Kolkata is gearing up for one of its biggest real estate deals, as a prime 17-acre plot in New Town, valued at over Rs 8 billion, is set for auction next month. Located in Action Area 1 between Novotel and Axis Mall, the land offers a development potential of approximately 30 lakh square feet, expected to generate over 25,000 jobs and contribute significantly to government revenue. 

The land, owned by the West Bengal Infrastructure Development Finance Corporation (WBIDFC), was initially put up for auction two weeks ago but failed to attract bidders due to tender document issues. Revised documents are now being prepared for reauction. WBIDFC acquired the plot from HIDCO in 2012 in exchange for financial settlements, selling off residential plots over time while retaining this commercial parcel for future monetisation. 

Industry experts believe the plot is ideal for large-scale commercial projects such as malls or hotels. Credai Bengal president Siddharth Pansari called the upcoming auction a potential gamechanger for the area. 

If successfully executed, this deal could rival Kolkata’s largest land transactions, including Phoenix Mills Ltd’s Rs 4 billion purchase of a 5.6-acre Alipore plot in 2022 and Ambuja Group’s Rs 2.6 billion acquisition of a 10-acre site in Nonadanga. Meanwhile, another major deal involving a 24-acre BSNL plot near Taj Bengal, valued at over Rs 19 billion, is still in the preliminary stages and may take several months to materialise. 

(MSN)