by JLL India
Residential Market..!
In January, 2013 the
residential market in Kolkata continued to observe steady sales in projects.
The major launches in January, 2013 included Rajwada Grand by the Rajwada Group
in Narendrapur and Unimark Riviera by the Unimark Group in Uttarpara. In
addition, Team Taurus launched Bellagio LVL NXT and Bou Thakuranir Haat, both
in Rajarhat. Rents and capital values continued to rise in select submarket on
the back of the steady consumer demand.
|
Residential
|
Rents
|
Capital
Value
|
|
Key
Precincts
|
INR per
month for a 1,000 sq ft 2BHK apartment
|
INR per
sq ft
|
|
Alipore
|
42,000
to 50,000
|
14,000
to 20,000
|
|
PA Shah
Road
|
18,000
to 30,000
|
7,000
to 15,000
|
|
EM
Bypass
|
15,000
to 24,000
|
5,000
to 9,000
|
|
Lake
Town
|
13,000
to 19,000
|
3,800
to 7,500
|
|
Behala
|
10,000
to 16,000
|
3,200
to 5,200
|
|
Howrah
|
6,000
to 9,000
|
2,400
to 4,500
|
|
New
Town (AA I, II & III)
|
11,000
to 17,000
|
3,300
to 5,300
|
|
Rajarhat
|
8,000
to 15,000
|
2,300
to 5,200
|
Office
Market...!
Kolkata’s office
market witnessed enquiries from potential occupiers in January, 2013. No major
transactions happened over the January month. The vacancy remained stable in
the Kolkata city, with transaction activity being minimal.
This month had no new
completions. However, Pataka House and Camac Square in the central business
district (CBD) submarket are set to be completed within 2 to 3 months.
Rents & 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
|
110 to
150
|
13,000
to 18,000
|
|
Topsia
|
70 to
80
|
8,800
to 10,200
|
|
Kasba
|
70 to
90
|
9,000
to 11,500
|
|
Salt
Lake
|
42 to
50
|
4,400
to 5,300
|
|
Rajarhat
|
32 to
40
|
3,500
to 4,500
|
Retail
Market...
The leasing activity
was moderate during the month of January, 2013 in Kolkata. Lifestyle pre-leased
space at Spencer’s Galleria in Park Circus. This mall is expected to hit the
market in the next 3 to 6 months.
The vacancy levels in
the city declined on the back of the leasing activities & absence of new
completion, Rents continued to increase in Prime City sub-market with steady
consumer demand for the retail market of Kolkata.
Capital values also
increased in select sub-markets.
|
Retail
|
Rents
|
Capital
Value
|
|
Key
Areas
|
Rs. per
sq. ft per month
|
Rs. per
sq. ft
|
|
Elgin
Road
|
225 to
275
|
20,000
to 28,000
|
|
Park
Street (high street)
|
200 to
275
|
18,000
to 28,000
|
|
Prince
Anwar Shah Road
|
120 to
150
|
12,000
to 15,000
|
|
Salt
Lake
|
70 to
100
|
7,000
to 10,000
|
|
VIP
Road (high street)
|
60 to
80
|
6,200
to 8,200
|
INFRASTRUCTURE ONGOING ..!
A new state-of-the-art integrated
terminal of Netaji Subhas Chandra Bose International Airport in Kolkata was
inaugurated in January, 2013. It was built at a cost of INR 2330 crore. It can
handle 2.5 crore passengers annually, a leap from the airport’s former capacity
of 48 lakh a year. Apart from a new 1,95,000 square meter, 5 level integrated
passenger terminal building.
The
Netaji Subhas Chandra Bose International Airport also offers modern taxiways
& extension of a runway, so that it can handle bigger aircrafts.
Instead of
charging an airport development fee (ADF) to passengers at this new facility,
the Airports Authority of India (AAI) will charge a ‘nominal’ user development
fee (UDF)
For more information..!
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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