KolkataTo Get 420 Acres Prime Plot For The Development Of Housing Project?

KOLKATA: During the recent surge of the property market in India, there were hardly any city which did not start developing highrise apartment or group housing projects to encash the boom and create maximum housing space on a piece of land. Kolkatta is one such metropolitan city which did not loud many housing projects. But soon the thing may change as the city will get a prime plot in the heart of the city for the development of the best housing projects in Kolkata.

Within a few years from now, you might be able to book a flat or bungalow in sprawling housing projects in Kolkata’s coveted locations like Portland Park near Alipore, Chetla, Remount Road near Kidderpore and even next to famous Howrah bridge.Acxtually, Kolkata Port Trust is planning to lease out its land measuring 420 acres. The plot is one of the prime property in the city and may be the best suited for the development of group housing projects in Kolkata. The proposal is soon going to be cleared by the central govenment within the next 2-three months, and after that bids will be invited.

We now have identified the property that will be leased out for townships projects in Kolkata. The townships will be developed on the basis of PPP ( Public Private Partnership ). We will provide the properties on lease for approximately 99 years to make the offer more attractive to developers. Through this, we want to strengthen our pension fund. KoPT needs to deal with nearly 22,500 pensioners," says worried KoPT chairman.

The money-strapped KoPT, is willing to offer its land that has residential quarters of KoPT officers and employees. It is because most employees no more choose KoPT quarters and rent them to outsiders.

The plots are identified in the following location such as Taratala Labour Colony Chetla Quarters including Boat Canal Portland Park Quarters Complex, Durgapur Siding, Remount Road Quarters Complex, New Howrah Bridge Quarters Complex and Brooklyn Quarters Complex.

Apart from these, the KoPT intends to lease out huge plots in the Port area for commercial purposes. These leases are going to be for 30 years. The pension fund is considered to be huge liability for KoPT. In the current financial year 2015-16, nearly Rs 363 crore of its operating surplus of Rs 603.65 crore was diverted to this particular fund. Even then, the pension fund corpus stands at about Rs 1,300 crore. This is the reason why KoPT hasn't succeeded in handing over this liability to an insurance company. A corpus of nearly Rs 5,800 crore would be required, if the insurance firm will take up the charge. The management now would like to increase its pension fund from revenue earned through non-operational means.

This will also assist to release assets which were of no use financially. Rather, they were turning into liabilities, because of encroachments. There was a time once the Kolkata port required a lot of land in Kolkata. Later, as the amount of cargo came down, there was no need for numerous godowns or warehouses. Different agencies which had taken the land on hire started leasing the home out to others without KoPT’s consent have left its residential quarters full of illegal occupants.

Aashish Palliwal is a very specialized content writer

Aashish Palliwal is a very specialized content writer www.indianhousingprojects.com professional too. He has/her written many articles about Indian housing