In the upcoming years, Kolkata’s real estate boom has been a constant development that announces high-stakes auctions for premium places like plots in New Town. It captures 17 acres, which is worth Rs 800 crore and hence can be considered as one of the significant milestones towards the city’s growth and development. To understand the worthy auction that has been set for a 17-acre new town plot, you need to dig further in this blog and get your doubts cleared.
Plot in New Town
The strategic position of the Action Area I of New Town, the 17-acre site, is located between the Axis Mall and the Novotel Hotel. The location of this real estate boom provides not just high visibility but also huge commercial potential. HIDCO in 2012 was purchased by the West Bengal Infrastructure Development Finance Corporation (WBIDFC), which has helped to monetise the asset with the help of an open auction plot method.
This is a freehold plot of land, making it even more desirable for developers. The property has a huge floor area ratio (FAR), which allows up to 30 lakh square feet of development, perfect for malls, hotels, IT parks, and mixed-use projects.
Positive Prospects of Living in Kolkata
The sale and subsequent development of this plot in Kolkata are expected to bring widespread economic returns. Based on government projections, the commercial development of the area has the potential to create more than 25,000 direct and indirect employment opportunities. Apart from this, due to increased revenue streams through stamp duty and registration fees, all will contribute to the state. The initiatives implemented by the government of West Bengal emphasise monetising the land assets and creating further opportunities for growth in future. The presence of a commercial hub has helped to place an auction plot in Kolkata, which could not be more appropriate than this.
New Town, Being a HubSpot for Investment
Renowned for their openness, creativity, and high-quality building, Srijan Realty has made a few strategic investments in New Town, with their most recent projects reaffirming their commitment to growth-led and sustainable development. If you are residing in Kolkata or looking for an investment for the real estate boom, this place offers you an excellent communication system, connectivity and other modern amenities.
Employment opportunities are also available and nearby as tech giants such as Wipro, DLF, and TCS are there. Availability of commercial spaces focusing on continuing the growth of infrastructure results in high demand for plots in New Town.
Srijan Realty presents a Better Living Experience in Kolkata
Srijan Realty has paid for the project of DLF IT Park 2 in New Town for Rs 693 crore to establish cutting-edge infrastructure in the real estate boom. This has solidified its position as an innovative brand that has an ear for high-ticket assets. It is quite clearly evident from the movie that it reflects their intelligence about where Kolkata’s realty future is.
As more investors and NRIs get interested in the growing realty landscape of Kolkata, this land parcel in Kolkata can surely bring a bidding war. It’s being so highly valued by its position, state of preparedness in terms of infrastructure, and ever-rising need for orderly commercial space in the city. Experts think that this auction can become a new trendsetter in pricing and spark similar public-private partnership models across other areas of the city.
Final Thoughts
An important turning point in Kolkata’s real estate boom will be the upcoming auction of a 17-acre New Town property. It not only makes way for massive commercial growth, but it also solidifies the city’s position as a hub for investment. New Town is a shining example of future city growth due to the growing demand for well-located, high-potential land parcels. The plots in Kolkata are extremely valuable since they create plenty of opportunities for the people residing there. And the future of real estate in Kolkata is more promising than ever, with well-known brands like Srijan Realty shaping the skyline.
FAQs
- By whom is this auction being organised for the real estate boom?
The auction is being conducted by The West Bengal Infrastructure Development Finance Corporation (WBIDFC) for initiating gainful opportunities for developers, investors and purchasers.
- How did this 17-acre plot in Newtown become significant?
The 17-acre plot in Newtown is a strategic location, freehold status, a large size, and makes it significant for mixed-use projects or large-scale commercial.
- Does Srijan Realty have an impact on New Town’s real estate market?
Yes, Srijan Realty plays an important role towards the real estate boom in New Town and contributes to commercial projects like DLF Park 2 and other premium properties.
