BSNL Plot Sale at Rs 1900 Crore to Become Kolkata's Largest Real Estate Transaction

BSNL Plot Sale at Rs 1900 Crore to Become Kolkata's Largest Real Estate Transaction

In a landmark move for Kolkata's real estate market, a prime 780-cottah property owned by the state-run BSNL is set to be sold for an astounding Rs 1,900 crore. Located at the bustling intersection of AJC Bose Road and Alipore Road, this plot stands to become the city's most significant real estate deal.

The property, which spans across a total of 780 cottahs, offers an impressive developable area of 630 cottahs. The land is situated in one of Kolkata’s most sought-after locales, overlooking the Royal Calcutta Turf Club and the expansive Maidan greens. Traditionally, land in this area fetches an estimated Rs 3 crore per cottah, making it a highly valuable asset for prospective buyers.

The site, currently housing a BSNL telecom factory, includes a heritage building spanning 150 cottahs, adding an additional layer of appeal for developers. The factory has been in operation producing telecom equipment like handsets and boxes, though it now primarily manufactures PLB pipes for laying optical fibre cables.

The property is being put up for sale by the National Land Monetization Corporation (NLMC), an initiative by the Indian government to monetize assets held by public sector companies. This is the third BSNL property being monetized after the plots in Barrackpore and Madhyamgram, both located on the northern fringes of Kolkata.

BSNL sources revealed that the transaction will ideally involve the sale of the entire plot in a single bid, and the company has already released a global tender for appointing an international property consultancy to oversee the process. A pre-bid meeting is scheduled for Tuesday, as prospective bidders, including national heavyweights like Phoenix and Tata Housing, begin evaluating the deal.

Kolkata's real estate professionals are abuzz with speculation, as the size and potential of this project have drawn significant interest. The sheer scale of the investment required has prompted both national and local real estate players, including South City and Primarc-RDB, to consider bidding. Some experts predict a possible collaboration between national and local firms to seize this opportunity.

Developers in the city view the site as an ideal location for a "mixed-use development" — a concept similar to South City, which includes a shopping mall and ultra-luxury residential housing. The heritage building could be preserved and adapted for use as a clubhouse. Furthermore, the site's proximity to key roads like AJC Bose Road and the Maa flyover promises easy accessibility to people from surrounding areas, including Alipore, New Alipore, Chowringhee, and even Howrah.

CREDAI Bengal president Siddharth Pansari expressed that this development is a "hugely positive" sign for the city, pointing out that unlocking prime real estate assets like this could lead to more planned developments in the area. He highlighted that such deals are not only beneficial for developers but also bring substantial revenue to the government in the form of stamp duty, GST, and development fees.

Despite the excitement surrounding the sale, there are concerns regarding height restrictions due to the plot's proximity to Army land. Pawan Agarwal, director of NK Realtors, cautioned that the luxury market in Kolkata might not absorb such a large inventory quickly, especially with only around 50 ultra-luxury flats being sold annually in the city. A project of this magnitude could flood the market, putting pressure on existing luxury property prices.

As the sale moves forward, all eyes will remain on how the deal unfolds, and whether developers can navigate the challenges it presents to create a transformative development for Kolkata’s skyline.