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Kolkata Office Space Rentals Remain High
Kolkata, India, February 24, 2010: For those who believe Kolkata as a business destination has been out of favour after the unceremonious exit of Tata Motors’ Nano project in October 2008, a realty check offers an interesting insight into the reality. Office space rentals in Kolkata remains higher than the more fancied Bangalore, Chennai and Hyderabad, a clear indication that business demand is still robust. Only Mumbai and Delhi have more expensive office space.
A study by global realty consultant Cushman & Wakefield revealed that the Burrabazar-BBD-Esplanade area-Park Street belt that comprises Kolkata’s central business district (CBD) commands a rent of Rs 98/sqft, way over Gurgaon prime commercial (Rs 77), Bangalore CBD (Rs 73), Pune CBD (Rs 55), Chennai CBD (Rs 55) and Hyderabad CBD (Rs 50). What’s even more surprising is that rents in Kolkata have been least affected by the downturn that sparked a major price correction in the real estate sector across the country. While rent in the city’s CBD is down 7% against last year, the rentals erosion elsewhere is 10% to 28%.
Cushman & Wakefield India executive director (occupier services) Arvind Nandan said: “While the early part of 2009 was a reflection of the economic slowdown mirroring the rest of the world, by the latter part of the year, there were signs of stability and also revival. This is evident from the fact that more established markets like London (-25%) and Hong Kong (-35%) have seen equal or higher rental correction in the same period. Most micro-markets across India started to record stable rentals indicating a gradual revival in demand. This trend is likely to remain constant in 2010, where we expect rental values to remain stable with a strengthening bias across established markets. Locations with a surfeit of IT/ITeS development may, however, experience further softening of rentals in early 2010, albeit at a much lower rate than before.”
Rentals at IT/ITeS hub Salt Lake Sector V have already declined by 13% and are now hovering around the Rs 42/sqft mark with possibility of further decline till the sector regains momentum in the second half of the year. Maintaining last year’s position within the Asia Pacific region, India captured three of the top 10 spots with Mumbai CBD, Mumbai Worli and New Delhi CBD at third, fourth and fifth positions respectively.
Source: IndianRealtyNews
Big Bazaar Family Store Opens at Sealdah, Kolkata
Kolkata, India, February 23, 2010 - Pantaloon Retail (India) Limited, a part of the Future Group, further enhanced its reach to the masses in Kolkatta with the launch it’s one more flagship hypermarket retail store - Big Bazaar at Sealdah, Kolkata.
Future Group has entered into a 50:50 joint venture with Keventer Fresh Group to roll out a new line of perishables stores. Kicking off in Calcutta within a month, the chain has plans for an aggressive pan-India footprint.
Kishore Biyani, the CEO of the Future Group, and Jalan unveiled a Rs 100-crore shopping centre next to Sealdah station during the day in the presence of municipal affairs minister Asok Bhattacharya and mayor Bikash Ranjan Bhattacharyya. The Big Bazaar Family Centre is a public-private partnership between the Calcutta Municipal Development Authority and the Keventer-Future Group combine.
Minister Bhattacharya lauded the private partners for taking “this courageous step in these trying times”, but reminded them of the need to protect the interests of small retailers. The G+9 Sealdah retail and office tower can park 59 cars, with the top four floors being taken up by Bajaj Allianz.
Indian Real Estate Roundup - 2007
Mumbai, India, January 01, 2008 - Anuj Puri, Chairman & Country Head, Jones Lang Lasalle Meghraj, looks back on the year 2007 in Indian real estate.
Unitech Corporate Parks Plc announces strong interim results
London, UK, December 20, 2007 - Unitech Corporate Parks Plc (AIM: UCP), one of the leading investment companies focusing on commercial real estate in India, announces interim results for the six months ended 30 September 2007.
TI Cycles launches ‘BSA GO’ store in Kolkata
Kolkata, India, December 04, 2007 - TI Cycles of India, part of the Rs.8,500 crore Murugappa Group, announced the launch of their ‘BSA GO’ store, a unique bicycle, fitness equipment and infant products store in Kolkata. The 1080 sq.ft, ‘BSA GO’ store is located at, 83, S.P.Mukherjee Road, Kolkata 700026. This speciality store offers a complete range of Hercules & BSA, brands of bicycle, fitness equipment and infant products.
