IT-led boom drives demand for real estate in Rajarhat, Kolkata
Kolkata, September 28, 2006: IT major Wipro is finding it hard to get 50 acres in Rajarhat,a fast developing suburb of Kolkata city. The issue appears to be price. The company is reportedly unwilling to pay beyond Rs.70 lakhs per acre, while the state-owned Hidco is seeking a price of Rs.1.5 crore per acre as fair compensation. The West Bengal government had made an offer of an alternate location near Kolkata airport at Rs. 50 lakhs per acre. However the land has yet to be acquired and this may make it less acceptable to Wipro.
Rajarhat, also called New Town, is the latest township being developed on the north-eastern fringes of Kolkata city. The master plan envisions a township that is thrice the size of neighbouring Salt Lake City. Still under development, this area was till recently a big swamp and full of fisheries.
Rajarhat is being developed in 'Action Areas'. The Action Area I is being developed first and is adjacent to Salt Lake's Sector V, so as a natural extension, a large number of software companies have already started setting up their facilities in this part of the township.
IT major IBM recently announced the opening of its fourth facility in India to be located at the DLF IT Park in Rajarhat. The facility will house 3,000 people. Kolkata has IBM's second largest pool of employees after Bangalore. Buddhadeb Bhattacharjee, chief minister of West Bengal, said, "We believe that the Information Technology industry will fuel the future growth for West Bengal. It will open up new opportunities for the talented workforce of the state. We welcome innovative companies like IBM to invest and partner with us in the development of our state. I am confident that this association will bring desired gains to both IBM and West Bengal."
DLF has already developed 1.3 million sq.ft. of the IT park in Rajarhat. The company also plans to develop another 2.5 million sq.ft. of IT space, to be accorded SEZ status in Action Area III in Rajarhat.
It's not just IT majors rolling into Rajarhat. A number of big ticket real estate players have entered this area and plan to develop five star hotels, condominiums, luxury row houses, shopping malls, and healthcare facilities.
Shristi Infrastructure along with HUDCO, has tied up with InterContinental Hotels to set up the first 5-star hotel in New Town, Rajarhat, a 208-room facility.
Several companies have already built high-rise apartment complexes in Action Area-I. Anhimikha by Bengal Peerless, Utsa by Bengal Ambuja, Greenwood Park by Bengal Shrachi, Sree by Bengal DCL have already been handed over to the flat owners. A few flat owners have already moved into the neighbourhood.
The Tatas are setting up a Rs 92-crore cancer facility in New Town, Rajarhat. The 150-bed super speciality hospital is the first similar project coming up outside Mumbai.
The Action Area II is close to the airport and is thus another favourable location for industry to set up shop.
The West Bengal government plans to shift a part of their administrative facilities to Rajarhat. There are plans to extend the Kolkata Metro to this area and also the Kolkata Suburban Railway services. Bus services have started between this area and Rabindra Sadan, Jadavpur and Garia.
Some major projects on the anvil are:
- Axis Mall by Bengal Peerless
- Block-by-Block mall by Bengal Shrachi
- City Centre 2 by Bengal Ambuja
- Uttara Abasan by Bengal DCL
- The Terminus mall cum bus terminus by Bengal Greenfield
- Tata Memorial Hospital
- IIT Kolkata by IIT Kharagpur
With Rajarhat on a roll, is it any wonder that Hidco appears less than eager to provide Wipro with land at low prices?
By INRnews Correspondent
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