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HIDCO auctions a 7.4acre plot in South Kolkata

#Taxation & Finance News
Last Updated : 25th Jan, 2023
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Synopsis

The Housing Infrastructure Development Corporation (HIDCO) held an auction last Friday for a 7.4acre plot at BL Saha Road in Kolkata. The bid was to create a residential housing project on the plot via a 99-year lease agreement with authorities. The highest bid came from Mumbai based Godrej Properties Ltd, who offered to pay a sum of Rs 230 crores. If approved by the state cabinet, this will be the company’s fourth residential development in the city. It has previously developed a large project in Sodepur and Alipore. It currently has an on-going multi-phase residential project near Joka.

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The Housing Infrastructure Development Corporation (HIDCO) held an auction last Friday for a 7.4acre plot at BL


Saha Road in Kolkata. The bid was to create a residential housing project on the plot via a 99-year lease agreement

with authorities. The plot has a development potential of over 8.5 lac square feet. The starting price for the bid was

fixed at Rs 125 crores.

BL Saha Road is a prominent locality in Kolkata. The plot is adjacent to the Behala police station in KMC Ward 117

and has two metro stations: Tollygunge station and Royal Calcutta Golf Course (RCGC) station within a two-

kilometre radius. Bangur Hospital is situated at approximately 1.5 kilometres from the plot.

The auction was attended by several prominent builders include Ambuja Neotia, Merlin and South City consortium.

However, highest bid came from Mumbai based Godrej Properties Ltd, who offered to pay a sum of Rs 230 crores,

approximately Rs 31 crores per acre. If approved by the state cabinet, this will be the company’s fourth residential

development in the city. It has previously developed a large project in Sodepur and Alipore. It currently has an on-

going multi-phase residential project near Joka.
Next (Ferguson sets up Global Capability Centre in Bengaluru with support from ANSR)

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