Click to play videoKolkata: The Kolkata Municipal Corporation wants to lease five acres of the city's prime property.
Last year, DLF-Hilton paid the municipality Rs 32 crore an acre and Emmar MGF paid Rs 35 crore. This year, analysts see more than 50 per cent appreciation. That's because it's strategically located. Besides, the area is dotted with hotels and is a commercial district.
"There won't be any more residential allotment on the bypass. So, any land bank, which comes for bid, would be for commercial usage. Which I suppose is very nice because you know you have created that stretch and you should not waste it doing residential,” said Regional Director, Jones Lang LaSalle Meghraj, Abhijeet Das.
Besides, this commercial district offers, a 450-metre frontage with no height restriction. That's why companies like DLF, Unitech, ITC Emmar MGF and Leela are expected to bid.
Sources say that the minimum bid would range between Rs 350 and 450 crore. The bids opened on September 12 and will close on October 5.
Connecting the airport in the north and the metro railway in the south, the EM Bypass has become one of the hottest properties in Kolkata. But who will bid for the five-acre plot in Kolkata, we would have to wait and watch.
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