BSNL to Sell 780-Cotah Property in Kolkata for Rs 1,900 Crore
BSNL is set to finalize a major real estate deal in Kolkata, selling a 780-cotah plot at a prime location for Rs 1,900 crore. The plot, situated at the intersection of AJC Bose Road and Alipore Road, includes a heritage building.
BsnlReal EstateKolkataProperty SaleHeritage BuildingReal EstateJan 15, 2025
The company has announced its plans to sell a 780-cotah plot located at the prestigious intersection of AJC Bose Road and Alipore Road for a staggering Rs 1,900 crore.
This deal is expected to be one of the largest real estate transactions in the city's recent history.
The property, which includes a heritage building, is situated in one of Kolkata's most sought-after areas.
The heritage building, which has been a landmark in the locality for decades, adds a unique value to the property.
The decision to sell this prime piece of land comes as part of BSNL's broader strategy to streamline its assets and focus on its core telecommunications business.
BSNL, formally known as Bharat Sanchar Nigam Limited, is a major state-owned telecommunications company in India.
Established in 2000, BSNL has been a key player in the Indian telecom market, providing a wide range of services including landline, mobile, and broadband connectivity.
Over the years, the company has faced increasing competition from private players, leading it to explore various strategies to remain competitive and financially sound.
The proposed sale of the 780-cotah plot is part of BSNL's asset monetization program, which aims to generate additional revenue and reduce financial burdens.
The proceeds from this sale are expected to be utilized for modernizing BSNL's infrastructure and enhancing its service offerings.
The company has already initiated the tendering process and has received several bids from potential buyers, including real estate developers and commercial entities.
The location of the plot, at the intersection of AJC Bose Road and Alipore Road, makes it highly attractive for various uses, ranging from residential and commercial developments to mixed-use projects.
The area is well-connected with major transport networks and is surrounded by a blend of historical and modern infrastructure, making it a prime location for investment.
Real estate experts in Kolkata have hailed the deal as a significant boost to the city's property market.
The sale is expected to set a new benchmark for property values in the area and attract further investment in the real estate sector.
However, there are also concerns about the potential impact on the heritage value of the property, which has been a part of the city's cultural landscape for generations.
To address these concerns, BSNL has assured that the heritage building will be preserved and integrated into the future development plans.
This commitment to preserving the historical significance of the property has been welcomed by local authorities and conservationists.
The company has also stated that it will work closely with the buyer to ensure that the development respects the area's cultural and historical context.
The sale of the 780-cotah plot is just one of several asset monetization initiatives that BSNL is pursuing.
The company is also exploring the sale of other properties and assets across the country to raise funds and reinvest in its core business.
These efforts are expected to play a crucial role in BSNL's strategic transformation and long-term sustainability.
As the deal progresses, all stakeholders, including BSNL, potential buyers, and the local community, are eagerly awaiting the finalization of the transaction.
The successful completion of this sale could serve as a model for similar asset monetization initiatives and contribute to the overall growth and development of the telecommunications and real estate sectors in India.
Frequently Asked Questions
What is the size of the property BSNL is selling in Kolkata?
BSNL is selling a 780-cotah plot in Kolkata.
What is the expected sale price of the property?
The property is expected to be sold for Rs 1,900 crore.
Where is the property located?
The property is located at the intersection of AJC Bose Road and Alipore Road in Kolkata.
What is the significance of the heritage building on the property?
The heritage building is a landmark in the locality and adds unique value to the property. BSNL has assured that it will be preserved and integrated into future development plans.
What is BSNL's broader strategy behind selling this property?
BSNL is selling this property as part of its asset monetization program to generate additional revenue and reduce financial burdens, with the proceeds expected to be used for modernizing its infrastructure and enhancing service offerings.
Related News Articles
Unlocking the Potential of Real Estate Investment Trusts (REITs): A Growing Market Opportunity
A detailed study on the growth of the Real Estate Investment Trust (REIT) market, highlighting its potential and opportunities for investors.
NAREDCO Maharashtra NextGen Hosts Excelerate 3.0: Insights and Solutions for Mumbai’s Real Estate Market
The event brought together real estate experts to discuss the current landscape, future trends, and strategies to address affordability challenges in Greater Mumbai. The research report, ‘The Reality of Mumbai Realty,’ provides key insights into pricing t
Revamping Urban Landscapes: Netherlands to Convert Empty Office Buildings into Housing
The Netherlands is planning to transform empty office buildings on city peripheries into housing, addressing the country's housing shortage.
Raymond's Q3 Profit Soars 75% to Rs 72 Crore: A Shift to Real Estate and Engineering
Raymond Ltd, now concentrating on real estate and engineering, witnessed a significant 75% increase in its consolidated net profit to Rs 72.28 crore in the December quarter. This robust performance underscores the company's strategic shift and its success
Are Indians Getting Richer or Poorer? Finfluencer Unpacks the Stark Reality
While India is set to become the world’s fourth-largest economy by GDP, surpassing Japan this year, nearly 800 million citizens still depend on free rations, household savings are at historic lows, and the rupee has depreciated to its weakest levels.
Wealthy Indians Exploring Affordable Citizenship by Investment Options
As global mobility becomes increasingly important, wealthy Indians are looking towards citizenship by investment programs in countries like Greece and Portugal. These programs offer residency and eventually citizenship in exchange for specific investments