KOLKATA: Officials have announced that an 11.1-acre land parcel belonging to BSNL on Jessore Road in Madhyamgram is expected to be auctioned within the next two to three months. The Central Public Sector Undertaking has placed an initial valuation of Rs 179 crore on the property, which could exceed Rs 250 crore as major players are anticipated to participate in the auction.
Recently, BSNL sold an 87 cottah land parcel in Kankurgachi for Rs 131 crore, achieving a price of Rs 1.5 crore per cottah, marking it as one of the city’s top land deals and the highest in BSNL’s national monetisation initiative.
A senior BSNL official stated, “We are confident that the auction for the Madhyamgram land will surpass that record. The land is considerably larger than the Kankurgachi parcel and is strategically located on Jessore Road, adjacent to Star Mall and near the Kolkata airport. Its rectangular shape makes it ideal for large real estate developments.”
Given that the land’s value exceeds Rs 100 crore, the National Land Monetisation Corporation will issue a global Expression of Interest (EoI) for the auction. “We expect the global EoI to be conducted in the next two to three months, with the auction managed by MSTC,” another BSNL official mentioned.
Historically, BSNL utilized the land for staff quarters and the Madhyamgram Telephone Exchange.
Experts believe the auction will attract interest from major national players and local real estate companies. “On a land parcel of this size, the construction of 800-1,000 units is feasible. If each unit averages Rs 80 lakh, the project could be valued between Rs 640-800 crore, making it ideal for leading national real estate brands,” noted an industry expert.
