Kolkata: West Bengal Housing Development Corporation Ltd (WBHIDCO) has invited offers from corporate bodies, including joint venture companies, in an e-auction for the allotment of five acres of land in Ward 58 of the Kolkata Municipal Corporation.
The five acres of land (20234.28 sqm) in Boinchtala Mouza at JBS Haldane Avenue will be sold on a 99-year leasehold basis for use as a budget hotel in a minimum 50 per cent built-up area generated and the rest area can be used for residential or commercial purposes, or mix of both.
The starting bid price of the said e-auction has been fixed at Rs 310.30304 crore.
According to HIDCO, the floor area ratio, ground coverage etc. relating to the construction of the project building in that land parcel will be as per the existing Building Rules of KMC and the Land Use Development and Control Plan (LUDCP) of that area. It was clarified that if the guidelines are violated, then WBHIDCO, as the lessor of the plot, shall have the right to terminate the lease and to take back possession of the said plot of land along with structures thereon, if any, on “as is where is basis”.
Further, it was highlighted that possession of land to the successful bidder after the e-auction process will be handed over within 30 days on receipt of full payment. Construction work should be started within one year from the delivery of the possession of land to the successful bidder after the e-auction process which may be extended up to two years and construction work should be completed within five years unless extended as per the competent authority’s decision.
Upon non-utilisation of the land, that is if it is kept vacant or non-operational, WBHIDCO will have the right to resume possession of the said plot and also of the building thereon upon the said plot.
Highlighting the key features of the land parcel, HIDCO informed that a total of 5 acres of land parcel is in a very strategic location in the eastern part of the city of Kolkata. The land parcel is connected with the EM Bypass by an approach road. An upcoming metro station is right across the land parcel while Science City is in close proximity.
The e-auction will be held on August 25, from 12 pm to 3 pm. A pre-bid meeting will be held on July 26 at 4 pm. The allotment of the plot would be made in favour of a single successful bidder, who has quoted the highest rate above the start price and has been found to have fulfilled all conditions of allotment as stated in these documents, subject to the approval of the state government.