According to reports, Godrej Properties Ltd. placed the highest bid for a 7.44-acre land close to Tollygunge Phari located in south Kolkata. According to real estate insiders, the Mumbai-based company bid more than local builders in an auction held by West Bengal Housing Infrastructure Construction Corporation (WBHIDCO), offering to pay Rs 230 crore, or Rs 30.9 crore per acre, for the land.
For the premium land on BL Saha Road, at least four developers from Kolkata were vying for it, including Ambuja Neotia, Merlin, and South City consortia. The land, which has a 99-year lease, is suitable for residential usage.
The site can be used to build 8.5 lakh square feet of built-up space. In less than a year, WBHIDCO has conducted three government land auctions, each of which has brought in a sizable sum of money for the cash-strapped state.
The Tollygunge Phari property, if authorised by the government, might be Godrej Properties’ fourth residential development in Kolkata. It previously created a sizable project in Sodepur and a prominent one in Alipore. It is now working on a multi-phase project close to Joka.
