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Saturday, January 26, 2013

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Monthly Real Estate Monitor Kolkata - January 2013


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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