Kolkata real estate market to get another massive boost after Alipore Jail shift

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In another major boost for the real estate market in Kolkata after the landmark shifting of the Alipore Correctional Home and freeing up of prime real estate in South Kolkata, KoPT (Kolkata Port Trust) is likely to tap 300 acres and more in the city for freeing up prime realty. KoPT has planned to appoint a consultant for finalizing its blueprint for freeing up of these 300 acres and urbanization of the same. These are prime lands expected to be priced anywhere between Rs. 10-12, 000 crore. As per reports, the development that is being planned will be similar to that in Mumbai, i.e. the unlocking of 1, 800 acres of real estate on the eastern waterfront of the city. The total port land freed up in Bengal will be a whopping 1, 000 acres as per estimates and this is valued at Rs. 18-20, 000 crore.

Kolkata Port Trust has massive land parcels in Remount Road, Burdwan Road, Chetla, Strand Road and Kidderpore and around 300-350 acres may be possessed by it in proper Kolkata while non-operational land is roughly 1, 000 acres in both Kolkata and Haldia. Out of the total of 2, 000 acres owned by KoPT in Haldia and Kolkata, there could be three divisions, namely fully operational, semi-operational and non-operational. The latter two categories are the ones which will be tapped in this regard.

After the appointment of the first consultant, another one will be appointed to take care of waterfront development plans. State Finance & Industries Minister Amit Mitra has reportedly talked to Union Surface Transport & Shipping Minister, Nitin Gadkari already on this matter as per reports. Among other developments, a logistics hub may also be set up. A tourism complex may be added to the development mix. Some of the KoPT’s non-operational land in the Hyde Road-Taratala stretch has already been leased. Prime real estate will be monetized for residential and commercial development in areas like Chetla, Burdwan Road, Kidderpore and others according to reports. Prices of these plots may hover between Rs. 15-75 crore per acre according to estimates.

Resident Editor