The proposed Ranchi smart city over 650 acres of land in HEC locality of the State capital is inching close to reality as Ranchi Smart City Corporation Limited (RSCCL) conducted the first auction of land to private players for development of infrastructures.
RSCCL had identified 51 plots for auction but the auction of only nine plots totalling 58.38 acres could be completed due to the strict terms and conditions placed by RSCCL for bidders. These nine plots consist of six residential plots and three mixed or multipurpose plots. The auction of the rest of the plots will be done in the next phase.
Through the auction of 51 plots RSCCL is set to raise about Rs 410 crore revenue. Ranchi will surpass Bhopal smart city in terms of revenue generation through auction. Bhopal smart city project had raised about Rs 250 crore through land auction.
As per the rule bidder must fulfill minimum criteria besides there must be a minimum of three bidders against each plot.
Chalesh Real Estate owned by Vishnu Agrawal got three plots totalling 25.38 acres out of which two are residential and one is mixed used category. Akash Adukia, owner of Big Realtors on the other hand got two plots 18.5 acres of residential use category. Besides, Manikaran Excel and Multi Residency Infra Projects too emerged as successful bidders.
A total of 34 investors had participated in the online auction. Under the smart city project 37 per cent land will be the open space to be used for construction of drainage, road, park, sewerage and likes. Rest of the land will be developed for residential and commercial purposes. RSCCL has also decided to include a river front development project for conservation of two rivers passing through the project area.