| Kolkata or Calcutta, also known as the intellectual capital of India, positions itself as a prolific venture for the enterprising Real Estate pros and capitalists-having nearly one crore sq ft of real estate space under development in Kolkata, as compared to 100,000 sq ft two years ago. Apart from the human resource edge the city can boast of a highly civilized a relatively much lesser crime rate (as compared to the other metropolitan cities). The Bay of Bengal offers boundless opportunities for merchants and traders wishing to trade their merchandise via sea root. Even as the jaunty economy has given the sector a huge fillip in all cities, an expanding Kolkata has opened the floodgates for explosive growth of fancy housing. "Every developer has 10 times more business than two years ago. And they are eager to take up more," says Pradip Chopra, secretary, Bengal chapter, Confederation of Real Estate Developers Association (Credai). And it isn't just restricted to Kolkata; it's happening all around it: New Town and BT Road (north), Eastern Metropolitan Bypass (east), Garia-Narendrapur belt and Joka (south) and Kona Expressway (west). The growth isn't restricted to housing. Over 20 lakh sq ft of IT and BPO office space is under construction. Ascendas group from Singapore and DLF from Delhi are creating huge plug-and-play facilities as are local biggies. "Kolkata's emergence as an IT hub will drive commercial growth," says CII east retail sub-committee Chief Rahul Saraf. The construction boom is matched by all-round escalation in land prices. "Land prices have shot up 40-100% in the last two years," says Abhijit Das, office head of property consultancy Trammell Crow Meghraj. While New Town - the sprawling 39 sq km satellite township next to the airport - could alone keep the boom going for years, individual developments have already jacked up prices in pockets. The Forum Mall transformed a south Kolkata residential locality into a high-street shopping destination. Condominium South City has turned a downmarket area into a chic zone. At EM Bypass, another condo development, Silver Spring, has appreciated 100% even as construction continues. But will the boom last? "Yes," say developers, realtors, and town planners. "For the first time, homegrown companies like Visa Steel, Graphite India, CESC and Xenitis are creating ripples on the national scene. Economic prosperity is driving urban transformation," says developer Sumit Dabriwala. "A bubble occurs when there's speculation. Nearly 90% of investors in Kolkata are actual users," points out Credai vice-president Pradeep Sureka. |
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