"Kolkata Port Invites Private Investment for Riverside Luxury Projects"

Syama Prasad Mookerjee Port, Kolkata (SMPK), is anticipating substantial investment from private entities for riverside luxury projects, as the port has commenced leasing its prime land for such developments. The projects will be executed under a lease rental mode.

Earlier, SMPK invited expressions of interest (EoIs) from potential bidders for land allotment at various locations, including Moyapur, Noorpur, and Budge Budge, for the development of luxury resorts and hotels. This initiative aimed to gauge the requirements and interest of potential bidders.

The port has also initiated a tender process for the development of an iconic riverfront commercial complex with state-of-the-art infrastructure around Kolkata’s Armenian Ghat, which offers an exclusive riverfront experience. Another tender is in progress for the allotment of a land parcel on Strand Road near Koilaghat, strategically located in the city.

Tenders for land near Indenture Memorial (in Kolkata), Noorpur, and Budge Budge (in West Bengal’s South 24 Parganas district) are expected to be initiated soon.

SMPK Chairman Rathendra Raman stated, “The proposals against riverfront development EOIs were received, and they shall be floating the tender shortly. SMP Kolkata expects wide participation from reputed organisations."

SMPK typically allots land to private parties on a long-term lease through an e-tender-cum-auction basis, using the scheduled rent of the relevant zone as the reserve price, either on an annual rent or upfront premium basis, in line with the purposes outlined in the land use plan.

Formerly known as the Kolkata Port Trust, SMPK comprises two dock systems—Kolkata Dock System (KDS) and Haldia Dock Complex (HDC). As of March 31, 2023, the available areas for allotment in KDS and HDC were 143 acres and 1,151 acres, respectively.

A total of 4,488 acres of land were rented out as of March 31, 2023, and the total estate revenue collected in the last financial year stood at around ₹654 crore. Established in 1870, Syama Prasad Mookerjee Port, Kolkata, holds a unique distinction as India’s sole riverine all-weather port."

HBL