Chief minister Buddhadeb Bhattacharjee hands over the lease deed for the EM Bypass plot to US-based scientist Moni Bhaumik at Writers’ Buildings on Thursday. An IT university will come up on the plot. Picture by Sanjoy Chattopadhyaya

A residential IT university will be set up at Madurdaha, near Ruby General Hospital, by Dr Moni Bhaumik Educational Foundation, the chief minister announced on Thursday.

Buddhadeb Bhattacharjee also handed over the lease deed of the 15-acre Bypass plot to the Foundation head Moni Bhaumik during the day.

“We need such a university in our state to keep pace with the rapid advancement in technology,” the chief minister said.

The university will provide free education to poor but meritorious students.

In the first phase, it will admit 500 undergraduate students. There will be “adequate research facilities” in computer science and other related subjects.

“We have received proposals for faculty and student exchange from universities in Europe and the US,” Bhaumik said.

The state government has leased out the land to the Foundation at a concessional rate — Rs 4.76 crore, against the estimated market price of Rs 11.26 crore.

“We are thankful to the state government for its support. We wish to set up a world-class IT university in association with world-renowned institutes. The teaching faculty would comprise best talents from across the world,” said Bhaumik.