedabad, where 49 land plots are undergoing transformation. Under the new policy, developers will have the option to acquire development rights for these plots for a duration of 99 years, as opposed to outright purchase. This change in approach is inspired by the Gujarat International Finance Tec-City (GIFT City) project and aims to entice more bidders, foster competition, and ensure that the plots adhere to approved plans, as the previous pricing strategy had deterred potential buyers. The Ahmedabad Municipal Corporation (AMC) is currently exploring two methods for selling the plots: pricing based on size, height, and construction or selling development rights.
Prospective bidders and developers should mark their calendars, as the registration for the e-auction of the new series CH01CS, as well as the re-auction of remaining fancy/special registration numbers, will commence on October 5 and run until October 11. The e-auction and bidding itself will take place from October 12 to October 14.
Meanwhile, in a significant move towards urban development and expansion, the Kolkata Municipal Corporation (KMC) is planning to extend its jurisdiction to encompass several neighbourhoods currently under panchayat administration. This expansion aims to provide better urban facilities to the approximately 60,000 residents in the eastern and southern parts of Kolkata. Many residents in these areas have long yearned for basic urban amenities like well-maintained roads, street lighting, and access to clean drinking water. Furthermore, this strategic expansion is expected to generate an additional revenue stream of Rs 10 crore to Rs 15 crore for the civic coffers, primarily through property taxes. The move has raised the hopes of residents who anticipate significant improvements in civic amenities and a brighter future for their neighbourhoods.
In the midst of these developments, Kolkata's landscape is poised for a transformation that could redefine its real estate and urban development scene. The auction of the prime plot near EM Bypass promises to be a landmark event with far-reaching implications for the city's growth and prosperity.
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