Mega Land Deal Was Sealed At Rs 115 Crore By KMC

2 acres of plot was sold on EM Bypass for Rs. 115 Crore by Kolkata Municipal Corporation creating it the biggest land deal within the city to date. This purchase is 35% above the last huge land sale in 2009 at Rs. 96 Lakh a cottah. A former President of MCC Chamber of Commerce and Industry Mr. S.S Bageria of AHW Steels, won the bid for the prized plot beside ITC Sonar. Real Estate biggies such as Rahul Saraf and the Arya Group were among those who lost out but the mega deal indicates that the Kolkata realty mart is picking up their pace. The highest price KMC has ever got for land going by pre-acre valuation. As they were ready to quote a good price because it’s KMC land with no incumbency and with all approvals. The work will be started in two months and the group plans to set up a luxury residential property in Kolkata at an investment of Rs. 400 Crore. The last huge land deal was in 2009 when a 3.35-acre plot on EM Bypass sold for rupees one hundred thirty five crore, that works out to rupees seventy lakh a cottah. The Apeejay cluster outbid nineteen competitors to win the plot meant to line up a five-star hotel. It had been a rupees fifty eight lakh-per-cottah deal in 2005 that set the realty ball rolling in Kolkata. In year 2008, KMC had got Rs 156 crore for a 5-acre plot. DLF bought this land for rupees fifty five lakh per cottah. The newest deal could be a jump of over sixty percent over seven years. As they are happy that KMC has struck the most important land deal, going by per-acre valuation. There's no condition connected with this sale. This fund are going to be utilised to develop infrastructure within the town. This is often the primary land deal of the present Trinamool-Congress civic board. It's a double bonanza for KMC. Once mopping up Rs 360 crore from correct tax waiver, it's got rupees one hundred fifteen crore from this land deal. Mr. Rahul Saraf who lost the bid to Mr. Bageria, said it's the most important and the biggest by valuation. The deal has shown the costs of residential property in Kolkata are closing the gap with alternative metros. Locality like Rajarhat, that is currently being thought-about the second IT Hub of Kolkata witnessing high rental values in residential section. There has been immense infrastructure development within the locality in the recent past that has additional cause rise in rental values. Good infrastructure and wonderful connectivity has created Rajarhat one amongst the foremost demanding locations for residential purpose. Rajarhat is that the 2nd planned township in Kolkata when Salt Lake and has shot to prominence because to the presence of the renowned IT corporations in sector five. The developing IT culture has ensured regular movement of individuals from outside Kolkata to shift base here for employment purpose. Because the immigrant population is increasing and the demand for rented dwelling is on an all time high.