Commercial Real Estate Market Thrives in Kolkata’s CBD: A New Growth Phase
Kolkata, 30th April, 2024: As the urban landscape of Kolkata undergoes rapid transformation, the city’s investment in office spaces is experiencing a significant shift. Salt Lake’s Sector V which has been the IT hub of the city since its inception with fringes of Kolkata – Rajarhat and New Town also attracting a chunk to remain in the IT Hub, but a significant shift is taking place in the Central Business District of Kolkata. The evolution is closely tied to the impact of urbanization along the banks of eastern side of Ganges, presenting new opportunities for real estate developers and buyers alike.
With significant demand for grade A office space, it is noticed that rents in different micromarkets have increased by 11% this year, the greatest rate of growth in the nation. Further Kolkata’s demand for office space reached at 9-year high, with 1.4 million sqft leased last year.
Analysts said that a large pool of IT expertise and solid infrastructure, including power, water, and better traffic management than several other cities, affected the decision, even if affordable rentals and ready-to-use spaces urged corporations to pick Kolkata.
An interesting trend shows that CBD of Kolkata is experiencing a revival with new commercial spaces, improved transportation links, and enhanced amenities. This transformation has caught the attention of businesses looking to upgrade their workspaces and leverage the benefits of a more central location.
Significantly, Mr. B.P. Singh Roy, COO, Keventer Realty said, “In Kolkata’s bustling commercial scene, the CBD is undergoing a remarkable revival. We are excited to witness this transformation. With increasing demand for prime office spaces and improved infrastructure, the CBD beckons growing business.”
He further added, “Keventer Realty is slated to launch Keventer ONE, an iconic commercial twin tower with a helipad, set to become a landmark in the CBD. Stay tuned for the unveiling of this architectural masterpiece, designed to inspire innovation and elevate business standards.”
Several companies especially in the service and marketing sector pointed out that moving their office to the CBD has been a strategic decision to position the company closer to key clients and business hubs. The new infrastructure and facilities available in the CBD are unparalleled, providing a conducive environment for employees and boosting productivity.
Mr Adarsh Bhagat, Director at Ginni Realty Projects Pvt Ltd said, “Accessibility and connectivity are among the primary factors driving this relocation trend. The CBD offers excellent connectivity through multiple modes of transportation, including metro, buses,ferry service and railways, making it easier for employees and clients to commute.” Moreover, the CBD’s central location provides proximity to financial institutions, government offices, and other business establishments, fostering networking opportunities and collaborations, Mr Bhagat added.
As Kolkata continues to urbanise, the demand for office spaces in emerging areas is expected to rise further. The city’s investment in infrastructural development, coupled with initiatives to promote sustainable growth, will play a pivotal role in shaping the future of its commercial real estate sector.
Investors and businesses keen on tapping into Kolkata’s evolving office space market are advised to keep a close watch on the developments in the revamped CBD of Kolkata. With strategic planning and timely investments, there are ample opportunities to secure a foothold in these burgeoning areas.
Disclaimer/Disclaimer: This press release serves for informational purposes only and does not constitute professional advice. Any reliance on the information provided is at the reader’s discretion.
