Named Kolkata Business Park', the mega project is planned to be set up on a 100-acre plot off EM Bypass, near Ruby Hospital. The authorities have started the process to reopen the project.

"We have initiated the sale process and will invite private companies for the project," said KMDA chief executive officer Vivek Bharadwaj. Officials are apprehensive that developers may not be willing to cough up much money for the land, as industry is still in recovery mode. However, going by previous sales of KMDA land, the authorities could expect to earn around Rs 2,000 crore from the sale of this 100-acre plot.

Officials said the process to auction the plot may not take place at one go. "It was earlier decided that the entire 100 acres will be sold at one go. But, with industry just recovering from the downturn, developers may not be in a position to buy it at one go. Thus, the sale process could be done in phases by auctioning 20 to 30 acres of land at a time," said an official.

According to plans, there would be several corporate building blocks and office space reserved for stockbrokers, financial consultancy houses, insurance companies and other related activities.

Officials said that they would prefer private developers who will rope in architects and experts of international repute for the business park, the first of its kind in the city. "The business park will be portrayed as a showpiece business hub for the city," said an official.