Kolkata - India's latest real estate hotspot
Kolkata’s realty market is growing. The real estate market of Kolkata is comparable to tier-II cities like Hyderabad, Chennai and Pune and is even ahead of these in terms of pricing of some of the recent deals. An example is a recent property deal where Emaar-MGF, a joint venture between the Dubai-based Emaar Group and Delhi-based MGF, picked up a six-acre leasehold plot for a whopping Rs 209 crore. The deal for the land on the Eastern Metropolitan Bypass, on the south-eastern fringes of Kolkata and next to ITC Sonar Bangla hotel, set the price at about Rs 33 crore an acre, nearly four times the existing rate. Emaar MGF group has also bid for the Dankuni township project, entailing development of some 5,000 acres of land.
In Rajarhat,the state government has acquired thousands of acres of land to develop a mega city, with one of the largest IT parks, mega housing projects, multiplexes, hospitals, golf clubs, the works. The new road to the Kolkata airport caresses Rajarhat, where an expanse of land as far as the eye can reach is being developed as another Gurgaon. If Rajarhat does assume its meaning -- king's market -- about two million people will live here.
Meanwhile, following the trend seen in Mumbai a number of companies are unlocking the value in their land assets by seeking to sell or develop the land for residential projects. At Narkeldanga in north Kolkata land owned by Kedar Rubber Industries is being developed into a plush residential apartment complex, Narayani Towers, developed by Sriji Group.
Paharpur is developing one of the biggest housing projects in Calcutta. Located on the Diamond Harbour Road, close to the Indian Institute of Management, Joka, the project is offering 2,000 residential housing units.The project, called Genxx Valley, is slated to be completed by the first quarter of 2008. Paharpur is now working on a mall next to the housing project. Spread over 2.5-3 lakh square feet, it will be developed as a destination mall. “There is no organised retailing in Behala. We want to develop it as a destination mall. With the Taratolla flyover now in place, many people from Alipore can also visit the place,” a spokesperson said.
International and national firms like Capgemini, Reliance, ICICI One Source, Salim Ciputra are also scouring the state for large tracts of land. In fact, foreign direct investment (FDI) in the township project already flagged-off sometime ago appears to be gaining momentum in the city. The $100 million integrated township project, promoted jointly by Jakarta-based Salim & Ciputra group, will be spread over 390 acres in west Howrah. The Salim group is in talks with the state government for development of another township.
Commercial space in Kolkata, particularly in the central business district, is back in demand. According to the latest price trend, a square foot of commercial space is now selling at Rs 2,500-Rs 3,000, while lease rates are hovering around Rs 35-40 a sq ft.
The IT realty market is hotting up too. Estimates suggest that about 120 lakh sq.ft. of new plug-and-play IT infrastructure will come up in Kolkata in the near future. International players like Singapore’s Keppel Land has also firmed up plans to develop an IT park in Rajarhat with hotelier Shiv Jatia. Another Singapore firm, Ascendas, is working on plans to develop a Rs 430 crore IT park over 2 million sq.ft. D S Kulkarni Developers Ltd, the Pune based real estate development and onstruction company, is eager to enter Kolkata with IT related real estate projects. The company would look for integrated IT infrastructure projects like IT park, housing complex and shopping malls in Kolkata. Nanjing New & Hi-Tech Industry Development Zone has joined hands with Bengal Peerless Housing Development Company (BPHDC) to develop a high technology industrial investment zone with an initial investment of $6 million (Rs 30 crore) approximately.
Twelve national and global companies including Emaar, Tata Housing, DLF, TCG group, L&T and Shapoorji Pallonji are vying for the Rs 500-crore project to set up the infrastructure for West Bengal’s new information technology belt between Rajarhat New Town and Kolkata airport. The new IT infrastructure would come up as a public-private partnership, the first in the IT sector here. The aim: to provide space to global and national IT companies at costs comparable to similar offerings by IT rivals Hyderabad and Chennai.
Realty business’s affair with the retail sector is also sizzling. Though Kolkata currently has only three shopping malls — Forum, Metropolis and City Centre, real estate sources claim at least 20 more projects are in the pipeline. The sprawling Salt Lake City Centre, spread over 22 acres, was built for Rs 120 crore by the Bengal Ambuja Metropolitan Development Authority, a joint venture between Kolkata Metropolitan Development Authority and Gujarat Ambuja Cements, and designed by Charles Correa.
National mega retail chains like jewellery brands D’damas, Dollarstore, Globus, Just In Vogue, Sensa, Spencer’s and Pantaloons are looking around for highstreet properties of various formats. While demand for retail and office space in the heart of the city is still high, activity is also spreading to the peripheries — Rajarhat, Salt Lake (Sector V) and the Eastern Metropolitan Bypass stretch. Rahul Saraf, the promoter of Forum, plans to develop Forum II on Eastern Metropolitan Bypass, Harshavardhan Neotia proposes to build City Centre II at Rajarhat. Even RPG group has joined hands with the Adi Godrej group to be part of Kolkata’s retail real estate tango. DLF group has acquired some three acres of land at Rajarhat for a premium shopping mall. Pantaloons have also acquired space for their seamless mall — the Central Mall. Several specialised malls are also in the pipeline like Silver Arcade (the food mall planned on the EM Bypass), Fort Knox (the jewellery mall coming up on Camac Street) or Block by Block and Homeland (the one-stop home malls).
