The Housing and Infrastructure Development Corporation (Hidco) has announced plans to auction two significant commercial plots in Kolkata's New Town area. This e-auction will take place next month, offering prime real estate opportunities in the city's Central Business District (CBD).
Plot Details and Starting Bid Prices
Hidco will put two commercial plots up for sale on a freehold basis. The larger plot spans 10 acres, while the smaller one measures 3.9 acres. Both properties are located in the CBD area of New Town, which is a rapidly developing commercial hub.
The starting bid price for the 10-acre plot has been set at Rs 353.3 crore. For the 3.9-acre plot, the initial bid price is Rs 138.9 crore. These figures represent the minimum amounts that bidders must offer to participate in the auction.
Eligibility and Bidding Process
Authorities have already started inviting bids from eligible corporate bodies. Only qualified corporate entities can participate in this e-auction process. Hidco officials are managing the entire procedure to ensure transparency and fairness.
The auction will be conducted electronically, allowing bidders to submit their offers online. This modern approach streamlines the bidding process and makes it accessible to interested parties across different locations.
Usage Restrictions and Construction Timeline
Officials have clarified important conditions for the successful bidders. A change in the purpose for using these plots will not be permitted. The designated commercial use must be maintained throughout the development process.
Once the plots are allotted to successful bidders, construction must begin within one year from the date of possession. This timeline ensures that development proceeds promptly after the land transfer completes.
The freehold basis of the sale means successful bidders will own the land outright, without any leasehold restrictions. This provides greater flexibility for long-term development plans and investment strategies.
New Town's CBD area continues to attract significant commercial interest due to its strategic location and modern infrastructure. These plot auctions represent important opportunities for corporate expansion in Kolkata's growing commercial landscape.
