CSE (Calcutta Stock Exchange) has reportedly planned to venture into the development of prime real estate in Kolkata in a bid to shore up revenues and overall net worth. The beleaguered bourse has reportedly sought EoIs (expressions of interest) from real estate developers for the development of a 5 acre land parcel that it possesses at New Town, Rajarhat. The tender has been floated on the area-share/revenue share basis. The land parcel is located in a prime zone at Action Area II in New Town.
The last date for submitting EoIs is now the 12th of November. Freehold land has already been secured from the West Bengal Housing Infrastructure Development Corporation Limited in the year 2010 for the development of buildings and other business operations. The tender document has stated that investors/developers will be chosen on the basis of two key factors, i.e. the highest added area which will be a percentage of the entire built-up area or the highest share of revenue which will be a percentage of the gross project revenue over and above the compulsory delivery of 1, 00, 000 sq. ft.
CSE will be using fixed zones for its own business activities while the remainder can be deployed for commercial real estate. The exchange earlier had 10 acres of land off the Eastern Metropolitan Bypass which was on lease from the CMC (Calcutta Municipal Corporation). This was brought down later on and CSE received an alternative plot in New Town instead. SEBI had directed CSE to commence an exit process after releasing guidelines for several stock-exchanges with regard to exit options. Non-compliant bourses were directed to close operations and CSE challenged this decision while deciding on a blueprint for tapping the land that it possessed.
New Town Rajarhat has become a major real estate hub in recent times, particularly for the residential real estate segment. Some of the key projects here include Elita Garden Vista, Shristi The V and Unimark Springfield.
