CSE invites EoI from developers for 5-acre New Town plot

A trader looks at a screen that charts the S&P 500 on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 27, 2017. REUTERS/Brendan McDermid - RC1AEDB43D00

The ailing Calcutta Stock Exchange (CSE) has decided to develop a 5-acre plot it owns in New Town in the city's fringes and sought expression of interest (EoI) from developers.

The bourse has floated a tender for EoIs from developers either in revenue share or area share basis. The piece of land is at a prime location at the newly developed New Town's Action Area II.

The last date for submission of EoIs has been extended to November 12.

CSE MD & CEO Subrato Das has not been coming to office since October 29 but that will not come in the way of the proposed development plan, CSE sources said.

The tender document says a developer/investor will be selected on the basis of highest additional area (as a percentage of total built up area) offer or highest revenue share (as a percentage of gross revenue from the project) offer in the project over and above the mandatory delivery of 1,00,000 sq ft.

The CSE is seeking to improve its revenue since its own trading activity had been barred by markets regulator Securities and Exchange Board of India citing lack of requisite norms.