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. 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 of 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 Plot No. 651(Part), Mouza Nonadanga, J L No. 10, Premises/Holding No. 826 at Chowbhaga under KMC Ward 108.
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 Rs 209 crore.
Government officials said that after a gap of several years, the real estate market in the city was witnessing huge growth. The state government is trying to generate revenue through land transfers on a 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.
