KMC had earlier given a 30-acre land at the E M Bypass to P C Chandra and Group on lease for 30 years. In 2006, KMC took back five acres. "The 5-acre plot will be sold off at the current market rate. We expect it to fetch us a minimum of Rs 150 crore," said Kalyan Mukherjee, the deputy mayor.

He said: "Half of the money collected from the sale will be used for the Kolkata Museum of Modern Art." The decision of the KMC board has, however, irked the Opposition members. Javed Khan, leader of the Opposition, said: "It is likely that the profit will go into their own pockets. The land at EM Bypass was supposed to be preserved as a green land. But it seems that the KMC has agreed to build a hotel in the five-acre land for commercial gains."

Mukherjee added: "A trustee board comprising 13-members will be set up very soon. The committee will look after the affairs of the Kolkata Museum of Modern Art." The principal secretary of higher education, principal secretary of Trade and Industries, principal secretary of Information and cultural affairs, principal secretary of public relations and commissioner of the KMC are some of the people who will be part of the trustee board.