KOLKATA: A five-acre plot next to two five-star hotels off EM Bypass is set to go under the hammer just before puja to develop a budget hotel.
Hidco, which will conduct the e-auction, is inviting applications from developers. The last date of submitting applications has been extended till October 10 and the e-auction is planned on October 17.
The starting bid for the plot is Rs 310.3 crore, which amounts to Rs 62 crore per acre. The plot will be handed over to the highest bidder on leasehold basis for 99 years.
Officials said 50% of the land will have to be used to develop a budget hotel and the rest of the area could be used for commercial or residential use, or as a mix of both.
The floor area ratio and ground coverage relating to building construction will be according to the existing KMC building rules and the land use development and control plan of that area.
