Renewed bids for leasing out CTC surplus land

The West Bengal government today sought bids for leasing out surplus land of its ailing transport undertaking CTC Ltd in an attempt to generate funds to revive the century-old company, which runs the only tramways services in the country.
"We have invited bids for leasing out 293 kottahs of surplus land in two depots of CTC Ltd at Tollygunge and Belgachia," transport minister Madan Mitra told newspersons here.
The government had earlier floated tenders inviting bids for leasing out these properties, but got lukewarm response owing to stringent bid regulations, including deposition of 90 per cent earnest money within a month of getting the letter of intent.

"After having discussion with interested business houses, we have decided to relax the regulations and the bidders would have to pay only 10 per cent on getting letter of intent and another 10 per cent within 30 days," Mitra said.
"The rest 75 per cent will have to be paid on possession of land," he said.
"The period of completion of a project will be 60 months from the date of possession," the minister said.
"We are trying to make the playing field more investor friendly," Transport secretary Alapan Bandopadhyay said.