Kolkata A Big commercial place
Positioned on the banks of River Hooghly, Kolkata, the capital city of West Bengal, is the fourth largest city of India. Famed as the ‘City of Joy’, the city represents the eastern and the north-eastern states of India.
Kolkata is measured as one of the cheapest cities in India, ascribing to the living costs, as well as the rental values in the city. In the recent times, the city has shown considerable improvements in various sectors. Property in Kolkata has undergone a substantial upswing accelerating the real estate trends in the city. With the growing establishments and investments in the city, there has been an increasing demand in both the residential as well as the commercial property segments.
Kolkata is increasingly becoming the hub of several financial and commercial activities, and businesses. The economic power of the city is raised by the second largest Stock Exchange, several famous educational institutes, military port and other reputed institutions. The connectivity of the city is boosted by the presence of an international airport that makes Kolkata better connected relatively.
With the liberalization of the Indian economy, Kolkata’s economic conditions have fairly improved. This has in turn led to an elevation in the real estate graphs of the city. The economic revival has also been initiated by the government’s attempt of active and effective participation with private corporate firms. These projects under Public-Private-Partnership (PPP) have rendered effective economic boost and caters to the needs of the commercial and residential sectors. The developing West Bengal Housing Infrastructure Development Corporation (WBHIDC) is one such instance.
There has also been significant economic advancement with the growing influx of the IT companies. A wave of multinational firms establishing ground in the city has triggered a rapid increase in the count of potential investors and developers in the real estate segment like flats, apartments Kolkata. The growing demand of budding investors and the end-users has led to an upswing in the property trends of the city.
The commercial market in Kolkata is on an upsurge inspite of the exit of Tata Motors Nano Project in 2008. the city is on its way to becoming an upcoming IT destination, thereby accelerating substantial demands from a multitude of multinational companies and international corporate firms.
Also, increasing requirements of restaurants, entertainment areas, shopping arenas and hotels has elevated the retail sector sales, further amplifying the real estate charts of the city.
Recent studies reveal that the rental values in Kolkata remain higher than those of the more fancied states of Bangalore, Chennai and Hyderabad. According to reports by Cushman & Wakefield, Kolkata’s Central Business District (CBD) records Rs.98/sq.ft. as rent, a figure that stands relatively higher than that of Gurgaon, Pune, Bangalore and Chennai.
There has been a progressing interest of buyers and builders in Kolkata real estate market, owing to the recent land demands generated by the growing commercial and residential sectors. Domestic as well as international retail chains also contribute to the ratio of prospective investors which lead to an upturn in the commercial sector.
The residential segment is also gaining ground in accordance with the growing commercial expansion ratio. To spur the momentum of residential development further, West Bengal Housing Board and come more governmental agencies have intiated various projects in alliance with various private investors. The influx of leading investors and builders such as Unitech and DLF are increasingly emerging with upscale residential complexes and high multi-storied constructions in the peripheral areas of the city.
Kolkata is therefore on a rise ascribing to its real estate and property trends. The city owes the recent boom to a number of factors such as establishment of prominent brands such as Coal India Limited, Birla Corporation, ITC Limited etc.; promising policies laid by the sate and the central governments; Nathu La Pass in Sikkim has triggered enormous commercial attention of south East Asian countries, towards the city.