Kolkata: A large state-owned property in Kolkata, spanning 780 cottahs, is set to go on sale for Rs 1,900 crore, making it one of the largest real-estate deals in the city’s history.
This plot, located at the prime intersection of AJC Bose Road and Alipore Road, is an excellent real estate opportunity, with nearly 630 cottahs available for development. The property overlooks the Royal Calcutta Turf Club and the Maidan greens, adding to its value. A single cottah in this area typically sells for around Rs 3 crore.
What BSNL officials said
The plot currently houses a BSNL telecom factory that manufactures PLB pipes, used for laying optical fiber cables for telecommunications. However, this factory is now set to be put up for sale by the National Land Monetization Corporation (NLMC), a government body created to unlock and monetize public sector assets.
This sale marks the third BSNL property that NLMC is attempting to monetize, after those in Barrackpore and Madhyamgram on the northern outskirts of the city, as reported by Times Of India.
BSNL officials stated that the unit originally produced telecom equipment like handsets and boxes but has shifted focus to producing optical fiber cables. NLMC has already issued a global tender for a transaction adviser, and a pre-bid meeting is scheduled for Tuesday. It is expected that the entire plot will be sold in a single bid.
Given the scale of the property and the large investment needed, it’s anticipated that both national players like Phoenix and Tata Housing, as well as local consortiums such as South City and Primarc-RDB, will likely participate in the bidding process. The size of the project could even lead to the creation of new partnerships between national and local firms.
Development potential: Mixed-use projects in Central Kolkata
Kolkata developers see immense potential in the property, especially for mixed-use development. The site could house a large shopping mall along AJC Bose Road, with ultra-luxury housing developed on the rest of the plot, as reported by Times Of India.
The heritage building on the property could be renovated and repurposed for use as a clubhouse, while commercial spaces could include shopping, dining, and entertainment options. Developers believe that the site’s excellent accessibility, due to the nearby AJC Bose Road and Maa flyover, would attract residents from Alipore, New Alipore, Chowringhee, and even Howrah.
However, the project does come with some concerns. Developer Harsh Neotia said that many developers would likely express interest initially, but the investment required and the scale of the project could cause some to drop out. Some developers might form partnerships to proceed with the project.
