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Rajarhat Tops The List In A Realty Boom In Kolkata

by vinayjain

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Rajarhat populated area appears to be on top of the list for investors. In the highest ever real estate auction in the area till date, a 2.5-acre plot for a retail-cum-office complex has fetched Rs 52 crore for the Housing Infrastructure and Development Corporation. The residential property in Kolkata priced at more than Rs 20 crore per acre or Rs 34 lakh per cottah, has broken all the sales records of property in Kolkata, Rajarhat New Town.

The 2.5-acre plot at Action Area-II of New Town is found beside the major main road and is supposed for a retail cum workplace complex. Hidco, that is conducting the bidding method, had kept last 17th August as the final day for submission of bids. This is that the highest ever value a plot of real estate in Kolkata, Rajarhat has fetched in terms of per acre value.

Selling these plots in Rajarhat New Town area has well-tried to be quite moneymaking for Hidco. Recently, the authorities place nine small plots, ranging between twenty cottah and 2 acres, within the area for sale through typical bidding and auctioning, Of the seven, nine plots were sold for a humongous Rs 59 crore. The point for receiving bid applications for the 2 remaining plots was conjointly extended.

Officials aforesaid it had been quite encouraging to seek out that investors were showing interest in putting cash on residential
property in Kolkata, Rajarhat. Hidco has conjointly decided to sell all plots in Rajarhat through commercial bidding from now on. At present, commercial plots in Rajarhat New Town area price about Rs 10 crore per acre.

The authorities are exploring property sale choices through e-auctioning. In the initial such property sold via e-auction, a 2-acre plot in the township fetched Rs 11 crore for setting a high school. Officers aforesaid that several of such plots are sold e-auction which can facilitate to usher in additional transparency in the entire method.

This is, however, not the prime time that residential property sale records are broken. In 2005, the Kolkata Metropolitan Development Authority had sold 3 acre of plot on EM Bypass to a Dubai-based real estate major for a huge Rs 209 crore. The land, that fetched a value of Rs 33 crore per acre, was bought for setting a 5 star hotel project.

In 2007, another record was created once the Kolkata Municipal Corporation sold a 5-acre plot opposite Science City for Rs 176 crore or Rs 35 crore an acre. However, the state of investments in West Bengal area has undergone a modification. Whereas in mid 0-2000 the state was going through a real estate boom, the situation is a little grim now. With the demand for plots in New Town area on the increase and most of them fetching a lump sum amount, the investment situation in the state is definitely looking up.

Housing Infrastructure and Development Corporation authorities are framing a land use plan for the entire Rajarhat area, including the outside areas that were earlier under the jurisdiction of Bhangore Rajarhat Area Development Authority. It was dissolved by the government of Mamata Banerjee, so that the land could be put in good use.

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