Kolkata Real Estate-from City of Palaces to City of Skyscrapers

By: George Gonigal

Kolkata-famous as the City of Palaces-is fast shedding its image of being a city of heritage buildings. Today it boasts of a dozen of skyscraping buildings, no less than its counterpart metropolitans of Mumbai and Delhi.

The picture becomes especially exciting when these buildings are developed for the purpose of housing. 'Real estate can be developed in two ways: vertically and horizontally. Looking at the soaring land prices, it is not feasible for developers to expand horizontally around the city. That's why, vertical development makes sense for developers, and to the users as well,' said a senior official of Kolkata-based real estate group.

As for building permissions and approvals, the city authorities have not only expressed willingness but also come up on its own to promote the concept. The Kolkata Municipal Corporation, recently, called for an expression of interest for the construction of a 50-storeyed residential property on Eastern Metropolitan Bypass. The proposed building would be the tallest one in India.

By far Unitech Heights, with 40 storeys, in South City is the tallest building in Kolkata's residential real estate. Hiland Park and Akankha Krishnachura follow Unitech Heights with their 28 storey residential skyscrapers. Ideal Heights near Sealdah and Sankalp at New Town make an ideal preposition for those looking for luxurious living. These 11-24 storey buildings group as many as 16 towers and offer facilities like wi-fi, health clubs, auditoriums, conference room and swimming pools surrounded by lush-green parks.

Real estate developers, meanwhile, are enthused with the response high-rise buildings have generated in Kolkata. Tall buildings represent grandeur and attract High Networth Individuals and investors. According to property brokers, investors who have global exposure seek properties that are comparable with those in developed countries of the US and Europe.

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