Kolkata, the capital of West Bengal, is situated on the east bank of the river Hooghly. It is a major commercial and industrial center of the eastern India. Kolkata, also known as 'city of joy', is believed to be one of the cheapest Indian cities. The city is easily reachable as it is connected with the rest of India through rail, road, air and sea routes. Its proximity with the nearby countries is a major reason for its being a business hub.
Real Estate Scenario in Kolkata Kolkata has huge potential for real estate like residential, commercial or industrial. The city is showing ample growth in each sector with the most in property market. The rising demand for commercial as well as residential property in Kolkata has once again provided a real boost to the real estate sector.
Multitude of multinational companies are making inroads. In recent years, there has been a steady increase in the number of potential developers of upmarket property. The well known and established business houses are ready to invest in large to avail the facilities that are not meeting international standards.
Famous builders are looking for opportunities to develop major buildings, malls, and entertainment park in the city. The domestic and international retail sector giants are setting a trend with opening of retail chains in the city. The large portion of market demand for property in Kolkata comes from these retail sectors. The demand for office space is also likely to increase in coming time.
Apart from being the industrial hub of eastern India, Kolkata is also known for its good educational facilities that attracts students from the eastern states. Peoples from eastern states find it an appropriate place to settle down. It is a boosting factor for the growth of the West Bengal's real estate market.
Kolkata Realty Development
- One of the esteemed real estate companies in Kolkata, the Fort Group, will develop a commercial complex and a mall in Ultadanga. The project will occupy more than 5.93 acre of area. The group is also planning to start several other projects with private partners on its own land in Kolkata.
- Real estate developer Merlin Projects Ltd will invest Rs 200 crore to construct a sports cum commercial complex in the eastern region of the city. The complex would have a stadium of 5,000 seats. Merlin would also develop a complex which is the part of east Kolkata area development project being done by KMDA (Kolkata Metropolitan Development Authority).
- Ambuja Realty Development Ltd, a famous Bengal property developer, and RMZ Corp, a Bangalore based company, have joined hands to develop an exclusive IT space at Rajarhat in West Bengal. The project will be spread on over 20 acres and anamount of Rs 450 crore is estimated to be invested. It is likely to be completed by the third quarter of the year 2009.
- The Wire Group, a US based real-estate firm, is planning to setup a 500,000 square metre commercial complex in Salt Lake, in Kolkata. In the next two years the company is likely to invest $1 billion in the country as it will also develop commercial complexes in Kolkata and other cities of India.
- Johnson and Johnson, a US based pharmaceutical major, is planning to set up a research and development center in Kolkata. The company has employed 100 researchers and developers and the number is expected to rise to 600 in near future.