Rashmi

The country’s largest real estate company DLF is set to develop a new township on 95 acres at City Centre in the heart of Durgapur city.

An official at Asansol Durgapur Development Authority (ADDA) said: "DLF has agreed to purchase the land reserve at the rate of Rs 35 lakh per acre which was satisfactorily higher than the other offers." In April this year, ADDA invited expressions of interest (EIO) for the development of a new township on the prime land plot at City Centre. A senior ADDA official said: "Although 23 builders and real estate companies had purchased forms only 12 companies participated in the bid. After primary inquiries four companies were short listed and the EOI submitted by DLF appeared to be the best of the lot."

Also included in the neck-to-neck bidders was Sapoorji-Palanji, another Delhi based real estate major. ADDA acquired 108 acres of land from SAIL’s Durgapur Steel Plant in the eastern front of City Centre last year. The authority decided to float a new residential hub mainly to help accommodate the LIG and MIG segments. ADDA CEO Mr N S Nigam said: "We have proposed 900 plots for LIG and 500 plots for the MIG segment. About 120 plots have been asked to be reserved for the cooperative societies. Since the demand for residential housing is increasing heavily in this stretch of Durgapur we have attempted to accommodate the maximum possible heads, taking into consideration the financial capability proportionate to the changing demography."

According to ADDA the new township will be completed within the next four years. DHL has voluntarily agreed to reserve 990 plots for the LIG. Each LIG unit will have a 450 sq ft plinth area and DLF, according to the proposed MOU would be allowed to charge maximum Rs 550 per sq ft during hand over to the possession holder. Five hundred 750 sq ft plinth area MIG units will have a limited price of Rs 1200 per sq ft during the hand over. The cooperative plots, according to ADDA will be worth a maximum of Rs 1.5 lakh per cotta.

Since DLF will have to bear the cost of the subsidies for the MIG and the LIG units, the company will be allowed to sell certain HIG units and some commercial plots at a price to be fixed by the company itself. ADDA chairman Mr Bansogopal Chowdhury, said: "The new township will give Durgapur city another facelift. On 17 August the matter is likely to be cleared by the ADDA board."

News Source: thestatesman.net <16 Aug'07>

ssatpathy

Hi,
do you know which part of the City this will be in ? I believe I read somewhere that this development will be around the City Center area but I am not aware of such a large track of land in that part of the city.