Saturday, August 18, 2012

Rs 51 crores for one plot !

Yesterday was the last date of dropping bids for a 2.5 acre plot at Action Area II of New Town, Kolkata, beside the Major Arterial Road. It was meant for a Retail cum Office Complex. The highest bid was Rs 51.13 crore. This is the highest ever price fetched in the recent past tenders / auctions. This works out to more than Rs 20 crore per acre or Rs 34 lakh per kottah.
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Here is a clipping from today's Times of India:


  1. Fantastic update . Both Good and bad news clubbed together. On one side, we find capitalism at its peak with the market forces doing better price discovery with the improvements in social infrastructure. On the other hand we find the lethargy of the state cabinet in approving the very few investments coming in the way.

    HIDCO getting good price is a very good point at it may undertake the long pending water supply and flyover projects without getting dependent on state and central Govt aids. Also huge money is needed for the new roads in the township.Perhaps it might need again to help in future the PWD to tone up the adjacent roads on the periphery of New Town.

    About ITC Infotech, yes this is definitely a very very bad news. The complete news link is here:

    Already the situation is so bad, that somebody cannot even expect California based software product companies , which have set up shops in Bangalore, Hyderabad, Pune, Madras will come to Kolkata in near future. On top of that, the very few companies who are committed to Bengal like ITC or m-junction is not getting land.

    So the exodus of bengalis to places outside Bengal for livelihood is going to continue unhindered.

  2. I came to know about an update today which made me shocked. Today I was talking to a Bengali restaurant owner in Bangalore. He is trying to open a restaurant in MahishBathan area of SaltLake adjacent to Rajarhat for the last 5-6 months and he is not being able to start that as he is not getting police clearance, food department clearance, trade license etc.

    Now there are 2 parts in this story, which are equally amazing.

    Part 1

    He was telling that all these approvals require more than 6 months in Kolkata. Many of these files move across buildings and some even go to Writers Building for getting signed and the process takes its own sweet time and you can never expect a govt official to give a clear cut date that when he will get the license when the person submits the application.
    If this is the amount of red-tapism exists for even opening a restaurant, then how will industry invest in the state?

    Part 2

    In Mahishbathan area , which has been included as a part of Salt Lake long back, mutation is still stopped because many administrative things are still left to be done. So Govt is not allowing mutation of land ( name transfer) , nor collecting regular property taxes from the people who are buying land there !!!

    Is this expected in a state, where the Govt is totally cash-strapped ?

    I am amazed. Sir, if possible, please fasten up the things.