When the erstwhile Calcutta Stock Exchange (CSE), now bedridden, asked for and got the plot opposite Science City allotted by the government for expansion of its activities, it perhaps never imagined that the plot would become a golden egg in just about a decade’s time.
For, had it thought so it would have put the plot to use by now. It didn’t do that, but of course post Ketan Parikh imbroglio the CSE was hamstrung with troubles on its plate.
The prized plot has been reclaimed recently by the KMC, and now a part of it admeasuring 5 acres is put on the block for 99-year lease. It’ll be an open competitive bidding.
While the tussle between the CSE and KMC has been going on for a while, the Bypass area has fast emerged as the ultimate future destination in the city. The response to the KMC tender is said to be overwhelming.
Till yesterday, the last day for buying, 57 corporates have purchased the bid document called the Request For Proposal or the RFP. October 15 is the last date for submission of bids, and the next day is when the bids will be opened.
Among the interested bidders are biggies like the DLF, Reliance Engineering, India Bulls, Bengal Ambuja, Paharpur Group, and the Emaar-MGF Group.
The winning bid will evoke awe – there’s no doubt about that. Some estimates say KMC may be able to mop up at least Rs.500 crore from the lease, which translates to Rs.100 crore an acre.
If this figure seems high, one may recall that when about a year back the Emaar-MGF Group successfully acquired a 7-acre KMC plot beside ITC Sonar Bangla for Rs.35 crore an acre, critics had argued that the rate was very high. Since then the city’s land price has seen steep spiral upward.
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