Kolkata is set to witness a significant land auction, featuring a 17-acre plot in New Town valued at over Rs 800 crore. This prime location, situated in Action Area 1 between Novotel and Axis Mall, is expected to attract considerable interest. The auction, organized by the West Bengal Infrastructure Development Finance Corporation (WBIDFC), is poised to create substantial employment opportunities and boost government revenues.
- The 17-acre plot in Kolkata’s New Town is worth over Rs 800 crore.
- It has the potential for 30 lakh square feet of development, creating 25,000 jobs.
Prime Location and Development Potential
The upcoming auction of the 17-acre plot in Kolkata’s New Town promises to be a landmark event for the city’s real estate sector. Located in Action Area 1, the site is strategically positioned between the Novotel and Axis Mall, making it one of the most desirable locations for commercial development. With a development potential of approximately 30 lakh square feet, this land is expected to not only attract major developers but also facilitate the creation of over 25,000 jobs. This could significantly enhance local economic activity and contribute to government revenues.
The New Town area has been a focal point for urban development in Kolkata, and this plot’s auction represents one of the largest offerings in a decade. The West Bengal Infrastructure Development Finance Corporation (WBIDFC), which oversees the auction, aims to rectify earlier issues with tender documents that previously led to the plot being taken off the market. As new tender documents are being prepared, expectations are high for a successful auction that could set new benchmarks for land value in the region.
Market Impact and Future Prospects
The significance of this land deal extends beyond mere numbers, as it has the potential to reshape the real estate landscape in Kolkata. Industry experts, including the president of Credai Bengal, Sushil Mohta, suggest that this plot could be ideally suited for large-scale developments such as malls or hotels. The proposed auction is not just another transaction; it could serve as a game-changer for the New Town area, setting a precedent for future developments.
The previous record for land deals in Kolkata was set in August 2022 when a 5.6-acre plot in Alipore sold for Rs 400 crore. The current auction could approach or exceed this figure, depending on the interest from potential bidders. Additionally, another significant plot near Taj Bengal is also in the auction pipeline, indicating a burgeoning trend in land monetization in the region.
Looking Ahead: Economic Implications
The implications of this land auction for Kolkata’s economy could be profound. As one of the largest land parcels to go under the hammer in recent times, it represents an opportunity for developers and investors alike to engage in high-stakes real estate projects.
