The property, owned by BSNL, is located at the intersection of AJC Bose Road and Alipore Road, a highly sought-after area. With around 630 Kathas available for development, the site also includes a 150-Katha heritage building. Overlooking landmarks like the Maidan Greens and the Royal Calcutta Turf Club, the area is known for its high land prices, averaging Rs 3 crore per Katha.
For reference, one Katha equals approximately 1361 sq ft. Hence, 780 Katha amounts to 10,61,775 sq ft.
The sale is being handled by the National Land Monetisation Corporation (NLMC), a Central Government body established to monetise public sector assets. This will be the third BSNL property to be monetised, following the sales in Barrackpore and Madhyamgram.
A global tender has been issued to appoint a transaction adviser, and a pre-bid meeting has already been conducted. The project has sparked interest among local and national developers. Prominent names such as Phoenix and Tata Housing, and local groups like South City and Primarc-RDB are expected to participate in the bidding.
The site is ideal for mixed-use development, including commercial spaces, a shopping mall, and luxury residences. The heritage building could be restored and used as a clubhouse. The location's connectivity to major areas like EM Bypass enhances its appeal for future development.
However, there are challenges to overcome. Proximity to Army land means Army clearance is required, and height restrictions could limit the scope of construction. Additionally, concerns about the market’s ability to absorb a large inventory of ultra-luxury apartments could affect the project's valuation.
