Top Projects - West Bengal

01 Apr 2012 CW Team

Former Chief Minister Buddhadeb Bhattacharjee’s economic reforms have worked wonders for the state as major firms from a wide range of fields are queuing up to set up their facilities in the state. This has made the West Bengal real estate industry one of most sought after. Kolkata, the capital of the state, is the major commercial and industrial hub of eastern India. It is also well connected with the rest of India through rail and road and other nations via air and sea routes. Apart from being the base for all the national and international firms, Kolkata is also an educational hub that attracts students from all the eastern states, making it an appropriate place for people to settle down. Howrah is another city that is high on real estate developers’ radars being the industrial hub of West Bengal and the best suited to invest in real estate in any form.

Upcoming residential developments

“West Bengal was least affected by the economic slowdown, and the demand for housing in the state has been consistently growing,” a recent report by Knight Frank states. Developers are capitalising on this growth by launching new projects in the affordable and mid-segment housing categories.

Transaction volumes in Q2FY12 increased by 7 per cent compared to those in Q1FY12. Nearly 75 per cent of this absorption was in the aforementioned categories with a ticket size of Rs 25 lakh and Rs 50 lakh. Most of the upcoming projects in the state are located in the suburban locations of Rajarhat, Behala, BT Road, Tollygunge and Jessore.

Some of these include:

Eden City, Maheshtala: This is the largest housing project in South Kolkata being developed by Eden City Group over 22 acre. It comprises 40 G+7 and G+15 towers with over 2,000, 2-3 BHK flats. The project is likely to be completed by July 2012.

Unitech Vista: This project by Unitech Group is spread over 9 acre in Rajarhat. It comprises 14 storey towers offering 2-3 BHK apartments.

Green Field City: This is an ongoing project of Bengal Greenfield Housing Development Company Ltd in Kolkata. It comprises eight blocks having 3,900 apartments of 3 BHK.

Upcoming commercial developments

The commercial real estate sector in West Bengal is also quite steady at the moment with a large number of malls, shopping complexes and multiplexes being developed in major cities like Kolkata, Howrah, Durgapur, etc. Domestic and foreign investors are grabbing land in enormous amounts in the state to meet the growing demand, leading to an increase in property prices.

Additionally, government policies and reforms are changing the industrial face of the state as it is being flooded by the already signed agreements and upcoming projects.

Some of these upcoming projects include:

Dankuni World Township: The West Bengal Government has inked an agreement with one of the leading real estate players in the country, DLF, to build a township and an industrial hub at Dankuni in the Hooghly district. It will be known as Dankuni World Township; this project will cover 4,840 acre and take 15 to 20 years to be completed.

SEZ project: The Videocon Group is planning to set up a multi-product special economic zone (SEZ) in Siliguri. This will be spread over 400 acre and will need an estimated investment of Rs 100 crore.

Stadium: The Merlin Group has signed an agreement with Kolkata Metropolitan Development Authority (KMDA) to build a stadium at Rajdanga, Kolkata. It will cost the state government Rs 100 crore.

Former Chief Minister Buddhadeb Bhattacharjee’s economic reforms have worked wonders for the state as major firms from a wide range of fields are queuing up to set up their facilities in the state. This has made the West Bengal real estate industry one of most sought after. Kolkata, the capital of the state, is the major commercial and industrial hub of eastern India. It is also well connected with the rest of India through rail and road and other nations via air and sea routes. Apart from being the base for all the national and international firms, Kolkata is also an educational hub that attracts students from all the eastern states, making it an appropriate place for people to settle down. Howrah is another city that is high on real estate developers’ radars being the industrial hub of West Bengal and the best suited to invest in real estate in any form.Upcoming residential developments“West Bengal was least affected by the economic slowdown, and the demand for housing in the state has been consistently growing,” a recent report by Knight Frank states. Developers are capitalising on this growth by launching new projects in the affordable and mid-segment housing categories.Transaction volumes in Q2FY12 increased by 7 per cent compared to those in Q1FY12. Nearly 75 per cent of this absorption was in the aforementioned categories with a ticket size of Rs 25 lakh and Rs 50 lakh. Most of the upcoming projects in the state are located in the suburban locations of Rajarhat, Behala, BT Road, Tollygunge and Jessore.Some of these include:Eden City, Maheshtala: This is the largest housing project in South Kolkata being developed by Eden City Group over 22 acre. It comprises 40 G+7 and G+15 towers with over 2,000, 2-3 BHK flats. The project is likely to be completed by July 2012.Unitech Vista: This project by Unitech Group is spread over 9 acre in Rajarhat. It comprises 14 storey towers offering 2-3 BHK apartments.Green Field City: This is an ongoing project of Bengal Greenfield Housing Development Company Ltd in Kolkata. It comprises eight blocks having 3,900 apartments of 3 BHK.Upcoming commercial developmentsThe commercial real estate sector in West Bengal is also quite steady at the moment with a large number of malls, shopping complexes and multiplexes being developed in major cities like Kolkata, Howrah, Durgapur, etc. Domestic and foreign investors are grabbing land in enormous amounts in the state to meet the growing demand, leading to an increase in property prices.Additionally, government policies and reforms are changing the industrial face of the state as it is being flooded by the already signed agreements and upcoming projects.Some of these upcoming projects include:Dankuni World Township: The West Bengal Government has inked an agreement with one of the leading real estate players in the country, DLF, to build a township and an industrial hub at Dankuni in the Hooghly district. It will be known as Dankuni World Township; this project will cover 4,840 acre and take 15 to 20 years to be completed.SEZ project: The Videocon Group is planning to set up a multi-product special economic zone (SEZ) in Siliguri. This will be spread over 400 acre and will need an estimated investment of Rs 100 crore.Stadium: The Merlin Group has signed an agreement with Kolkata Metropolitan Development Authority (KMDA) to build a stadium at Rajdanga, Kolkata. It will cost the state government Rs 100 crore.