Kolkata - Skyhigh rentals on Park Street force retailers to move east

Although Kolkata is a large, sprawling city, the chosen area for high-end retailers and trend-conscious consumers is Park Street. As long as shoppers flock to this grand old road, retailers will pay top dollar for space. With the western end of Park Street reaching high rental levels (Rs.225 per sq.ft for ground floor space), the focus of development has now shifted to the eastern end of the popular stretch.

Realty deals are being struck on this part of Park Street at a rapid pace. An encouraging factor is the stability of rental rates on the eastern side. While rents on the western end have scaled upwards of Rs.175 per sq.ft, those on this side of the road have remained stable at Rs.100 per sq.ft. Attracted by lucrative franchise deals, traditional stores are changing their business.

Kolkata is also going the mall-way with five new malls set to open by March next year. However, realty pundits do not see this bringing down rental rates. They forecast a healthy growth for the next few years at the least.


By INRnews Correspondent

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Comments

The rates givn in Park Street are wrong. Rs.225/- is NOT the prevailing rates in Park Street. Please contact for correct rates of real estate in Kolkata at 098300 37229.

Rahul

Posted by: Rahul Baid | November 2, 2006 01:23 AM

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