Kolkata development body to auction 11 small plots on freehold basis

After a hiatus of 13 years, the Kolkata Metropolitan Development Authority (KMDA) has announced that it will allot 11 individual residential plots in the Kasba and Rajdanga areas of the city. These plots will range from two to four cottahs in size and will be given on a freehold basis through e-auction, as per the government's latest policy.

According to officials, the last time small plots in and around Kasba and Rajdanga were allotted through lottery was back in 2009-2010, and they were given on a leasehold basis. However, under the new policy, the state will transfer land on a freehold basis, except for khas and vested land.

The decision to allot these plots comes as KMDA hopes to capitalize on the burgeoning realty growth in areas off the Eastern Metropolitan (EM) Bypass. The Ambuja Neotia group recently offered a bid of around Rs 260 crore for a 10-acre plot in Nonadanga, while HIDCO plans to auction off a 2.9-acre land and a 1.7-acre plot later this month.

This move is expected to benefit many middle-class families who have been struggling to purchase affordable residential properties in the city. With the new policy of allotting small individual plots, families can build their own homes and customize them to their liking. Additionally, since the plots will be given on a freehold basis, owners will have complete ownership rights, which will add to their sense of security.

Furthermore, this decision is expected to have a positive impact on the city's real estate market as well. With more affordable residential properties available, demand for real estate is likely to increase, which will ultimately result in increased revenue for the government.

However, some concerns have been raised about the potential for skyrocketing real estate prices in the area. Given the recent bids for land in the vicinity, there is a possibility that the prices of these individual plots may also soar, making them unaffordable for the average buyer. To avoid this, it is important that the government keep the prices of these plots reasonable and within the reach of the middle-class population.

Overall, the decision to allot small individual residential plots in Kasba and Rajdanga is a welcome move that will benefit both middle-class families and the city's real estate market. With the right policies in place, this move could pave the way for more affordable housing options in Kolkata in the future.

Next (Indore administration serves last notice to developers of three private colonies)

Kolkata development body to auction 11 small plots on freehold basis

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