Calcutta, May 31: A two-acre plot near ITC Sonar on EM Bypass has fetched Rs 115 crore, the highest yet publicly recorded land price in Calcutta.
The city-based Bagaria Group, which has interest in tea, steel and real estate, paid Rs 57.5 crore an acre to the Calcutta Municipal Corporation.
The price breaks the previous record of Rs 55 crore LIC had paid for another EM Bypass plot opposite Science City in 2007.
“We are very optimistic about the opportunities in the real estate space in Bengal. In particular, there is a rising demand for luxury residential properties,” Bagaria group chief Sheo Shankar Bagaria told The Telegraph.
“There is a lot of demand of luxury apartments from miners and traders of Jharkhand and Bihar. There is also demand from the Northeast,” he added. The company outbid Forum Projects which offered Rs 111 crore for the 99-year lease.
“We want to develop a residential project of 350,000sqft with an investment of about Rs 100 crore. Construction is expected to start in three months,” said Bagaria, who is also the chairman of Darjeeling Tea Association.
The plot is part of the 10 acres the CMC had given the Calcutta Stock Exchange (CSE) to develop its office. However, CSE was unable to use the land and returned 7 acres. Five acres went to Milan Mela, the fair ground, and the remaining 2 acres were auctioned today.