Does it any way suggest that Kolkata has come up to luxury landscape and ultra luxury property pyramid due to lower ticket size. Conservative industry estimate, on the contrary, suggests that the city has been witness to 20% rise in sale of luxury properties amidst the overall slowdown.
Swapan will be responsible for developing new avenues of growth in Eastern Region and will work closely with clients to provide innovative and value driven transaction solutions that are in line with their strategic goals. Swapan will be reporting to Anshul Jain, Managing Director, India, Cushman & Wakefield.
Track2Realty: Ahmedabad, Jaipur, Kochi and Kolkata have significantly improved their value proposition for IT-BPM services delivery over last five years and emerged as front runners next only to Tier I cities or ‘Leader’ locations which continue to be the preferred choices for IT-BPM industry.
Track2Realty: Demand for investment-grade office space across leading cities in India slowed down in the first quarter of 2014, with around 6.3 million sq. ft. of Grade A office space getting absorbed The market saw slow transaction activity and a low level of new completions in the first quarter; and leading cities continued to experience caution from corporate occupiers in the first three months of the year.
Track2Realty: Tata Housing Development Company has strengthened its presence in Kolkata by launching Avenida in the Central Business District area of New Town, Rajarhat, Kolkata. Avenida is a luxury residential gated community with sleek 29 storied towers designed to balance a sweeping curvilinear boulevard with magnificent views of the green landscape.
Track2Realty: In the latest phase of the company’s growth in India, Cushman & Wakefield has expanded operations in Kolkata and acquired the entire team of Lemongrass Advisors, a well-respected real estate consultancy firm in Kolkata and Eastern India.
Track2Realty: Godrej Properties has launched its ultra-luxury residential project, Godrej Platinum, in Alipore, Kolkata. Spread over approximately 1.4 acres, this project will have only 35 luxurious homes. Apartment sizes range between 3,762 sq. ft. per apartment and 5,075 sq. ft. per apartment with an average ticket size of INR 10 crores per home.
Godrej Properties has announced that it has entered into an agreement for developing approximately 1.36 acres of land in the posh area of Alipore on Burdwan Road, in Kolkata.
There is no doubt that the property prices in almost all the micro market of eastern city is going northwards, yet uncertainty looms large over Kolkata realty. There have been less transaction and even lesser new launches in the city, even when the state chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI) demands ten satellite towns in the state.
Even as global economic slowdown and uncertainty in financial markets have battered the real estate industry countrywide, properties in Kolkata and Chennai bucked the trend with steady demand in affordable and mid-segment housing.