A five-acre plot next to two five-star hotels off EM Bypass is set to go under the hammer just before puja to develop a budget hotel. Hidco, which will conduct the e-auction, is inviting applications from developers The starting bid for the plot is Rs 310.3 crore, which amounts to Rs 62 crore per acre.
The plot will be handed over to the highest bidder on leasehold basis for 99 years. Officials said 50% of the land will have to be used to develop a budget hotel and the rest of the area could be used for commercial or residential use, or as a mix of both. The floor area ratio and ground coverage relating to building construction will be according to the existing KMC building rules and the land use development and control plan of that area.
The Sabarmati riverfront project in Ahmedabad is undergoing a policy change for the sale of 49 plots of land. The new policy will offer developers the option of acquiring development rights for the plots for 99 years instead of buying them outright. This is inspired by the Gujarat
International Finance Tec-City (GIFT City) project. The aim is to attract more bidders, create competition, and ensure that the plots are developed according to approved plans. The previous policy had set high prices that deterred potential buyers. The AMC is considering two options for selling the plots: setting the price based on size, height, and construction or selling the development rights.
The registration for the e-auction of new series CH01CS and re-auction of leftover fancy/special registration numbers will begin on 5 and continue until October 11. The e-auction/bidding will take place from October 12 to October 14.
The Kolkata Municipal Corporation (KMC) plans to expand its jurisdiction to include several neighbourhoods currently under panchayats in order to provide more urban facilities to residents. The expansion would benefit around 60,000 people in the eastern and southern parts of Kolkata. Many residents in these areas have been deprived of basic urban amenities such as good roads, street lights, and drinking water. The move would also generate additional revenue of Rs 10 crore to Rs 15 crore for the civic coffers through property taxes. Residents are hopeful for improved civic amenities as a result of the expansion.
