New Town: State to allot nearly 2 acres of land for residential, commercial use

Kolkata: The state government is gearing up to allot nearly two acres of land at New Town, Rajarhat, spreading across Action Area I, II and III, on a freehold basis for residential and commercial purposes.

Sources in West Bengal Housing Infrastructure Development Corporation (WBHIDCO) confirmed that bids are being invited through e-auction for allotment of the plots in New Town.

In Action Area III in New Town, 1.32 acres of land will be allotted on a freehold basis for residential/commercial/mixed used purposes. The starting bid price is fixed at Rs 52.28 crore. In Action Area II, 0.346 acres of land will be allotted for only residential purposes.

The starting bid price has been fixed at Rs 16.45 crore. Further, in Action Area I, the state is looking to allot 0.132 acres for commercial purposes. The starting bid price has been fixed at Rs 10.46 crore. Also, 0.165 acres will also go under the hammer in Action Area I for educational/commercial purposes.

The starting bid price has been fixed at Rs 15.06 crore. In its March 6 article,

Millennium Post reported that the state government has decided to conduct a study, evaluating the potential for residential apartments and outright land sales, for 34 vacant land parcels in New Town.

WBHIDCO sources said around 12,000 dwelling units have already been constructed 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.