LAGATAR24 NETWORK
Ranchi, May 5: Observing poor response from investors, Smart City Corporation has planned to review its master plan.
It is expected that the Smart City Corporation can significantly reduce the size and rate of the plot this time. Especially, the land for commercial use and the rate will be done keeping in mind the convenience of medium and small investors.
Ranchi Smart City Corporation CEO Amit Kumar hinted at this saying, “The commercial use plots in Smart City were big and the rates were also high while the investors want to change in it.”
An insider said that before changing the plan, the corporation has started studying the feedback and suggestions received from investors. After the preparation of the new master plan, the land auction will be started again after getting approval from the finance department and the cabinet.
At present, 16 plots in 66.78 acres of land in the Smart City area have been earmarked for commercial use and the revenue price has been fixed at Rs 13.24 crore per acre. Commercial plot sites are fixed from 6 to 12 acres, while investors want plots ranging between 2 to 4 acres.
Ranchi Smart City is being developed on 656 acres. The e-auction for 51 plots in the city started in March 2021. In the first phase, 9 plots were auctioned. The plots that were auctioned were for mixed and residential use.
This was followed by the second phase of e-auction in December 2021, in which only one educational plot was auctioned. Then in April 2022, in the third phase auction, only one educational plot was auctioned. Before the e-auction, Smart City Corporation also invited investors by holding investors’ meet at places like Delhi, Bangalore, Patna, Bhubaneshwar, and Ranchi, but investors did not show interest due to large plots.
