Real Estate Biggies Vie For Prime Property In Kolkata
By pardeep3dec, Section Real Estate
Posted on Sat Oct 06, 2007 at 05:13:44 AM EST
Some of the biggest names in India Inc, including DLF, Reliance group, Emaar MGF, Indiabulls, Bengal Ambuja Realty and Paharpur Cooling Towers will be vying for a prime 5-acre plot on the edge of EM Bypass expressway that has been put to auction by Kolkata Municipal Corporation (KMC).
This 5-acre property (bang opposite the Science City infotainment complex and a stone's throw from the ITC Sonar) is being offered by KMC on a 99-year long-term lease through an auction. The buzz is that the land will be used for development of a snazzy commercial and/or residential complex.
Commercials remain under the tightest wraps at this point. The plot happens to be on the edge of a prime expressway that passes through what is fast emerging as the New Kolkata on the eastern fringes of the city.
When contacted, KMC officials said: "So far, 57 corporates, including the DLF, Reliance Engineering Associates, Emaar, Bengal Ambuja Realty, Indiabulls and Paharpur Cooling Towers have purchased the request for proposal (RFP) document that lays down the terms and conditions of the auction process for the plot near Parama Island on EM Bypass."
Potential bidders will need to buy the RFP by October 5 and the deadline for submission of bids is October 15. "The bids will be opened the following day on October 16," said a senior KMC official.
While details are not known, 50% of the KMC auction proceeds will be used for setting up an art gallery in Rajarhat, a KMC source said.
Incidentally, the high-stakes bidding for the 5-acre plot on EM Bypass will be the first major land auction initiated by KMC ever since it awarded Reliance the prized mandate to renovate and rebuild the 76-year-old Park Circus market earlier this year.
Source: The Economic Times, 6th Oct,2007
