Kolkata Metropolitan Development Authority (KMDA) officials said the bid made by the consortium formed by two reputed retail firms Pantaloons and Keventers was selected over others to take possession of the much-neglected building and start work on the mall. "The bids took place some time back. The handover documents are now under preparation," said a KMDA official. The consortium had paid KMDA about Rs 34 crore to win the contract.

Keventers Group chairman M K Jalan said the total project would cost around Rs 60 crore. "Though the building hasn't been officially handed over to us, we have paid KMDA the money and have started work on the mall. The project will be completed in three months and the mall will open before this Pujas," Jalan said. Keventers and Pantaloons have an equal stake in the consortium.

KMDA built the complex in 1996 on a 19-cottah plot under the megacity scheme beside Sealdah station. The original plan was to give three floors to the law department to set up a court and commercially utilise the remaining floors as office space. However, the plan did not materialise due to administrative reasons and the ninestorey building has been left neglected over the years without any maintenance.

The consortium would get the land on a 99-year lease. KMDA officials said the mall would have an underground and basement car park for 250 vehicles, roof-top restaurants, a spa and other mall facilities.

The mall apart, KMDA also has plans to improve the traffic dispersal system in and around Sealdah station. Plans are afoot to construct a ramp on the station side of Sealdah flyover that would come down straight into the station. This will enable vehicles to avoid the congested Sealdah station junction and will also help cars heading for the shopping mall without facing much congestion. With the Sealdah station just beside, the mall would be in a strategic position to attract huge footfall, said officials.