Kolkata has developed into one of the most prominent cities in India. The city which rests on the eastern bank of river Hoogly is the capital of the state of West Bengal. The city also holds the status of being the cultural and intellectual capital of the nation, an evidence to this being the city’s shops and malls with antiques and traditional arts, which are as busy as the fashion boutiques and music stores. The city has experienced a drastic increase in demand for commercial and residential property. The real estate market is again rebounding into a highly demanded place of property market. Apart from meeting the global standards, many conglomerates are geared up to spend extra sum to avail various facilities. There has been a rise in the number of multi national companies setting up their offices and this led to a sudden increase in the number of potential developers eyeing new sites for starting several projects in the city. As predicted by the trade pundits, the Kolkata real estate market is due to see a remarkable rise in demand for office space in the coming years. 

Kolkata Property Market 

Kolkata market is considered as one emerging destinations for real estate markets and ideal for investment. It is believed that the city has attracted investors to pour in an estimated amount of Rs 30,000 crore to develop infrastructure. 'Elita Garden Vista' is one of the Singapore real estate companies, which is developing luxury condos in New Town, Kolkata, which is spread over a 20 acre residential complex offering features like Wi-fi connectivity, a mega residential and commercial complex with several additional features like recreation club, health centre, enhanced security, underground parking lot, aroma garden, amphi theatre etc. There are several other projects that have been proposed with an estimated investment of Rs 2000 crore in addition to over Rs 1000 crore invested the previous year. The government is also promoting the growth of IT sector in the city and has already sanctioned land to various companies to set up their workplaces. There is great scope of development in areas like Rajarhat township, and it has been primarily allocated to promote the real estate development in Kolkata. Some of the multi national conglomerates like Zuri Hotels & Resorts which are promoted by syndicate investors are scrutinizing their opportunities in the Kolkata real estate market. One can expect good returns (about 10-15% appreciation) on their property in a span of six months. However, as per the market trend, it is advised to wait till the market picks up before selling any property. Since early 2008, the real estate market in Kolkata has been through a bump due to the global economic slow down, else it was going through a golden phase between the years 2005-2007. There is a prediction that the market will rise by more than 30% in the coming 2 years which is definitely a motivating factor for the real estate fraternity. 

Kolkata Growth Drivers.

A recent study by the Indian Statistical Institute has revealed that the Kolkata market has the highest per capita purchasing potential among all metros. The city has small population when compared to other metros. Also the decline of real estate in cities like Mumbai and Delhi has given way to a tremendous opportunity for investors to explore in cities like Kolkata, where the market is still on the rise and has not yet reached its peak. Also various IT companies are looking forward to less expensive cities like Kolkata, where the cost of investment is less and hence there is great scope of growth. The government has announced various SEZ’s which are definitely to boost the investment in the city.