West Bengal to Enjoy Real Estate Growth

eleBy Accommodation Times News Services

Being the 13th largest state, Bengal is being considered the next hot realty market in India. The state has acquired a unique identity, as it has very high rate of literacy and is the most favored destination for the leaned people of the country. Furthermore, the culture legacy and pompous celebration of religious festivals have added glamour to its charm. As a result more home seeker and investors are investing in the state. The demand is not only being restricted to Kolkata, Durgapur, Darjeeling and Siliguri are on a high demand.

Kolkata: Kolkata is the capital of Bengal and having population around 5 million, with an extended metropolitan population of over 14 million, making it the third-largest urban agglomeration and the fourth-largest city in India.

The city is an epitome of rich culture and creativity is one of the most preferred destinations for foreign direct investment (FDI). The real estate dynamics of the city are changing at a very fast pace.  The realty market has suddenly been geared up by arriving reputed MNCs and corporate offices.

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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 coming in the peripheral suburban areas of the city due to the emergence of Kolkata as an upcoming IT destination of India. The most of the residential projects are Public-Private -Partnership (PPP) projects.  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 Corporate, apart from SaltLake 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.

USPs:

F Being a capital of West Bengal, the city has a major attraction for investors.

F The city offers low priced lands, rich culture and safe environment compare to other metropolitans. Many MNCs are setting up their office there

F All major developers from all over the country have started their massive projects in the city.

F  Apart from SaltLake or Lansdowne Road parts of C R Avenue, Rawdon Street, and Ballygunge Circular Road are also set to get a more upmarket status.

Durgapur:  Durgapur – Known by its steel plant and other heavy industries that came up subsequently, Durgapur is also experiencing a rush of real estate activity. Located 160 kms West North West of Kolkata, the city’s informed populace is welcoming the residential and commercial projects that are being introduced by private builders in Durgapur.

Modern city is making a mark in the steel city, with Bengal Ambuja’s township, Urvashi spread over 94 acres north of the City Centre.

The SPS Synergy Knowledge and HealthCity is scheduled to come up with a 500 bed hospital cum private medical college, super specialty clinics, Medicare centre, nursing college, dental college, PharmacyCollege, paramedical college, international school, media and ManagementCollege, technology colleges and indoor sports complex. Residential apartments, shopping malls and hotels in Durgapur will complement the educational facilities the 300 acre township will offer. The retail fever has caught on with small towns in West Bengal, as in the rest of the country, and the local market is open to shopping malls, with retailers pitching for commercial spaces in Durgapur.

F Durgapur is a major industrial hub of the state

F Due to heavy industry and steel plant, the city is attracting investors from the country and overseas.

F  Massive residential and commercial projects are being constructed in the city.

F The city offers an adequate infrastructure.

Siliguri: Siliguri, at the foothills of the Himalayas in North Bengal is favorably located to serve as a commercial hub for transactions between the remote north east and the mainstream economy. A Special Economic Zone would fulfill the demanding requirements to a great degree. Real estate in Siliguri, North Bengal, has gained momentum in the last 3-4 years, almost at a rate of 30%. High end projects have been driving the property market in Siliguri, and the takers for such residential apartments have been investors from Sikkim, Nepal, Bhutan and Bangladesh.

Based on real demand from end-users, Siliguri is the fastest growing city in West Bengal after Kolkata. Property developers from Kolkata have re-modelled residential spaces through designer townships like the Uttarayon, which is built on 400 acres off NH 31, 3 kms from Siliguri. Developed by Bengal Ambuja on an abandoned tea estate, 1600 high-end apartments and 300 middle and lower income group units for a resident population of 50,000 people have come up.

The IT industry is making its mark here, with the opening of the Xplore-TechCallCenter and BPO in November 2006. The construction of an IT Park is in progress at Matigara by the Siliguri-Jalpaiguri Development Authority (SJDA).

The SJDA has earmarked 1000 acres of land at Fulbari, 12 kms from Bagdogra airport for an SEZ, in anticipation of heightened trade activity with the opening of trade through Nathu-La, Sikkim. An Inland Container Depot to facilitate trade between sea/river ports of Haldia and Paradip, and land check posts with China, Bangladesh, Nepal and Bhutan has also been taken up by the Government of West Bengal in partnership with the private sector.

USPs:

F The hottest place for real estate investors in the state and fastest developing city after Kolkata.

F  The city is strategically located, ideal place for foreign trade and already being noticed.

F The city has succeeded to earn attention of real estate developers from all over the country.

F  Some milestone residential projects are being commenced in the city

F The state government has allotted SEZs in the city and considered the city is the next IT hub in the state.

 

Howrah: Real estate in Howrah has hit the headlines ever since the largest foreign investment deal was signed by the West Bengal Government for a township project. The metamorphosis of Howrah will be brought about by the New Kolkata project and the industrial parks in Howrah which are being promoted by the state.
The NewKolkataWestInternationalCity on National Highway 6 is located in Howrah district and promoted by the Ciputra and Salim Groups of Indonesia at a cost of USD 330 million in association with Universal Success, an NRI enterprise. Spawning 500 hectares, the integrated township will boast of IT parks, shopping malls, sports complex, a 200 bed hospital and entertainment zones for the residents of the city. The villas in the first phase of construction will be ready for possession by December 2007, and the entire project will be completed by 2010. The choice of villas carries price tags from Rs. 20 lakhs to Rs. 75 lakhs.

The industrial town of Howrah is moving towards a more organized commercial expansion, with specialty zones being earmarked. The first of these, the FoodPark for food processing industries has 22 fully serviced plots, housing for workers and a fire station on 54 acres, and completed at a cost of Rs. 18 crore. A Poly-Park at Sankrail, 28 kms from Kolkata, and off NH 6, covers 66 acres and is a hub for plastic down-stream industries. Sankrail is the site for another FoodPark, the Sudha Ras, where 10 food processing units are in operation. An Industrial Park for artisans is also on the anvil. A super specialty hospital is being put up by the First Trust group in Howrah.

USPs:

F The city is the biggest place for foreign investment in the state.

F The city is enjoying the some of the biggest investments in real estate sector.

F Commercial segment is a bit more active than residential segment.

F Howrah is an industrial hub, so ultimately boosts real estate and property prices.

 





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