Kolkata port launches riverfront revamp drive, Rs 1,000cr investment expected

Kolkata, Oct 31 (PTI) The Syama Prasad Mookerjee Port (SMPK) in Kolkata has completed a bidding process for leasing out around 20 acres of land as part of its riverfront redevelopment drive, a move expected to unlock over Rs 1,000 crore of private investment, an official said on Friday.

The initiative aims to transform the waterfront with projects ranging from commercial hubs to a Ferris wheel.

"About 10 plots have been successfully bid out, with the process for six already completed as initial lease premiums have been received. Apart from the historic Armenian warehouse won by Srijan Realty, we ensure the 30-year land lease model for the rest of the plots," SMPK Deputy Chairman Samrat Rahi told PTI.

The port expects to earn around Rs 15 crore in annual lease rent from the 20 acres of land to be developed on the Hooghly riverbank.

These land resources are equally divided on both sides of the river in Kolkata and Howrah.

Lease rentals are projected to be around Rs 1 crore per acre per year on the Kolkata side and Rs 50 lakh on the Howrah side, the official said.

Rahi said three key plots near Millennium Park, the port trust headquarters, and the historic Armenian warehouse on the riverbank in Kolkata have been bid out.

The estimated capital expenditure for the development projects is pegged at around Rs 50 crore per acre.

A major highlight on the Howrah side is a giant Ferris wheel, like the London Eye, nearing completion on Foreshore Road. The project is positioned as a central tourism attraction and a symbol of the port's urban renewal push.

Among the most notable land lease awards, Srijan Realty has bagged a four-acre plot on Strand Road, near the Armenian warehouse, to develop about 8 lakh sq ft of retail and office space with an investment of Rs 350 crore, the port official said.

The developer will hold a 60-year lease and plans to complete the project within four years, he said.

On the Howrah side, Eden Group has been selected to develop a convention centre at Timber Pond on Foreshore Road, close to the upcoming Ferris wheel, marking a coordinated upgrade of both riverbanks, the official said.

"The port is looking at a few more land parcels that can be leased out," Rahi said, adding that "once these projects are completed, the riverfront in Kolkata and Howrah will change comprehensively for the better." The initiative is expected to replace underutilised port land with modern commercial, retail and entertainment facilities, creating new urban hubs and reconnecting the twin cities with their historic riverfront. PTI BSM BDC