Three new Westin hotel properties for Hyderabad, Pune and Kolkata
Singapore, November 29, 2007 - Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) continues its aggressive expansion in Asia Pacific, announcing agreements to manage three new Westin hotels in three of the fastest growing markets in India. In Hyderabad, the biotechnology hub of India, Westin will open The Westin Hyderabad, Mindspace. The second new addition - The Westin Pune, Koregaon Park - will be in Pune, an emerging destination for banking and financial services. The third hotel - The Westin Kolkata, Rajarhat - will be in Kolkata, the commercial and trading hub of India. The Westin hotels in Hyderabad and Pune are scheduled to open in 2009, while The Westin Kolkata, Rajarhat will open in 2010.
Kolkata office and retail real estate on growth path
Kolkata, India, November 22, 2007 - Kolkata has all the ingredients for high growth in its real estate market, according to real estate services firm Jones Lang LaSalle Meghraj (JLLM). One of the oldest urban agglomerations in the country, Kolkata lost its position as the erstwhile commercial capital of India to Mumbai due to the socialist manifesto adopted by the West Bengal government post-independence. Now JLLM believes the state is witnessing a resurgence driven by government policy and support for the service industry and infrastructure development that is once again attracting industry and capital to the city.
Kolkata based real estate developer Merlin Group to invest Rs 2,000 crore in the state
Kolkata, India, November 20, 2007 - Kolkata-based real estate developer Merlin Group is to invest around Rs 2,000 crore by 2010 to create industrial infrastructure, commercial and residential real estate projects in West Bengal.
Improvement of container traffic at Kolkata and Haldia Ports
Kolkata, India, November 14, 2007 - The high powered committee constituted by the Shipping Ministry to look into the problems associated with the container traffic at Kolkata and Haldia has submitted its report to the Minister for Shipping, Road Transportation and Highways, Thiru T. R. Baalu, here today. The committee has suggested both short term and long term recommendations to cope with the likely growth in container traffic at both these ports. The Report was presented by the Chairman of the Committee Capt. P V K Mohan to Thiru Baalu.
Latest developments and policy initiatives in Civil Aviation in India
New Delhi, India, November 13, 2007 - This article summarises the latest developments and policy initiatives in Civil Aviation in India including policies and plans on new airports.
Eredene Capital PLC in JV to develop a 72-acre logistics park in Haldia
London, UK, November 05, 2007 - Eredene Capital PLC (AIM: ERE), the AIM quoted Indian property developer, today announces that its wholly owned subsidiary Aboyne Mauritius Limited (together “the Eredene Group”) has acquired a 50% stake in a joint venture company to develop a planned 72-acre integrated logistics park in Haldia, West Bengal, which is a growing trading port and commercial hub for the East Indian city of Kolkata (formerly Calcutta).
Pantaloon launches first exclusive ‘Depot’ store launched in Kolkata
Kolkata, India, September 28, 2007 - DePOT, the ‘books, music, gifts and stationery’ retail format of Pantaloon Retail (India) Limited (a part of Future Group), today launched it’s first exclusive stand alone store at E Mall, 2nd Floor, Chitranjan Avenue, Kolkata.
DLF announces second IT Park in Rajarhat, Kolkata
Kolkata, India, September 26, 2007 - DLF Ltd has announced its second IT Park in Kolkata. The Company is developing this state of the art, world-class facility on 25 acres of land offering 2.5 million sq.ft. of IT/ITES workspace.
150 acres of mill land sold in Kolkata
Kolkata, India, September 22, 2007 - In a move welcomed by the real estate industry, ailing public sector firm National Textile Corporation (NTC) has sold 150 acres of mill land in Kolkata for residential and commercial real estate redevelopment.
Shriram Properties to develop $1.25 Billion township in Kolkata
Kolkata, India, September 22, 2007 - Shriram Properties, a leading South India based real estate developer, has announced that it has partnered with funds sponsored by Walton Street Capital and Starwood Capital Group to develop a Rs. 5,000 crore (USD 1.25 billion) integrated township in Kolkata, India.
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