The state-owned Bharat Sanchar Nigam Limited (BSNL) is all set to sell a 780-cottah property located in a prime area of Kolkata, potentially making it the largest real-estate deal in the city’s history. The developable area of around 630 cottahs (WB , Cottah =720 sq ft) is valued at Rs 19 billion and is expected to attract massive attention from developers and real estate firms.
Location and Potential of the Property
The plot at the intersection of AJC Bose Road and Alipore Road offers a stunning view of the Royal Calcutta Turf Club and the Maidan greens. The heritage building on 150 cottahs is one of the key attractions of the property, which is currently used by BSNL as a telecom factory. The plot is expected to fetch a price of around Rs 30-40 crores per cottah, making it a highly lucrative deal.
Monetization Efforts by NLMC and BSNL
The National Land Monetization Corporation (NLMC), set up by the Centre to unlock and monetize assets held by public sector companies, is undertaking the sale of the property. This is the third attempt by BSNL to monetize its properties in the Kolkata region, following plots in Barrackpore and Madhyamgram. The NLMC has already floated a global tender for appointing a transaction adviser to facilitate the deal.
Interest from Developers and Real Estate Firms
The news of the sale has sent city-based realtors into a frenzy, with many evaluating the pros and cons of making a bid. National entities like Phoenix and Tata Housing, as well as local consortiums like South City and Primarc-RDB, are expected to participate in the deal. Developers in Kolkata believe that the site is perfect for a “mixed-use development”, with ultra-luxury housing, shopping, and food options catering to residents in the surrounding areas.
Impact on the City and the Economy
The sale of the property is seen as a positive development for the city, which has not seen a big planned development to the south of central Kolkata. The Confederation of Real Estate Developers Association of India (CREDAI) has termed the development “hugely positive”, adding that it will unlock huge revenue for the government through stamp duty, GST, and development fees. However, some developers, like Harsh Neotia, caution that while many may show interest, several may drop out due to the massive capital required for the project.
