2 acre plot sold on EM Bypass by Kolkata Municipal Corporation
Kolkata Municipal Corporation has sold a 2-acre plot on EM Bypass for Rs 115 crore. This is the highest price KMC has ever got for land.
AHW Steels bought the land, and the construction will start in next two months. The group plans to set up a luxury residential complex in Kolkata in the land at an investment of Rs 400 crore.
The deal has shown that realty prices in Kolkata are closing the gap with other metros.
The last big land deal was in 2009 when a 3.35-acre plot on EM Bypass sold for Rs 135 crore. In 2008, KMC had got Rs 156 crore for a 5-acre plot. DLF bought this land for Rs 55 lakh per cottah.
The group has quoted a good price because it is KMC land with no incumbency and with all the approvals.
It will also be easier for them to start the project at the earliest.
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Source: Times of India
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