Kolkata: In a bid to determine how 34 vacant land parcels at New Town, Rajarhat can be utilised, the state government has decided to conduct a study, evaluating the potential for residential apartments and outright land sales, focusing on market demand, pricing and feasibility.
Sources said that the West Bengal Housing Board (WBHB) seeks to optimise the use of 34 vacant land parcels at New Town through a comprehensive market study. It was learnt that the land parcels concerned are located in Block AL-Action Area-IA and Block CE Action Area IC. Such plots range in size from 2.47 cottahs to 4.996 cottahs.
Further, state government sources said that all the plots are well-connected to major roads, public transport and amenities in New Town, a rapidly developing urban area. Further, schools, hospitals, shopping malls and IT hubs are within a 5-10 km radius, enhancing market appeal. All 34 plots are zoned for residential use, suitable for apartments or individual homes.
It was learnt that the study will involve site analysis, including cost benefit analysis for apartment development and land sales. As per a market analysis, residential units could be developed in 12 plots out of these 34. A final report will be submitted by the agency selected via e-tender in 90 days.
As per a real estate consultant, New Town is a preferred residential destination due to its planned infrastructure and proximity to IT hubs. The demand for 2-3 BHK apartments (800-1200 sqft) is high among middle income groups. With the average sale price being Rs 5000-6500 per sqft, the expected revenue per plot could be Rs 2 to 3 crores, depending on plot size and floor.
For outright land sales, the consultant said outright sales are preferred by buyers seeking investment opportunities. It was suggested that a mixed development by combining apartment development on larger plots with outright sales of smaller plots will help diversify revenue streams.
Millennium Post reported on March 5 that the state government is planning to auction about 17 acres of land on a freehold basis in New Town, Rajarhat for the purposes of a commercial project. New Town has already attracted investments from leading players such as TCS, WIPRO, DLF, Ambuja, Bengal Unitech etc.