From ET Realty
KOLKATA: Plots in Salt Lake and New Town are riding high on real estate boom. The state urban development department will auction four more commercial plots in Salt Lake with a minimum base bidding price of over Rs 1.5 crore per cottah. The pricing is in tune with the 9-cottah commercial plot in Salt Lake JC Block that fetched a record Rs 16 crore, at Rs 1.78 crore a cottah, in December.
The new plots, which will be given on a 99-year lease, covering a total of 169 cottah. The plots are located at BF-158 (48.295 cottah), CA-222 (58 cottah), CF-367 (54 cottah) and JC-19 (9 cottah).
According to department officials, the lessee will not be able to make any change of use of the plot other than the purpose with which the plot will be auctioned. The lessee should also start construction within six months of getting possession.
Lately, the state government has been making changes in the nature of the township, which was once developed predomitantly as a residential area for the middle class. Now plot owners in the township can use a part of their houses for 60 different kind of commercial uses.
Hidco has been fetching huge revenues by e-auctioning plots on a lease-hold basis. In the highest ever land auction in New Town so far, a 2.5-acre plot for a retail-cum-office complex fetched Rs 51.13 crore. The plot, priced at more than Rs 20 crore per acre, or Rs 34 lakh per cottah, broke all land-sale records in New Town in 2012.
It was Hidco that had first started the system of selling plots through e-auction in New Town to bring in more transparency in the bidding process. The entire e-auction process is supervised by quality controllers and the bidding is done in a manner where the bidders are given passwords and asked to put in digital signatures to prevent any forgery. The first such plot that Hidco had sold through e-auction had fetched Rs 10.10 crore.