Cost of Land in Kolkata is increasing
The Urban Land Ceiling Act in West Bengal is restricting the availability of large sized freehold land in the city. The real estate developers of the city are paying a premium amount for getting government auctioned land.
The cost of lad was Rs 58 lakh a cottah in 2005, which has been increased to Rs 96 lakh in 2012.
The current prices in the area are at least 37 per cent higher than in 2009, when the city witnessed its biggest land deal. In 2009, the highest price at which land was sold was at Rs 70 lakh a cottah.
According to a civic official, the land prices and the quotations for government auctions are much higher in today’s market scenario.
The region saw its realty boom in 2005 with the civic authorities signing a Rs 58 lakh/cottah deal.
In 2008, it got in Rs 156 crore (or Rs 55 lakh a cottah) for a 5-acre plot to DLF.
A year later it sold a 3.35-acre plot on EM Bypass for Rs 135 crore or nearly Rs 70 lakh a cottah to the Apeejay Group.
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Source: The Hindu business Line
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