KMC has fetched a record Rs 135 crore for a 3.35-acre plot off the Eastern Metropolitan Bypass.
Apeejay Group outbid 19 other competitors to win the prized plot meant to set up a five star hotel.
Last year, Kolkata Municipal Corporation had mopped up Rs 156 crore from realty major DLF for a five-acre land off the Bypass to construct a hotel.
The Apeejay deal, at Rs 70 lakh per cottah, marks a 27% rise in hotel land price since last year, when the DLF land went for Rs 55 lakh per cottah.
Others in the running for the KMC plot were known names in the hotel industry like the ITC group, Leela group, Orchid, Raheja group and Forum Projects (belonging to mall and IT park developer Rahul Saraf).
According to initial plans, a four star hotel was supposed to come up on the plot, but the Apeejay group has decided to build a five star deluxe hotel instead. KMC had invited request for proposals (RfPs) for the plot in March.
When contacted, chairman of Apeejay Surendra Park Hotels Karan Paul confirmed the development. "Yes, we are the highest bidder for the plot," he said.
