The Kolkata real estate market will receive a major boost from the freeing up of around 120 acres hitherto contained within the Alipore Jail Complex. The shifting of the Alipore Correctional Home to Baruipur has already commenced with the first batch of jail inmates being transferred sometime earlier. This move indicates a major boost for the real estate market in Alipore and surrounding areas. The land that is freed up will be utilized for housing projects in the city’s most posh locality where realty prices hover anywhere between Rs. 12-15, 000 per sq. ft.
West Bengal Chief Minister Mamata Banerjee has already stated that a housing project proposal worth Rs. 7, 000 crore is already being worked on for the area as part of the Green City-Clean City venture. This will ensure the development of apartments with contemporary amenities. The urban development has already been directed to create the blueprint for the project. Residents will get a major benefit since several healthcare and hospitality majors have already applied for land acquisition in this zone where there is already the Soujanya convention centre and Uttirna open-air theatre.
The Dhana Dhanya 2, 000 seater auditorium is also coming up in Alipore while the key landmarks here include the Alipore Horticulture Garden and National Library. This proposal will boost realty markets hugely and has come as a welcome development for real estate developers. The Government is also expected to garner massive revenues since land prices are more than Rs. 1 crore for a cottah in the locality. Work will be completed by the end of March 2018 for the second phase of the jail shifting project. The first phase was developed for Rs. 70 crore and the second phase will be completed for approximately Rs. 98 crore. Alipore is already home to several premium residential projects like Orbit Anveshan, Merlin River View and Akshara Vilaas among others.