The Bankra-Nayabad slum is situated near the railway station and the fire was doused by four fire engines after about two hours.
There were, however, no casualties, the firemen said.
The reason for the blaze and the loss is yet to be ascertained, they said.
The Dum Dum Park fire had claimed one life and gutted 150 shanties of the slum on December 26.
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