About 12 acres of land in New Town set to go under the hammer
Kolkata: To be used for both residential and commercial purposes, the state government is set to send about 12 acres of land in New Town, Rajarhat, spread across Action Area II and III, under the hammer for allotment on a freehold basis.
Sources in West Bengal Housing Infrastructure Development Corporation (WBHIDCO) confirmed that bids are being invited for e-auction to allot the plots in New Town. In Action Area III in New Town, 9 acres of land will be allotted on a freehold basis for residential/commercial/mixed used purposes. The starting bid price is fixed at Rs 356.40 crore.
In Action Area II, 2.428 acres of land will be allotted for the same purposes. The starting bid price has been fixed at Rs 115.38 crore. Also, 1.034 acres will also go under the hammer in Action Area II. The starting bid price has been fixed at Rs 65.52 crore.
WBHIDCO sources said around 12,000 dwelling units have already been constructed in New Town and a further 16,000 dwelling units are under construction. It is expected that the town shall have around 2,00,000 dwelling units catering to the housing needs of the planned population in due course.
The town has already attracted investments from leading players such as TCS, WIPRO, DLF, Ambuja, Bengal Unitech etc. With completion of the balance infrastructure development over the next 2-3 years, the area is expected to be one of the most sought-after investment regions in the proximity of Kolkata. A Bengal Silicon Valley Tech Project is also coming up for over 200 acres of land.
A real estate consultant said outright sales are preferred by buyers seeking investment opportunities but a mixed development by combining apartment development on larger plots with outright sales of smaller plots will help diversify revenue streams.
Real estate experts believe Rajarhat’s rise as Kolkata’s top residential hub is not a coincidence but a result of its strategic location, affordable housing options and the investment potential. Sources said that the IT hubs are also a factor why many professionals in the sector are choosing to live in Rajarhat. Homebuyers are
preferring Rajarhat more so due to the planned development which includes wide roads, planned layouts, and ample green spaces.
