Stiff Competition Ahead for Realty Majors

October 6, 2007	(1 votes, average: 1 out of 5)  Loading ...
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Indian real estate majors including the prominent names of DLF, Reliance Group, Emaar MGF, Indiabulls, Bengal Ambuja Realty, and Paharpur Cooling Towers will soon be seen competing for a prime 5-acre plot on the edge of EM Bypass Expressway. The project will be put to auction by Kolkata Municipal Corporation (KMC).

The property is located opposite to the Science City Infotainment Complex and a stone throw distance from the ITC Sonar. It has been offered by KMC on a 99-year long term lease through an auction. The land is likely to be used for development of an exclusive commercial-cum-residential complex.

There is a huge demand for commercials in the region. Amidst such a scenario, the plot is on the edge of a prime expressway that passes through fast flourishing New Kolkata on the eastern fringes of the city.

The request for proposal (RFP) document containing the terms and conditions of the auction have been purchased by 57 corporates. Potential buyers were required to buy the RFP by 5 October whereas October 15 is the last date for submission of bids.

According to sources, 50% of the proceedings from KMC auction will be used for setting up an art gallery in Rajarhat.

News Published Under:   Real Estate India |

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