Rs 8 Billion New Town Land Auction Set for Poila Baisakh
Real Estate

Rs 8 Billion New Town Land Auction Set for Poila Baisakh

Kolkata is gearing up for one of its biggest real estate deals, as a prime 17-acre plot in New Town, valued at over Rs 8 billion, is set for auction next month. Located in Action Area 1 between Novotel and Axis Mall, the land offers a development potential of approximately 30 lakh square feet, expected to generate over 25,000 jobs and contribute significantly to government revenue. 

The land, owned by the West Bengal Infrastructure Development Finance Corporation (WBIDFC), was initially put up for auction two weeks ago but failed to attract bidders due to tender document issues. Revised documents are now being prepared for reauction. WBIDFC acquired the plot from HIDCO in 2012 in exchange for financial settlements, selling off residential plots over time while retaining this commercial parcel for future monetisation. 

Industry experts believe the plot is ideal for large-scale commercial projects such as malls or hotels. Credai Bengal president Siddharth Pansari called the upcoming auction a potential gamechanger for the area. 

If successfully executed, this deal could rival Kolkata’s largest land transactions, including Phoenix Mills Ltd’s Rs 4 billion purchase of a 5.6-acre Alipore plot in 2022 and Ambuja Group’s Rs 2.6 billion acquisition of a 10-acre site in Nonadanga. Meanwhile, another major deal involving a 24-acre BSNL plot near Taj Bengal, valued at over Rs 19 billion, is still in the preliminary stages and may take several months to materialise. 

(MSN) 

Kolkata is gearing up for one of its biggest real estate deals, as a prime 17-acre plot in New Town, valued at over Rs 8 billion, is set for auction next month. Located in Action Area 1 between Novotel and Axis Mall, the land offers a development potential of approximately 30 lakh square feet, expected to generate over 25,000 jobs and contribute significantly to government revenue. The land, owned by the West Bengal Infrastructure Development Finance Corporation (WBIDFC), was initially put up for auction two weeks ago but failed to attract bidders due to tender document issues. Revised documents are now being prepared for reauction. WBIDFC acquired the plot from HIDCO in 2012 in exchange for financial settlements, selling off residential plots over time while retaining this commercial parcel for future monetisation. Industry experts believe the plot is ideal for large-scale commercial projects such as malls or hotels. Credai Bengal president Siddharth Pansari called the upcoming auction a potential gamechanger for the area. If successfully executed, this deal could rival Kolkata’s largest land transactions, including Phoenix Mills Ltd’s Rs 4 billion purchase of a 5.6-acre Alipore plot in 2022 and Ambuja Group’s Rs 2.6 billion acquisition of a 10-acre site in Nonadanga. Meanwhile, another major deal involving a 24-acre BSNL plot near Taj Bengal, valued at over Rs 19 billion, is still in the preliminary stages and may take several months to materialise. (MSN) 

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?