Kolkata Community Portal || Kolkata Community Portal - News, Reviews, Comments & Discussion

Hidco Plots To Go Under The Hammer

By siddharth22, Section Real Estate
Posted on Tue Nov 20, 2007 at 01:04:43 AM EST

Plots, belonging to Housing and Infrastructure Development Corporation (Hidco) and lying vacant, will soon go under the hammer.

In a bid to garner revenue, Hidco has decided to auction its vacant plots like other state agencies such as Kolkata Municipal Corporation, Kolkata Metropolitan Development Authority and Nabadiganta Industrial Township Authority.

"The particular commercial plots that have been earmarked for joint venture projects with us will be handed over to our JV partners after negotiations. All other vacant plots would be handed over to private developers after competitive bidding," said a Hidco official.

Nearly 10% of the land in New Town has been reserved for development as a commercial area. These include the area earmarked to build the central business district (CBD), sub-CBDs and the adjacent roads.

Most of the commercial plots in Action Area I have been handed over to private developers like Bengal Ambuja, Bengal Peerless, Bengal Shrachi and others for real estate development. Hidco has already auctioned a plot to a reputed hotel group to build a five star hotel in the township.

Officials said Hidco is spending crores to set up the 3,779 hectare township, billed as the country's most sought after, without spending a single penny from the government's coffers. "We are collecting the required amount of money as short term and advanced loans from public and other institutions after acquiring plots in New Town. We are also taking short-term soft loans from various financial institutions and repaying those accordingly," an official said.

Hidco's annual turnover is around Rs 400 crore. The authorities use the funds to execute various projects. According to estimates, it would cost about Rs 5,000 crore to fully develop the township. "We have already spent more than Rs 1,500 crore," said an official.

However, to avoid any funds crunch in the near future, officials said the money, generated by auctioning commercial plots, could be used to implement various development projects. Auctioning plots would also boost Hidco's turnover.

Source:The Times Of India,20-11-07

< Govenment To Move SC On Nandigram | State School Education Department Is Planning To Start Santhali Medium Schools From 2008 >