Calcutta Stock Exchange Plans To Enter Real Estate Market Of Kolkata

In a bid to shore up revenues and overall net worth, the Calcutta Stock Exchange (CSE) is planning to foray into the real estate market of Kolkata and has decided to develop a self-owned 5-acre plot in New Town, Rajarhat.

The board has reportedly sought EoIs (expressions of interest) from real estate developers and hence floated the tender on the area-share/revenue share basis. The 5-acre plot is located in the prime location of Action Area II in New Town.

According to CSE sources, the last date for submitting EoIs is November 12. The officials have already secured freehold land from the West Bengal Housing Infrastructure Development Corporation Limited in the year 2010 for the development of buildings and other business operations.

The tender which has been floated, states that investors/developers will be chosen on the basis of two key factors, the highest added area which will be a percentage of the entire built-up area or the highest share of revenue which will be a percentage of the gross project revenue over and above the compulsory delivery of 1, 00, 000 sq. ft.

Sources said, “CSE will be using fixed zones for its own business activities while the remainder can be given for commercial real estate. This initiative will further help in improving the revenue of Calcutta Stock Exchange.”

In recent times, New Town in Rajarhat has emerged as a major real estate hub particularly for the residential real estate segment. The region has also added a feather to its cap recently by receiving a Gold certification from the Indian Green Building Council (IGBC) for Master Plan and Design under the Green Cities Rating. Some of the important areas which attracted IGBC include electric buses, advanced machines for solid waste management and cleaning roads, app-based cycles on offer for the whole city, solar PV for canals and ample open and green spaces for the general public.