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Rajarhat Commercial Land to Gain High Price and is Sold Via E-Auction

By Vinay Jain Subscribe to RSS | July 27th 2012 | Views:

In a initial within the state, a 2-acre plot was sold off through e-auction. The West Bengal HIDC conducted this e-auction, during which the two acres at Rajarhat New Town was sold for Rs 10.10 crore for setting in place a senior secondary school. It plans to sell a lot of plots through online-auctioning. This barter was organised by MSTC, a government of India public sector endeavor. The method of on-line e-auction is much lot clear than the traditional bidding and auctioning.

Officials said that the best bid for the 2-acre of commercial land was Rs 10 crore and was quite brightening taking into the actual fact that the bid for the plot was created for setting a faculty of education and not any commercial establishment, like hotels or different profit creating establishments. At present, commercial property in Kolkata, Rajarhat New city prices concerning Rs 10 crore per acre. The entire method of e-auction is supervised by quality controllers, so no malpractice will happen. The bidders are given passwords and asked to relinquish digital signatures. The whole method to bid others takes place on-line.

Hidco has recently place 9 plots, starting from 20 bigha to 2 acres, in Rajarhat New Town on the block for traditional bidding and auctioning until date seven plots are sold for complete Rs 59 crore. 2 plots are nevertheless to be sold off, that the deadline for receiving bid applications are extended. It's encouraging that investors are keen on Rajarhat. It has been determined earlier that each plots in Rajarhat currently on are going to be sold through industrial bidding solely and therefore the method of e-auction, officers feel, can usher in a lot of transparency.

Hidco authorities are framing a land use plan for the whole Rajarhat locality, as well as the perimeter areas that were earlier below the jurisdiction of Bhangor Rajarhat Area Development Authority (Barda). Just when the state is losing out on investments owing to the government’s hands-off acquisition policy and unavailability of land, Rajarhat New Town continues to be on prime of the demand list with investors willing to pay the maximum amount as Rs. 21 crore for an acre of land.

Recently, the West Bengal Housing Infrastructure Development Corporation (HIDCO) had place 9 plots starting from 20-cottah to 2 acre in Rajarhat New Town on the block for bidding and at within days, the agency received highest bids for as several as seven commercial property. Time frame for receiving bid applications has been extended for the remaining 2 plots. It is incredibly encouraging that investors have religion on Rajarhat and places surrounding the town. The authorities have already given offer letters to the best bidders. So far, seven highest bids accumulate to 58t.5 crore for regarding 3.6 acre and another 3 acre are sold soon.

HIDCO had floated tenders for four institutional plots, one plot each for academic, geriatric centre, trauma care centre, mercantile retail and for establishing a restaurant. The companies received the best bid of thirty four crore for the four institutional plots on land of 2 acre. For the 20 bigha commercial land, Housing Infrastructure Development Corporation received 7- crore bid. This amounts to twenty one crore per acre.

For the 20-cottah restaurant project land, a bid of 5 crore has been allotted. For 2 health sector plots of thirty cottah every, the authorities have received bids of seven crore and 6 crore respectively, that add up to fourteen crore and twelve crore per acre. For two plots meant for the trauma care centre and a geriatric health care centre, HIDCO has extended the time duration to receive bid applications. The authorities have received just one bid for every of the 2 plots.

On an average, commercial property in Kolkata, Rajarhat New Town currently price about ten crore per acre. It had been determined earlier that each one property in Kolkata, Rajarhat from currently on are sold through commercial bidding solely. Earlier, the govt had sold two 50-acre commercial plots to Infosys and Wipro for seventy five crore each, amounting to 1.5 crore per acre.

Vinay Jain - About Author:
PropTiger is an independent real estate advisor with a pan-India presence. We aspire to be your first port of call if you want to buy a property in Kolkata.

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