A prime 5-acre plot on the edge of EM Bypass Expressway has caught fancy of Indian real estate giants. Soon, big names including DLF, Reliance Group, Emaar MGF, Indiabulls, Bengal Ambuja Realty, and Paharpur Cooling Towers will be seen competing for it. Kolkata Municipal Corporation (KMC) will put the project to auction. The location of the property is its biggest plus. It is located opposite the Science City Infotainment Complex. Also, it is at a stone throw distance from the ITC Sonar. KMC will offer it on a 99-year long term lease through an auction. Most probably, the land will be used for development of an exclusive commercial-***-residential complex. This region is buzzing with developing commercials and there is huge demand. To add to this, the plot is on the edge of a prime expressway that passes through fast flourishing New Kolkata on the eastern border of the city. 57 corporates have bought the request for proposal (RFP) document containing the terms and conditions! of the auction. The last date to buy the RFP was 5 October whereas the last date for submission of bids is October 15. Reportedly, KMC will use 50% of the proceedings from the auction to set up an art gallery in Rajarhat.
Source: mybangaloreproperty.com
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