The state government plans to auction around 17 acres of land in New Town on a freehold basis for a commercial project. The area has already attracted significant investments from major real estate and IT players, including TCS, WIPRO, DLF, Ambuja, and Bengal Unitech, further reinforcing New Town's potential as a key growth area in the state.
Additionally, the West Bengal government has initiated a study exploring the best possible uses for 34 vacant land parcels in New Town, Rajarhat. The state is keen to assess the potential for developing residential apartments or selling the land outright, focusing on market demand, pricing, and feasibility.
The 34 plots in Block AL-Action Area-IA and Block CE Action Area-IC vary in size, ranging from 2.47 to 4.996. These parcels are well-connected to major roads and public transport networks, making them highly accessible. New Town is an area undergoing rapid urban development, with key amenities such as schools, hospitals, shopping malls, and IT hubs located within a 5-10 kilometre radius, further enhancing the appeal of the land.
All plots are zoned for residential use, making them suitable for constructing either apartments or individual homes. The state has tasked the West Bengal Housing Board (WBHB) with conducting a comprehensive market study, including site analysis and a cost-benefit evaluation of apartment development versus outright land sales.
According to initial assessments, 12 of the 34 plots are deemed viable for residential development.
The study is expected to be completed within 90 days, and the agency selected through an e-tender process will submit a final report. The findings will guide the state's decision on how best to use the land for residential and commercial purposes.
Real estate consultants have indicated that New Town is a preferred location for residential development, due to its planned infrastructure and proximity to major IT hubs. There is strong demand from middle-income buyers for 2-3 bedroom apartments (800-1200 square feet). The average sale price for such apartments is between Rs 5000 and Rs 6500 per square foot, with expected revenue per plot ranging from Rs 2 to Rs 3 crores, depending on the plot size and floor.
In addition to residential development, outright land sales are also being considered, particularly by buyers looking for investment opportunities. Experts suggest that combining apartment construction on larger plots with outright sales of smaller plots, a mixed-use development model could help diversify the government's revenue streams.
