By JLL India
Residential Market
Kolkata residential market witnessed increased
sales in residential projects. The vacancy increased with the launch of many
new projects, including: Altius by a joint venture between Empress Group, Space
Group and Prudent Infrarealty on Christopher Road in Park Circus; Astitva by
MCK Primarc in Kankurgachi; and Orchard County by Oswal Group on BT Road.
Rents and capital value continued to rise in every
submarket with improved sales.
|
Residential
|
Rents
|
Capital Value
|
|
Key Precincts
|
Rs. per month for a 1,000 sq ft 2 BHK Flat
|
Rs. per sq ft
|
|
Alipore
|
42,000 to
50,000
|
10,000 to
18,000
|
|
PA
Shah Road
|
20,000 to
30,000
|
5,000 to
12,000
|
|
EM
Bypass
|
15,000 to
24,000
|
3,400 to
8,000
|
|
Lake
Town
|
13,000 to
19,000
|
3,400 to
6,500
|
|
Behala
|
10,000 to 15,000
|
3,200 to 5,200
|
|
Howrah
|
6,000 to
9,500
|
2,200 to
3,800
|
Retail Market
The month of December, 2012 saw a good leasing
activity as retailers expanded on the back of continued steady consumer demand
for the retail market of Kolkata. The key transactions in December, 2012 included Raghavendra Rathor Store leasing
space on Camac Street in the CBD, Standard Chartered Bank renting space on
Gurusaday Road, and Veromoda taking space in Forum Courtyard Mall at Elgin
Road.
Because of the increase in leasing activity and
absence of new completion, the vacancy levels decreased. Rents increased
significantly on the back of this continued demand over the month in most of
Kolkata’s submarkets, with capital value remaining stable.
|
Retail
|
Rents
|
Capital Value
|
|
Key Precincts
|
Rs. per sq. ft per month
|
Rs. per sq. ft
|
|
Elgin Road
|
190 to 260
|
16,000 to 22,000
|
|
Park Street (high street)
|
200 to 275
|
15,000 to 20,000
|
|
Prince Anwar Shah Road
|
110 to 140
|
10,000 to 13,000
|
|
Salt Lake
|
70 to 100
|
7,000 to 10,000
|
Office Market
Kolkata’s office market witnessed increased leasing
activity in December, 2012. The vacancy decreased over all submarkets with the
increase in demand.
The major transactions included Bajaj Finance
leasing space in Infinity Benchmark, SRL Diagnostic (Religare) renting space in
Srijan Tech Park, and JP Morgan taking space in Camac Square.
The month of December, 2012 also saw a number of
pre to commitments, including Accenture leasing space in Unitech Infospace
Phase 3B in Rajarhat. Three new projects, including Ecospace 4B and Newtown
Square in Rajarhat, were operational during the month. Rents and capital values
remained stable in the submarkets, with marginal increase in selected
precincts.
|
Office
|
Rents
|
Capital Value
|
|
Key Precincts
|
Rs. per sq ft per month
|
Rs. per sq ft
|
|
Park
Street
|
120 to
150
|
12,000 to
16,000
|
|
Topsia
|
70 to
80
|
8,000 to 10,000
|
|
Salt
Lake
|
40 to
50
|
4,000
to
5,000
|
|
Rajarhat
|
32 to
35
|
3,000 to
3,500
|
INFRASTRUCTURE ONGOING..!
The Eco to Tourism Park in New Town Action Area II
started its operation in December. This park, once fully completed, will cover
an area of 480 acres and include a 104 to acre water body with an island.
The upcoming business district of New Town to Rajarhat
is located to the east of the site. The Eco to Tourism Park will consist of
broadly 3 types of spaces, including: ecological zones such as wetlands,
grasslands and urban forests; theme gardens and recreational open spaces; and
urban leisure, educational and functional spaces such as galleries for flora
and birds, crafts bazaars, plants and farmers markets, food courts,
amphitheatres and plazas.
For more information about research
Ashutosh Limaye
Head, Research and REIS
ashutosh.limaye@ap.jll.com
+91 98211 07054
Trivita Roy
Assistant Vice President, Research
trivita.roy@ap.jll.com
+91 40 4040 9100
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