HIDCO to assess total completion cost of infra projects in New Town

Kolkata: West Bengal Housing Infrastructure Development Corporation (WBHIDCO) is planning to engage a “consultant and transactional adviser” for the computation of the unit cost of lands under it and assessing the total cost of completion of all infrastructure projects remaining to be done in the three Action Areas in New Town and the Central Business District (CBD).

In a bid to execute its plan, HIDCO has invited quotations from empanelled transaction advisors of state government. A pre-bid meeting in this connection is to be held on October 4 at the HIDCO Bhavan.

As to the reason for the engagement of such a “consultant and transactional adviser” and the scope of work to be done, it is learnt that such an advisor will assess and compute the total cost of completion of all infrastructure projects remaining to be done in Action Area-I, II, III and CBD considering cost already incurred.

Further, HIDCO wants an assessment of the amount of saleable plots to determine the break-even price per cottah of the saleable land. The advisor will also be suggesting unit land price (per cottah/per acre) for the remaining saleable land for accounting purposes considering the total project costs and recoverable costs.

The scope of work would also include studying the existing system of accounting for computation of profit, cost of land, total project cost, method of revenue recognition and treatment of interest earned from funds received from allottees and wholly utilised for infrastructure building.

Also, the advisor would be computing the break-even price per cottah/acre of land for determination and fixation of the selling price considering the total project costs, according to HIDCO.

HIDCO is in charge of executing several projects in New Town for which it has also allotted lands for various purposes. Some of these include the setting up of health institutions, a vertical city project and an international, intra-state, inter-state and inter-city state-of-art bus terminus-cum-commercial / business complex, among others.