estate dynamics of Kolkata are changing at a very fast
pace. The realty market is on a high due to a combination
of factors such as - the arrival of reputed MNCs and big corporates
looking for the right addresses and a sudden increase in the
number of developers of upmarket property.
The market for residential
property has witnessed a distinct movement as Kolkata
is breaking with the past. Projects of reputed builders such
as DLF, Unitech are burgeoning in the peripheral suburban
areas of Kolkata due to the emergence of Kolkata as an upcoming
IT destination of India. Upscale localities and highrises
have started dotting the city's skyline.
The residential market in Kolkata has a large number of Public-Private-Partnership
(PPP) projects. Under such partnership, the Government agencies
like the West Bengal Housing Board have taken up joint ventures
with private corporates. New Town, adjacent to Salt Lake is
one such example, which is on the verge of opening up 40,000
units in the first phase, being offered by the West Bengal
Housing Infrastructure Development Corporation Limited (HIDCO).
The commercial market in Kolkata has witnessed large
number of inquiries coming in from multinationals. Most of
the property demands are from the domestic and international
retail chains to set an upward trend in the commercial market.
For MNCs and Corporates, apart from Salt Lake or Lansdowne
Road parts of C R Avenue, Rawdon Street, and Ballygunge Circular
Road are also set to get a more upmarket status.
In the coming days, demand for office
space is expected to be generated by players such as call
centre operators, insurance companies, information processing
outfits and restaurants. A Sizeable demand has already been
generated by entertainment-cum-shopping complexes, and this
trend is likely to continue in the near future.
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