14 Oct 2023

Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.Read more

13 Oct 2023

Residents of Bidhannagar's wards 27, 28, 35, and 36 will start paying property tax to the Bidhannagar Municipal Corporation (BMC) from April 1, 2024. Previously, these areas paid 'khajna' or land revenue. While some express concerns about the disparity in civic services, others anticipate improvements with this change. The property tax structure for these wards will align with Rajarhat-Gopalpur, streamlining the system. Additionally, BMC has deferred penalties and interest on arrear property tax and will soon send tax bills for the third and fourth quarters. BMC continues to work towards uniform property tax structures for all wards.Read more

13 Oct 2023

Kolkata is set to expand after a decade, incorporating three areas to provide urban services to 60,000 residents lacking essential facilities. The Kolkata Municipal Corporation (KMC) plans to include Jagadipota and Mukundapur under its jurisdiction, addressing issues like waterlogging and poor roads. Rania mouja in south Kolkata will also be under KMC, benefiting 15,000 residents. The move aims to enhance civic amenities, generate revenue, and simplify property-related processes. Residents welcome the initiative, anticipating improved infrastructure and a better quality of life. KMC's expansion signifies a significant step toward enhancing living conditions and fostering community development.Read more

05 Oct 2023

Apeejay Real Estate is in talks with potential investors to secure funds ranging from Rs 400 crore to Rs 500 crore for expanding its logistics park operations. The company plans to utilize these funds primarily for acquiring land for warehouse development. The investment is expected to grant the new investor ownership of around 35-40 percent of the logistics park platform. Apeejay aims to expand its warehouse operations from 3 million square feet to 10 million square feet in the next 3-5 years. The company has identified potential land plots in various locations, and it manages logistics parks in four areas, with plans for expansion and diversification within the logistics sector.Read more

04 Oct 2023

Fortis Healthcare has seen a boost in its shares after the board approved acquiring Kolkata-based Artistery Properties for an enterprise value of Rs 32 crore. The acquisition involves a 99.9% stake purchase through a share agreement, granting Fortis Healthcare ownership of a building adjacent to Fortis Hospital in Kolkata. The acquired building could potentially house outpatient, diagnostic, and day care services. Fortis Healthcare, operating hospitals and diagnostic centers, reported an 11.35% YoY increase in Q1 revenue, reaching Rs 1,657 crore. The move reflects strategic expansion and diversification within the healthcare company's portfolio.Read more

30 Sep 2023

Apollo Multispeciality Hospitals Ltd, a subsidiary of Apollo Hospitals Enterprise Ltd, has acquired a partially built 325-bed hospital in Sonarpur, Kolkata, for Rs 102 crore. This marks Apollo's second hospital in Kolkata and the fifth in the eastern region, expanding its network to 1,800 beds across Kolkata, Bhubaneshwar, and Guwahati. The first phase of the multi speciality hospital, featuring 225 beds, will be commissioned in the next 12 months. Fully funded by Apollo Multi Speciality Hospitals, this strategic addition aligns with Apollo's planned capacity expansion, targeting an additional 700 beds in the eastern region over the next three years.Read more

30 Sep 2023

Knight Frank's recent report on the impact of the stamp duty rebate in the Kolkata Metropolitan Area (KMA) highlights that since its introduction in 2021, a total of 102,743 apartments have been registered, indicating the incentive's success in stimulating real estate transactions. The report notes that while there were three consecutive months of increased registration volumes from May to July, August 2023 witnessed an 11% month-on-month decline in registrations, along with a substantial 42% year-on-year drop compared to August 2022. Smaller unit sizes and the South Zone emerged as dominant factors in these transactions, reflecting evolving buyer preferences influenced by the ongoing pandemic.Read more

22 Sep 2023

Manipal Hospitals has acquired an 84 percent controlling stake in AMRI Hospitals, bolstering its presence in eastern India. This strategic move enhances Manipal's bed capacity, with plans to expand from 9,500 to 12,000 beds within three years. The deal, estimated at around Rs 2,300 crore, aligns with Manipal's goal of becoming the dominant healthcare chain in the region. For the Emami Group, divesting the majority of its AMRI Hospitals stake allows a sharper focus on core businesses. The deal faced complexities and legal disputes but underscored Manipal Hospitals' growth ambitions and commitment to addressing the healthcare needs of eastern India.Read more

22 Sep 2023

SEBI, the market regulator in India, has announced an auction of Saradha Group properties in West Bengal with a reserve price of over Rs 3 crore to recover funds raised through alleged illicit schemes. The auction, scheduled for October 17, 2023, follows a directive from the Calcutta High Court and aims to compensate depositors who suffered losses when the Saradha Group collapsed in 2013 after raising around Rs 4,000 crore from 1.7 million investors. Potential bidders are required to conduct independent due diligence, and the successful bidder will bear transfer charges and taxes associated with the property.Read more

19 Sep 2023

The Kolkata Municipal Corporation (KMC) buildings department has adopted a proactive approach to combat deforestation associated with construction projects. They will withhold the issuance of completion certificates (CC) for housing projects or individual buildings if developers or landowners have felled trees without the necessary permissions. The CC is essential for obtaining utilities like water supply and drainage connections. Officials will visit construction sites during the plan submission phase to compare planned tree numbers with actual ones. Developers must secure permissions from the state forest department and the KMC parks department to cut trees. Any unauthorized tree cutting will result in FIRs and withheld CCs.Read more

