Kolkata’s Real Estate Market Witnesses Landmark Auction: 17-Acre New Town Plot Set for Rs 800 Crore Sale

The Kolkata real estate market is poised for one of its most significant transactions in recent years as a 17-acre land parcel in New Town is set to go under the hammer for an estimated Rs 800 crore. The plot, situated in Action Area 1, is strategically located between the Novotel hotel and Axis Mall, making it one of the most coveted land deals in the city. This auction, expected to take place within the next month, marks one of the largest land transactions in Kolkata over the past decade.

A Landmark Transaction in a Prime Location

The land parcel in question boasts a substantial development potential of approximately 30 lakh square feet, with projections indicating the creation of employment opportunities for over 25,000 individuals. Given its prime location, real estate experts anticipate strong interest from major developers, particularly those focusing on commercial real estate. The West Bengal Infrastructure Development Finance Corporation (WBIDFC), the current owner of the plot, is overseeing the auction process.

This is not the first time the New Town land has been put up for sale. Two weeks ago, it was offered for auction, but due to discrepancies in the tender documents, there were no successful bidders. The tender documents have now been revised, and fresh preparations are underway to ensure a successful re-auction.

Comparison with Other Major Land Deals

This impending auction has drawn comparisons with other high-value land transactions in Kolkata. One of the most notable sales in recent years was a 5.6-acre plot in Alipore, which was sold for Rs 400 crore in August 2022. The highest bidder for that transaction was The Phoenix Mills Ltd, a Mumbai-based real estate giant. Given the price per acre in that deal (approximately Rs 71 crore per acre), the New Town land sale is expected to be in a similar range.

Additionally, another major transaction in Nonadanga saw a 10-acre plot being sold for Rs 260 crore, with Ambuja Group emerging as the highest bidder. These sales highlight the growing demand for premium land parcels in Kolkata’s real estate market, especially in areas with high commercial and infrastructural development potential.

Government’s Role in Land Monetization

The upcoming auction aligns with broader efforts by government agencies to monetize land assets. The National Land Monetization Corporation (NLMC), a central government initiative, has been working on unlocking the value of public sector land holdings. One of its key projects involves a BSNL-owned plot near Taj Bengal in Alipore, valued at over Rs 1,900 crore. Spanning approximately 24 acres, this land is still in the preliminary stages of sale and may take several months before reaching the auction stage.

Potential Use Cases for the New Town Land

Industry experts believe that the New Town plot is ideally suited for commercial development. According to Sushil Mohta, President of CREDAI West Bengal, the land is highly attractive for mall and hotel projects due to its strategic location. Siddharth Pansari, President of CREDAI Bengal, has also emphasized that the auction of this land could be a game-changer for the area, potentially transforming it into a commercial hub.

As Kolkata’s real estate landscape evolves, the upcoming auction of the 17-acre New Town plot is expected to be a defining moment. With an estimated valuation of Rs 800 crore and a strategic location that offers immense commercial potential, the transaction is likely to attract some of the country’s biggest real estate players. The successful execution of this auction will not only generate significant government revenue but also contribute to the broader economic and infrastructural growth of Kolkata’s rapidly developing urban areas.