Ambuja Neotia purchases a 10-acre Nonadanga plot for INR 2600 million

In an online auction Kolkata based Ambuja Neotia firm placed the top bid for a 10-acre plot in Nonadanga's Chowbhaga neighbourhood next to the EM Bypass. The consortium submitted a bid for the land to be sold off on a freehold basis for residential and/or commercial usage of about INR 2600 million. The 10-acre parcel's opening bid price was set at INR 1772 million. The Housing Infrastructure Development Corporation ran the online auction (HIDCO). There were two bidders for the Plot No. 651(Part), Mouza Nonadanga, J L No. 10, Premises/Holding No. 826 at Chowbhaga under KMC Ward 108, according to sources in the real estate industry.

President of CREDAI West Bengal Sushil Mohta remarked it was indeed a commendable step by the state government and the outcome was far better than what we had expected. Ambuja Group declined to comment on the development because the state government has not yet made an official announcement. Since 2006, the Kolkata has observed land lots fetching high prices. When KMDA sold a 6.2-acre parcel near the EM Bypass to a real estate company for INR 2090 crore for a hotel project, all prior land sales records were broken.

According to government experts, the city's real estate sector is experiencing tremendous development after a hiatus of several years. The state's government is attempting to make money by selling freehold parcels of land.