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A state-owned BSNL property spanning 780 cottahs in Kolkata is set to become one of the city's largest real estate transactions, valued at INR 1,900 crore. Located at a prime intersection near AJC Bose Road, the site includes a heritage building and offers potential for mixed-use development. While the National Land Monetization Corporation (NLMC) has initiated the sale process, industry experts foresee challenges such as Army permissions, height restrictions, and limited demand for luxury apartments. Nonetheless, this development is viewed as a significant opportunity to unlock underutilised land in the heart of the city.
A 780-cottah property owned by the state-run Bharat Sanchar Nigam Limited (BSNL) is set to be sold for an estimated INR 1,900 crore, marking a potentially record-breaking real estate deal in Kolkata. The site, with a developable area of approximately 630 cottahs, is located at the prime intersection of AJC Bose Road and Alipore Road. It features a 150-cottah heritage building and overlooks landmarks such as the Royal Calcutta Turf Club and the Maidan greens. In this area, land prices typically average INR 3 crore per cottah. For reference, 1 cottah is approximately equal to 720 square feet (66.89 square metres). Advertisement
The property, currently housing a BSNL telecom factory, is being offered for sale by the National Land Monetization Corporation (NLMC), a central government entity established to monetise public sector assets. This marks the third BSNL property to be monetised after sites in Barrackpore and Madhyamgram. The NLMC has already issued a global tender to appoint a transaction adviser, with the pre-bid meeting scheduled earlier this week.
The large-scale project has sparked significant interest among city-based real estate developers. Industry insiders suggest that both national players such as Phoenix and Tata Housing and local consortiums like South City and Primarc-RDB may participate in the bidding. Consultants also speculate that a new collaboration between local and national firms could emerge to tackle the scale of this project.
Real estate experts believe the site is well-suited for a mixed-use development. They envision a layout similar to South City on Anwar Shah Road, combining commercial spaces, a shopping mall, and ultra-luxury residences. The heritage building could be preserved and repurposed as a clubhouse, while its strategic location and connectivity to major areas like EM Bypass enhance its appeal.
Siddharth Pansari, president of CREDAI Bengal, hailed the development as a game-changer for Kolkata, emphasising the need to utilise prime land for productive purposes. Developer Harsh Neotia remarked that while initial interest might be high, the complexity and investment scale could lead to strategic partnerships among bidders.
However, certain challenges persist. CREDAI West Bengal president Sushil Mohta highlighted the need for Army clearance, given the proximity to Army land. Pawan Agarwal, director of NK Realtors, pointed to height restrictions and a limited market for ultra-luxury apartments in Kolkata. He noted that the project could flood the market with an inventory that would take years to absorb, potentially impacting its valuation.
The upcoming sale of BSNL's prime property in Kolkata represents a landmark opportunity to unlock underutilised urban land, potentially transforming it into a thriving mixed-use development. With a diverse range of stakeholders expressing interest, the project underscores both the opportunities and challenges of large-scale real estate ventures in the city. While the site's strategic location and development potential are undeniable, concerns about regulatory clearances, market absorption, and infrastructure restrictions will play a critical role in determining the outcome of this ambitious undertaking.
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