Calcutta Stock Exchange to develop prime five-acre plot it owns in New Town


The Calcutta Stock Exchange, which has been barred from trading activity, has sought expression of interest from developers, for developing a five-acre plot it owns in New Town area in West Bengal

The ailing Calcutta Stock Exchange (CSE) has decided to develop a five-acre plot it owns in New Town in the city’s fringes and sought expression of interest (EoI) from developers. The bourse has floated a tender for EoIs from developers, either in revenue share or area share basis. The piece of land is at a prime location at the newly developed New Town’s Action Area II.

The last date for submission of EoIs has been extended to November 12, 2018. CSE MD and CEO Subrato Das, has not been coming to office since October 29, 2018, but that will not come in the way of the proposed development plan, CSE sources said.

See also: Bengal’s New Town awarded Gold Certification under Green Cities Rating

The tender document says a developer/investor will be selected, on the basis of highest additional area (as a percentage of total built-up area) offer or highest revenue share (as a percentage of gross revenue from the project) offer in the project, over and above the mandatory delivery of 1,00,000 sq ft. The CSE is seeking to improve its revenue, since its own trading activity had been barred by markets regulator Securities and Exchange Board of India, citing lack of requisite norms.

 

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