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HomeNewsReal EstateAmbuja Neotia group buys 10-acre Nonadanga plot

Ambuja Neotia group buys 10-acre Nonadanga plot

The starting bid price for the 10 acre land had been fixed at Rs 177.2 crore. The e-auction was conducted by the Housing Infrastructure Development Corporation (Hidco).

The city-based Ambuja Neotia group emerged as the highest bidder for a 10 acre plot in Nonadanga’s Chowbhaga area close to EM Bypass in an e-auction that was held on Thursday. The group offered a bid of around Rs 260 crore (around Rs 26 crore per acre) for the land to be sold off on a freehold basis for residential and/or commercial use.

The starting bid price for the 10 acre land had been fixed at Rs 177.2 crore. The e-auction was conducted by the Housing Infrastructure Development Corporation (Hidco). Sources from the real estate sector said there were two bidders for the Plot No. 651(Part), Mouza Nonadanga, J L No. 10, Premises/Holding No. 826 at Chowbhaga under KMC Ward 108.

“This is a very good move by the state government and the outcome was much better than what we had expected,” said CREDAI West Bengal president Sushil Mohta. Ambuja group declined to comment on the develop-ment as it has not been officially announced by the sta-te government.

The city has been witnessing land parcels fetching high prices since 2006. That year, all previous land selling records were broken when KMDA sold a 6.2 acre plot off EM Bypass to a real estate company for a hotel project for a Rs 209 crore.

Next in line is a 7.4 acre plot on BL Saha Road (under Behala police station) in KMC Ward 117, which is scheduled to go under the hammer on January 20. It has been planned that this land will be leased out for 99 years only for residential purpose. The starting bid price has been kept at Rs 125 crore.

Government officials said that after a gap of several years, the real estate market in the city was witnessing a huge growth. The state government is trying to generate revenue through land transfers on freehold basis. Earlier this year, a 5.6 acre plot at Alipore fetched over Rs 400 crore. In Rajarhat, too, a bid of Rs 203 crore was offered for a 6.2-acre land.

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