Kolkata Port Trust plans real estate foray

1 min read

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The KoPT (Kolkata Port Trust), one of the city’s most iconic commercial institutions, is planning to venture into mainstream real estate. It is targeting an increase in revenues from land leasing across the city and also in surrounding areas. As per estimates, close to Rs.250 crore is earned annually by the Kolkata Port Trust through the leasing of land for diverse purposes. The Kolkata Port Trust has already worked out land parcels which have immense future potential and will be planning real estate ventures on them. The uniform land policy is being revised already by the Union Shipping Ministry and this will cover all the land that is held under ports throughout India. This will require a few more months and thereafter, the KoPT will look to commence its real estate operations.

As per reports, there are plans to lease out land for big ticket integrated township projects. The Kolkata Port Trust owns a whopping 4,000 acres of land approximately throughout West Bengal. Most of these land parcels are huge and can accommodate big ticket real estate projects. However, several cases are also piled up across courts regarding the lands held by the Kolkata Port Trust. There are close to 600 similar cases that have to be dealt with. The land held by the organization in Kolkata is majorly leased to several companies who have come up with their godowns and units accordingly.

Work has also commenced on the draft increase for the Haldia Dock Complex with the use of the latest technology. The KoPT is in talks with the West Bengal Government for getting land parcels near Haldia at the Nayachar Island for building a dumping ground. There will be further discussions for tapping land parcels in other parts of the state and city with regard to coming out with real estate projects.

Kolkata is set to witness a future real estate boom with premium land parcels owned by central and state agencies being tapped for real estate ventures. The Calcutta Tramways Corporation has already been monetizing its land parcels across depots in the city. The Tollygunge tram depot covers a huge area and a part of this has already been auctioned off for a whopping Rs.181 crore (approximately) as per reports. There will be premium residential and retail projects coming up on this land parcel which is located in one of South Kolkata’s most premium localities. Tollygunge is anyway witnessing a boom in real estate and offers mid-range and luxury properties galore. Merlin The One is one of the biggest realty projects being developed in the neighbourhood.

 

Resident Editor