Kolkata: Real estate prices in Kolkata are on the rise and a 6-acre plot in the city has been sold off for Rs 210 crore.
A real estate player from Delhi bought the 6-acre plot for Rs 210 crore from the Kolkata Municipal Development Authority.
MGF Developments, the firm that has been shortlisted to acquire the plot for a record Rs 35 an acre, will build a super deluxe hotel in partnership with Intercontinental and a Dubai-based group.
Companies including Infosys are also interested in setting up base or expanding in Kolkata, but many are rethinking their plans because they are being asked to shell out as much as Rs 2 crore 16 lakh for an acre.
That makes Kolkata more expensive than most other cities competing with it, and the government is concerned that rising land prices might drive IT companies from Kolkata.
A11 in Kolkata are doing excellently. There are five five-star properties in the city at present, and at least three more are in the pipeline. Those in operation, too, want to expand, but there isn't much space left. And that explains why new entrants are willing to pay fancy prices for plots in this city. In Kolkata, Aniek Paul
The scenario is similar in other cities of West Bengal. A little over a year ago, Tata Metaliks had announced plans to enter into steel making.
It had asked for land adjacent to its factory in Kharagpur, about 120 kilometers from Kolkata, and though the Chief Minister had promised to provide as much land as the company needed.
However, the government could not keep its promise because there isn't any land available around the Tata Metaliks factory.
Kharagpur, too, has emerged as a hot destination of investments from companies in the metals and minerals space.
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