Rajarhat plot fetches Rs 57 cr (Rs 23 crore per acre or Rs 38 lakh per cottah)

[A vick, Pune]

http://articles.timesofindia.indiatimes.com/2013-06-30/kolkata/40285945_1_plot-fetches-hidco-2-5-acre-plot

In another windfall for Hidco, Rajarhat plot fetches Rs 57 cr

KOLKATA: In the highest ever land selling bid in Rajarhat New Town so far, a 2.5-acre plot in the township has fetched the Housing Infrastructure Development Corporation (Hidco) a whopping Rs 57.33 crore. It amounts to Rs 23 crore per acre or Rs 38 lakh per cottah.

The previous highest bid for the same plot stood at Rs 51.13 crore. It was equivalent to more than Rs 20 crore per acre or Rs 34 lakh per cottah.

According to Hidco officials, the company that had placed the previous highest bid did not buy the plot - even after paying the earnest money - for reasons unknown to them. "Thus, the bidding was cancelled and the plot was put under the hammer for the second time," the official said. The bidding took place last week and this time, the highest bid surpassed the previous one.

The plot has fetched such a huge amount since it has a location advantage, a senior Hidco official said. the plot is off the Major Arterial Road that leads to the airport and is close to the second sharp bend near the sixth intersection.

Lately, Hidco has been reaping rich harvest by auctioning off plots in the township for commercial purposes. Only a few weeks ago, the authorities had fetched a total of Rs 10.81 crore by selling off two plots totaling 45.82 cottah.

Getting an encouraging feedback so far, Hidco authorities are now expecting to get similar response for two smaller plots that have been put up for sale.

It is learnt that one of the plots - 1.13 acre - will be sold to an educational institution and the other - 1 acre - for an office complex. Officials said there were further plans to sell more such plots but "it has to checked whether it can be done after the panchayat election notifications are announced".

"Though the New Town Kolkata Development Authority (NKDA) area falls outside the panchayat jurisdiction, the pros and cons are being checked out," an official said.