19 Sep 2023

The KMC is set to increase property tax rates for residential buildings and flats due to a recent revision of unit area values under the Unit Area Assessment scheme. Approximately 35 percent of taxpayers have already transitioned to the UAA system. The mayor-in-council has approved the revision, which will affect nearly 9 lakh property owners. The KMC's initial proposal for steep tax hikes was reconsidered at the request of the state government. The revised rates will be discussed at an upcoming KMC house meeting. The changes aim to establish equitable and sustainable property tax policies while providing relief to refugee rehabilitation zones.Read more

18 Sep 2023

The Calcutta High Court has issued a stern call to action directed at Mayor Firhad Hakim, urging him to take decisive measures against "erring officers" who neglected their responsibilities regarding the construction of an illegal high-rise building on Canning Street. The court emphasized that if such officers are not held accountable and penalized, illegal construction will continue unchecked, potentially outnumbering authorized constructions in the city. The issue originated from a citizen's complaint during the 'Talk to Mayor' program, revealing that the illegal construction had been ongoing since 2020, yet proper action had not been taken. The court ruled that a proper hearing should be provided to all concerned parties before making any demolition order.Read more

14 Sep 2023

The Kolkata Municipal Corporation (KMC) has initiated a road repair drive, starting with some of the most deteriorated sections of central Kolkata roads. Roads like S N Banerjee Road, Rafi Ahmed Kidwai Road, and Bowbazar Street are part of the first phase of repairs. Additionally, the KMC is focusing on roads alongside tram tracks to address safety concerns for motorists and bikers due to abandoned tram tracks following tram service suspension. Mayor Firhad Hakim identified vulnerable stretches in various areas of the city. In the next phase, road repairs will extend to other parts of Kolkata, including the northern and southern regions.Read more

13 Sep 2023

The East-West Metro project in Kolkata, spanning from Howrah Maklan to Esplanade, overcame multiple obstacles and is now slated for a December completion, following which the metro will become fully operational by 2024. Trials are underway for the Howrah Maidan and Esplanade section, with temporary rakes in use until the Esplanade-Sealdah stretch is finished. Persistent water seepages have plagued the Bowbazar area since 2019. Upon completion, the metro will run every 12 minutes, linking the eastern and western parts of Kolkata. Despite construction challenges, the 16 km metro line aims to be fully operational by June 2024, with India's first under-river metro section.Read more

08 Sep 2023

The Kolkata Metro Rail Corporation (KMRC) has pledged to construct new homes for the residents displaced by the land subsidence incident in Bowbazar, Kolkata. The incident, which occurred during tunnelling work for the East West Metro, resulted in the collapse of multiple houses and left many residents homeless. KMRC's General Manager of Administration, A.K. Nandy, assured that construction of new structures would begin by April 2024 and estimated completion by December 2025. However, some residents remain skeptical, and the incident highlights the challenges and impact of urban infrastructure projects on local communities.Read more

01 Sep 2023

The NCLT's Kolkata bench has made a significant decision in real estate, granting authority to flat buyers to revive an abandoned project by three developers near Baruipur. These buyers, left with financial losses from unfulfilled promises, filed a petition with the NCLT. The case involved substantial amounts, exacerbated by Supreme Court's 8% interest rate directive. After a meticulous process involving expression of interest, three resolution plans, and evaluations, the proposal from Baruipur Bloomfield Project was approved. This plan involves gathering outstanding payments from plot buyers, leveraging surplus land assets, and prudent fund utilization for project completion.Read more

22 Aug 2023

The Kolkata Municipal Corporation's health department is struggling to clear garbage from 5,000 vacant plots in the city, mainly due to untraceable owners or their refusal to clean. To address this, they propose a special clean-up drive, adding the expenses to property owners' tax bills. If owners don't comply, the solid waste management department will conduct the drive and charge owners; particularly dengue-prone areas are targeted.Read more

14 Aug 2023

Hyatt Centric is gearing up to open its second property in Kolkata, India, this time in Gariahat. As the city's first Hyatt Centric boutique hotel, this addition is set to bring modern, stylish, and luxurious accommodation to Kolkata's hospitality scene. Expected to open during the winter wedding season, the hotel will offer various amenities including dining options, event spaces, and panoramic rooftop views. Amidst the challenges posed by the pandemic, this move highlights the resilience of the hospitality industry and Kolkata's growing reputation as a destination for upscale travelers seeking a unique and immersive experience.Read more

03 Aug 2023

The Kolkata Municipal Corporation (KMC) launched a new thika land policy, simplifying ownership transfers and building construction for tenants. Mayor Firhad Hakim announced that legal heirship titles and lessee status would be provided within 15 days of application. The policy also removes previous restrictions on building height on thika land. A specialized thika cell at KMC headquarters will handle applications, offering a single-window counter to expedite the process. The initiative is set to streamline procedures for thousands of tenants and marks a significant step towards efficient public service in the city.Read more

22 Jul 2023

The Enforcement Directorate (ED) conducted searches at the offices of three prominent realtors in Kolkata to trace ill-gotten money allegedly involved in a cash-for-jobs scam led by Sujay Krishna Bhadra, known as 'Kalighater Kaku.' The ED is investigating the fraudulent accumulation of funds through dishonest means and their concealment through various organizations and shell companies. The Central Bureau of Investigation (CBI) has also taken action, demanding the submission of Optical Mark Recognition (OMR) sheets dating back to 2014 from 14 civic bodies to investigate potential irregularities in the hiring process.Read more