While the real estate market in most metros appears to be cooling off, Kolkata continues to retain the interest of the big ticket developers. A five acre plot off the Eastern Metropolitan Bypass has been put up for auction by the Kolkata Municipal Corporation, eliciting attention from real estate developers like DLF, Emaar MGF, Indiabulls, Bengal Realty, Reliance Engineering and Paharpur Cooling Towers.
Located opposite the Science City and near the ITC Sonar, the KMC is offering the property on a 99-year lease for a commercial or residential project.
57 companies have bought the request for proposal (RFP) document which details the auction process for the property. The bids have to be submitted by October 15, and will be opened on October 16.
It is understood that half the proceeds from the auction would be directed towards an art gallery in Rajarhat.
Meanwhile, Kolkata real estate received a fillip with the Infinite India Group tying up with the Shrachi Group.
Infinite will invest Rs.200 crore in the real estate projects of the group over the next year.
Source: NRI Realty Estate