Related Stories:
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In Red raaj, lockouts open doors for real estate hawks
Kolkata real estate is on a high
Welcome to Kolkata Shining
D S Kulkarni eyes Kolkata IT projects
Eastward ho!
Global majors toe the line
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Three city-based architects roped in for Calcutta Riverside project
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By INRnews Correspondent
Meanwhile, following the trend seen in Mumbai a number of companies are unlocking the value in their land assets by seeking to sell or develop the land for residential projects. At Narkeldanga in north Kolkata land owned by Kedar Rubber Industries is being developed into a plush residential apartment complex, Narayani Towers, developed by Sriji Group.
Paharpur is developing one of the biggest housing projects in Calcutta. Located on the Diamond Harbour Road, close to the Indian Institute of Management, Joka, the project is offering 2,000 residential housing units.The project, called Genxx Valley, is slated to be completed by the first quarter of 2008. Paharpur is now working on a mall next to the housing project. Spread over 2.5-3 lakh square feet, it will be developed as a destination mall. “There is no organised retailing in Behala. We want to develop it as a destination mall. With the Taratolla flyover now in place, many people from Alipore can also visit the place,” a spokesperson said.
International and national firms like Capgemini, Reliance, ICICI One Source, Salim Ciputra are also scouring the state for large tracts of land. In fact, foreign direct investment (FDI) in the township project already flagged-off sometime ago appears to be gaining momentum in the city. The $100 million integrated township project, promoted jointly by Jakarta-based Salim & Ciputra group, will be spread over 390 acres in west Howrah. The Salim group is in talks with the state government for development of another township.
Commercial space in Kolkata, particularly in the central business district, is back in demand. According to the latest price trend, a square foot of commercial space is now selling at Rs 2,500-Rs 3,000, while lease rates are hovering around Rs 35-40 a sq ft.
The IT realty market is hotting up too. Estimates suggest that about 120 lakh sq.ft. of new plug-and-play IT infrastructure will come up in Kolkata in the near future. International players like Singapore’s Keppel Land has also firmed up plans to develop an IT park in Rajarhat with hotelier Shiv Jatia. Another Singapore firm, Ascendas, is working on plans to develop a Rs 430 crore IT park over 2 million sq.ft. D S Kulkarni Developers Ltd, the Pune based real estate development and onstruction company, is eager to enter Kolkata with IT related real estate projects. The company would look for integrated IT infrastructure projects like IT park, housing complex and shopping malls in Kolkata. Nanjing New & Hi-Tech Industry Development Zone has joined hands with Bengal Peerless Housing Development Company (BPHDC) to develop a high technology industrial investment zone with an initial investment of $6 million (Rs 30 crore) approximately.
Twelve national and global companies including Emaar, Tata Housing, DLF, TCG group, L&T and Shapoorji Pallonji are vying for the Rs 500-crore project to set up the infrastructure for West Bengal’s new information technology belt between Rajarhat New Town and Kolkata airport. The new IT infrastructure would come up as a public-private partnership, the first in the IT sector here. The aim: to provide space to global and national IT companies at costs comparable to similar offerings by IT rivals Hyderabad and Chennai.
Realty business’s affair with the retail sector is also sizzling. Though Kolkata currently has only three shopping malls — Forum, Metropolis and City Centre, real estate sources claim at least 20 more projects are in the pipeline. The sprawling Salt Lake City Centre, spread over 22 acres, was built for Rs 120 crore by the Bengal Ambuja Metropolitan Development Authority, a joint venture between Kolkata Metropolitan Development Authority and Gujarat Ambuja Cements, and designed by Charles Correa.
National mega retail chains like jewellery brands D’damas, Dollarstore, Globus, Just In Vogue, Sensa, Spencer’s and Pantaloons are looking around for highstreet properties of various formats. While demand for retail and office space in the heart of the city is still high, activity is also spreading to the peripheries — Rajarhat, Salt Lake (Sector V) and the Eastern Metropolitan Bypass stretch. Rahul Saraf, the promoter of Forum, plans to develop Forum II on Eastern Metropolitan Bypass, Harshavardhan Neotia proposes to build City Centre II at Rajarhat. Even RPG group has joined hands with the Adi Godrej group to be part of Kolkata’s retail real estate tango. DLF group has acquired some three acres of land at Rajarhat for a premium shopping mall. Pantaloons have also acquired space for their seamless mall — the Central Mall. Several specialised malls are also in the pipeline like Silver Arcade (the food mall planned on the EM Bypass), Fort Knox (the jewellery mall coming up on Camac Street) or Block by Block and Homeland (the one-stop home malls).
Related Stories:
Bengal deals are in pockets, not widespread
In Red raaj, lockouts open doors for real estate hawks
Kolkata real estate is on a high
Welcome to Kolkata Shining
D S Kulkarni eyes Kolkata IT projects
Eastward ho!
Global majors toe the line
A new Bengal, rising in Howrah
Three city-based architects roped in for Calcutta Riverside project
Kolkata civic body to sell hotel plots
12 majors vie for Bengal’s 4th IT belt project
Paharpur steps into real estate world
By INRnews Correspondent
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