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Further Boost To Hospitality Industry, KMDA To Auction 18 acres off Kona Expressway By Month-End

By Shashank, Section Real Estate
Posted on Mon Jul 21, 2008 at 01:14:51 AM EST

After Eastern Metropolitan Bypass, it is the turn of Kona Expressway to become the new destination for the hospitality industry.

Kolkata Metropolitan Development Authority (KMDA) is inviting bids for setting up a five-star hotel and a chain of other commercial establishments on 18 acres near the Kolkata logistics hub off Kona expressway.

KMDA officials said they have already started receiving applications. “There are three separate plots, covering about 10 acres, five acres and three acres respectively. The 10-acre plot is for setting up the five-star hotel. The other two plots are “free use” lands, open for different kinds of commercial establishments, like hotels and resorts,” said a senior KMDA official.

Officials said nearly 100 companies have bought the pre-bid documents. “They would now be asked to furnish details of
their expertise and finally, some of the firms would be selected for taking part in the bids. The bidding would take place on July 31,” said a senior official.

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The demand for land on either side of Kona Expressway has increased rapidly over the last few years. Declared as a national highway, the expressway has connectivity with the Haldia and Kolkata ports. With the opening of the second Vivekananda bridge, Kona Expressway now has direct links with NH-II and NH-6 as well and direct link with the Kolkata airport.

Already, several real estate projects have lined up off Kona expressway and more are in the offing. “The areas on either side of Kona expressway are witnessing massive changes, as more and more real estate projects are coming up,” said an official.

Officials said they are expecting to earn huge money through the bidding process. “The money could be as nearly as much as the amount that we fetched from selling our plots off EM Bypass, as prices of land off Kona expressway have increased over the last few years, particularly after work of the Kolkata logistics hub started off and the second Vivekananda bridge opened to vehicular traffic,” said an official.

KMDA broke all land selling records when in 2005, the authorities auctioned a 6.2-acre plot off EM Bypass to a hotel group for a whopping Rs 209 crore.

Source: Suman Chakraborti From Times News Network 21/July/2008

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