Top Projects - West Bengal

Over the past 10 years, West Bengal's real estate market has undergone an astonishing transformation and the state today is a favourite investment destination for builders and developers. The rapid expansion of business activity is boosting demand not only for residential space, but also built-to-suit offices. West Bengal arguably has one of the most aggressive incentive packages for IT/ITES companies and developers alike including subsidised land, exemption from stamp duty and property tax. Asansol, one of the busiest commercial centres in India, is once again attracting investors to the region. While in the steel city of Durgapur, there is considerable expansion of townships and other facilities. Similarly Burdwan looks extremely bright in terms of contemporary development and Kolkata is a high priority destination for international retailers owing to its large population and disposable income. The growing demand for hotel rooms stimulated by the expanding businesses has led to the entry of many reputed hotel groups in recent years. Upcoming residential developments The West Bengal residential market is developing at an electric pace, with property rates going up to almost Rs 2,400 per sq ft, says Geetanjali, Sales Executive, Devaloke Group. Hundreds of projects are being launched by leading developers across the state. Most of these developments are concentrated in the South of Kolkata and are generally targeted towards the burgeoning middle class. Some of these upcoming projects include: Godrej Prakriti Phase 2: This project by Godrej Properties on 25 acre in Kolkata comprises 3 towers of 25 storey each having 2-3 BHK apartments in sizes ranging from 1,100 sq ft to 1,360 sq ft. Eden Court Primo: This project by Tata Housing Ltd at New Town Rajarhat, Kolkata, comprises two high–rise towers with sky garden offering 3 and 4 BHK premium apartments with a minimum size of 1,732 sq ft. Silveroak Estate: This project by Simplex infrastructure at Salua in Kolkata comprises seven towers of B+G+8 floors having 454 apartments of 2-4 BHK with amenities like swimming pool, clubhouse, gym, etc. It is likely to complete by October 2013. Upcoming commercial developments West Bengal is on its way to becoming an important IT destination of India. This has accelerated substantial demand from a multitude of multinational companies and international corporate firms for commercial space in the state. Similarly, increasing requirements of restaurants, entertainment areas, shopping arenas and hotels has elevated retail sector sales in the state; further amplifying its real estate charts. The rental values in West Bengal are higher than those of the more fancied states of Karnataka, Tamil Nadu and Andhra Pradesh. According to reports by Cushman & Wakefield, Kolkata's Central Business District (CBD) records Rs 98 per sq ft as rent, a figure that stands relatively higher than that of Gurgaon, Pune, Bengaluru and Chennai. Domestic as well as international retail chains are also contributing to the ratio of prospective investors which lead to an upturn in the commercial sector. Some of the upcoming commercial developments in the state include: Unitech Chambers: This project on RB connector road in Kolkata comprises two towers having G+2 and G+8 floors for offices and retail space with amenities like food court, restaurants, etc.Biotechnology Park: The government of West Bengal is planning to build a biotechnology park on 100 acre in Midnapore. The project will be implemented on PPP basis. Infinity Benchmark: Located at Salt Lake Sector V, Infinity Benchmark is a 20-storied IT empowered workstation by Infinity Infotech Parks Ltd. This is a truly next-generation office infrastructure that aspires to become a Green Building certified by US Green Building Council.