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The West Bengal Infrastructure Development Finance Corporation (WBIDFC) is re-auctioning a prime 17-acre plot in New Town, Kolkata, valued at over INR 800 crore. Located between Novotel and Axis Mall, the land offers 30 lakh sq. ft. of development potential, expected to generate over 25,000 jobs. The auction, initially stalled due to tender issues, is now being revised for better participation. Industry experts anticipate large-scale commercial projects, enhancing New Town's appeal as a business hub. Similar auctions in cities like Delhi and Mumbai have driven urban expansion, positioning this sale as a catalyst for Kolkata's real estate growth.
The West Bengal Infrastructure Development Finance Corporation (WBIDFC) is preparing to auction a prime 17-acre plot in New Town, Kolkata, valued at over INR 800 crore. Located in Action Area 1, between Novotel and Axis Mall, this land offers approximately 30 lakh square feet of development potential. The auction is expected to attract major real estate developers and investors, with the potential to generate employment for more than 25,000 individuals and contribute significantly to government revenue. Advertisement
The plot was initially put up for auction two weeks ago, but issues in the tender documents led to a lack of bidders. WBIDFC is now revising these documents to facilitate a successful re-auction. The corporation had acquired this land from HIDCO in 2012 as repayment for a loan and has since been developing and selling residential plots in phases. The upcoming auction is expected to boost real estate development in New Town, which has already seen rapid growth in commercial and residential projects.
Industry experts believe this auction could be a game-changer for the area. Sushil Mohta, President of CREDAI West Bengal, has suggested that the plot is ideal for a mall or hotel project, considering its prime location and connectivity. Siddharth Pansari, another CREDAI Bengal president, emphasized that successful bidding could unlock further investment in New Town, making it an attractive business hub.
Similar large-scale land auctions have played a significant role in urban development across India. In Delhi-NCR, major land acquisition deals through e-auctions have shaped regions like Greater Noida and Gurgaon, facilitating large-scale residential and commercial developments. In Mumbai, the redevelopment of Dharavi, led by the Adani Group, is a notable example of transforming urban land into a "world-class" district with better infrastructure and living conditions. Ahmedabad has also witnessed a surge in land transactions, with real estate developers acquiring large parcels to meet the growing demand for residential and commercial spaces.
The upcoming auction in New Town reflects this broader trend of leveraging land sales for urban expansion and economic growth. As WBIDFC resolves the previous tender issues, a successful auction could pave the way for large-scale commercial projects that will drive infrastructure improvements and economic activity in the region. Given the increasing demand for premium real estate in Kolkata, this plot's development could enhance New Town's reputation as a modern urban hub, attracting businesses, investors, and residents alike.
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