The Hidco on Thursday conducted an e-auction to lease out a 5.6 acre of land parcel in Alipore for residential and commercial use as part of the Alipore green city project.
Officials said the auction’s starting bid price was Rs 236.7 crore, standing at Rs 42.3 crore per acre. A state secretariat official said five agencies participated in the bidding.
The parcel of land is on Thackeray Road and Judges Court Road under KMC Ward 74. The agency to whom the land will be leased out should start construction within 12 months of the delivery of the possession of land and the work should be completed in five years, unless extended on decision by the authorities.
The floor area ratio and ground coverage relating will be according to KMC building rules and Land Use Development and Control Plan of the area.