An 11.1-acre land parcel owned by BSNL, located on Jessore Road in Madhyamgram, is anticipated to be auctioned within the next two to three months, according to officials. The Central Public Sector Undertaking (CPSU) giant has appraised the land at Rs 179 crore, a figure that could surpass Rs 250 crore, given the expected participation of major players in the auction.
Recently, BSNL finalized the sale of an 87 cottah land parcel in Kankurgachi for Rs 131 crore, achieving a price of Rs 1.5 crore per cottah, which ranks among the most significant land transactions in the city and represents the highest return for BSNL in its nationwide monetization efforts. “We are confident that the auction of the Madhyamgram land will set a new record.
Firstly, this land parcel is considerably larger than the one in Kankurgachi, and secondly, it is strategically situated on Jessore Road, adjacent to Star Mall and in proximity to Kolkata airport. The rectangular shape of the land makes it ideal for any substantial real estate development,” stated a senior official from BSNL.
Given that the land valuation exceeds Rs 100 crore, the National Land Monetisation Corporation will initiate a global Expression of Interest (EoI) to facilitate the auction. “The global EoI is anticipated to be released in the next two to three months, with the auction process likely to be managed by MSTC,” added another BSNL official. Historically, BSNL utilized the land for staff quarters and the Madhyamgram Telephone Exchange.
Experts suggest that the land auction is expected to attract significant interest from both major national players and local real estate firms. “On such a large tract of land, it is feasible to construct 800 to 1,000 units. If the average cost per unit is Rs 80 lakh, this would translate to a project valued between Rs 640 crore and Rs 800 crore, making it ideally suited for leading national real estate brands,” remarked an expert.
