Tallest tower on priciest plot

Read more below

By OUR SPECIAL CORRESPONDENT
  • Published 24.05.08
  •  

Calcutta’s tallest building will come up on a plot that took the price of prime land to stratospheric heights.

Life Insurance Corporation of India, which forked out Rs 276 crore last year for five acres opposite Science City on EM Bypass, has decided to develop a 50-storey commercial property there. That is 15 floors more than the South City residential towers, at present the tallest in the city.

“We plan to build a 150-metre-tall commercial estate on this plot with an estimated investment of Rs 400 crore. It will be the most stylish and definitely the tallest building in the city. As of now, we have plans to construct a 50-storey building with seven lakh sq ft of usable space,” the chief engineer (eastern zone) of LIC, Deb Kumar Banerjee, said.

The insurance major has shortlisted 14 consultants, including some international firms, for the building contract. “We hope to start work by the end of the current fiscal,” Banerjee said.

The company already owns 81 buildings across the city. In 2007-08, the eastern zonal office earned Rs 22 crore from rent alone.

Banerjee said LIC was keen to develop housing estates along with commercial centres. One of these will be a 35,000-sq-ft project near Durgapur Bridge in New Alipore. “Our company owns that plot and we are planning to build a G+13 structure where LIC policy-holders will get preferential allotment.”

Another 43 flats will come up in New Alipore within the next six months. “We have already built 72 flats on that plot and 43 more are under construction,” Banerjee said.

Anyone with an LIC policy can apply for a housing unit in these residential projects. A lottery will decide who gets to buy the units.