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Kolkata Real Estate Report Jan-Mar 2021: Market Updates

51 Apr 16, 2021 Download Report
Metro construction work gains steamThe construction for the last phase of New Garia – Airport metro corridor finally commenced after a long wait. The phase slated for completion in January 2024 will connect New Town VI to the Airport Terminal. In addition, the Sealdah-Sector V stretch of the East-West metro corridor is expected to start operations by the end of 2021. Dakshineshwar metro station on Dakshineshwar-Kavi Subha line is now operational for public use from February 2021.
Infrastructure projects take the centrestageTo give infrastructure a boost, State Government announced 16 new bridges and flyovers to link Kolkata to rural areas under the ‘Pathasree’ scheme. An amount worth Rs 2,475 crore has been tabled for improving road connectivity.
KMC mandates online layout plan approvalKolkata Municipal Corporation (KMC) has made e-applications mandatory for building plan approvals from April 1, 2021. The online layout approval system will offer a hassle-free experience to procure No-Objection Certificates from the concerned departments within 10 days and layout sanctions within 30 days
State extends interest waiver on tax dues KMC is likely to introduce a 60 percent waiver on interest accrued on property tax dues. Earlier, the civic body offered 100 percent interest waiver on property tax dues till March 31, 2021. The civic body collected about Rs 500 crore from about one lakh property tax defaulters from October 2020 onwards.

COMMERCIAL REAL ESTATE OUTLOOK


  • The city is anticipated to witness an addition of 0.6 million sq ft and 0.28 million sq ft of new office supply in Park Circus Connector and Salt Lake, respectively, in 2021.
  • Office leasing improved in East Kolkata, with prominent deals recorded in Salt Lake, New Town and Rajarhat.
  • TV9 News Channel leased 15,000 sq ft of office space at Mediasiti Building, Block EP, Salt Lake.
  • Croma leased 40,000 sq ft of retail space and plans to open four stores in the city.
  • Airtel and Reliance Industries plan to set up data centres in the upcoming Bengal Silicon Valley Tech Hub in New Town.

 

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
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