Construction Mirror Article detail

Godrej Properties is understood to have emerged as the highest bidder for a 7.44-acre plot near Tollygunge Phari in south Kolkata. In an auction conducted by the West Bengal Housing Infrastructure Development Corporation (WBHIDCO), the Mumbai-based company offered to pay Rs 230 crore, or Rs 30.9 crore an acre, for the plot, pipping local builders. At least four Kolkata developers were in the fray, including Ambuja Neotia, Merlin and South City consortium for the prized plot on BL Saha Road. The land, which comes with a lease of 99 years, can be used for residential purposes. The plot can be used for developing about 8.5 lakh sq ft of built-up area. This is the third government land auctioned by WBHIDCO, which has earned praise for running a transparent process and raising big bucks for the cash-strapped state, in less than 12 months. If approved by the state cabinet, the Tollygunge Phari plot could be Godrej Properties fourth residential project in Kolkata. Previously, it has developed a large project in Sodepur and a marquee one in Alipore. It is now executing a multi-phase project near Joka