February 2010
A reflection of the Kolkata Residential Property market
Popularly known as the second Hooghly Bridge, it is one of the longest bridges of its type in India and one of the longest in Asia.Vidyasagar Setu
The intellectual and
cultural capital of India,
Kolkata is the perfect
blend of a historical past and
contemporary developments.
It's a compelling city of
vivid contrasts. Past and
present are woven into a rich
tapestry of life that's quite captivating.
And today, Kolkata has
grown to be the business,
commercial, and financial hub of East India.
In this light, we present the
Kolkata Residential Real Estate
guide – an intensive study on the vast
realty opportunities that the city has to offer.
2
Kolkata: A Fact File
Administrative Framework & Population
Infrastructure
Road:
Rail:
Kolkata city, under the jurisdiction of the Kolkata
Municipal Corporation (KMC), has an area of around
185 sq. kms. housing a population of more than
4.5 million (census 2001). The area under KMC is
divided into 141 administrative wards.
Buses are the preferred mode of transport and are
run by both government agencies and private operators.
Kolkata is India's only city to have a tram network,
operated by Calcutta Tramways Company. Other forms
of public transport include taxis, auto rickshaws, cycle
rickshaws and also hand-pulled rickshaws which are
patronised by the public for short distances.
Kolkata is also known worldwide for its many bridges
that link the city to its sister city of Howrah, some of them
are Howrah Bridge (Rabindra Setu), Vidyasagar Setu,
Vivekananda Setu, Nivedita Setu, and Jubilee Bridge.
The Kolkata Suburban Railway connects various
parts of the city, suburbs and the nearby districts. The
Kolkata Suburban Railway connects the city to the
North 24 Parganas, South 24 Parganas, Nadia, Howrah
and Hooghly districts, just to name a few.
Major railway terminals of the city include Howrah
Station and Sealdah. Another terminal station named
'Kolkata' was launched at Chitpur, in early 2006. The city
is the headquarters of two divisions of the Indian
Railways - Eastern Railway and South Eastern Railway.
Kolkata is the capital of the Indian state of West Bengal.
It is located in eastern India on the east bank of the
River Hooghly.
In the 17th century, Job Charnock came to the banks of
the river Hooghly and took the lease of three large
villages - Sutanuti, Govindapur and Kolikata (Calcutta)
to establish British East India Company in the Bengal
region. The sites were carefully selected which were
covered by river Hooghly on the west and Salt Lake on
the east. The selection of sites was very important due
to the presence of a river. The villages were bought
from the land lords and the company was given the
right to carry on its trade with full autonomy by the
Mughal emperors with an annual premium of three
thousand rupees.
Before the British rule, Kolkata was a small village
and the capital of Bengal was Murshidabad which is
situated at a distance of 60 miles from the present city.
Calcutta was captured in the year 1757 by Robert
Clive by defeating Siraj-Ud-Daullah in the battle
of Plassey.
During the time of British rule in India, Kolkata played a
key role in both political and cultural reformation.
Eminent personalities like Subhash Chandra Bose,
Rabindra Nath Tagore, Swami Vivekananda, had
chosen this place as their 'Karma Bhoomi'. Till 1912,
Calcutta was the capital of India, housing important
establishments like the Supreme Court. The capital was
then shifted to Delhi and the city became the capital of
West Bengal.
3
Sea route: Kolkata is also a major port in eastern India.
The Kolkata Port Trust manages both the Kolkata docks
and the Haldia docks. There are passenger services to
Port Blair in the Andaman and Nicobar Islands and
cargo ship services to various ports in India and abroad,
operated by the Shipping Corporation of India. Also
there are ferry services connecting Kolkata with its twin
city of Howrah.
The Kolkata Metro
Airport:
is the oldest underground rapid
transport system in India. It spans the north-south
length of the city covering a distance of 16.45 kms. The
metro rail network has its terminus at Dum Dum in the
north and presently operates upto Garia in the south.
The city's sole airport, the Netaji Subhash
Chandra Bose International Airport at Dum Dum to
the north of the city, operates both domestic and
international flights.
SEZ Update
Source: Ministry of Commerce & Industry, Dept. of Commerce
Details of the SEZs (Special Economic Zones) located in Kolkata are tabulated as below:
Area (in hectares)
Name Location Type Status
South 24 Parganas
IT 10.11Under
ConstructionBata India Ltd.
Bengal Shapoorji Developers Pvt. Ltd.
New Town IT/ITES 20.23Under
Construction
-DLF Ltd. Rajarhat IT/ITES 10.48 Ready
M.L. Dalmiya and Company Ltd. South 24Parganas
IT/ITES 48.56 Under Construction
5. Oval Developers Pvt. Ltd.Electronics
hardware & software 11.78 N.A.
South 24Parganas
Tata Consultancy Services Ltd. New Town IT/ITES 16.19Under
Construction
Unitech Hi-tech Structures Ltd. Rajarhat IT/ITES 19.58 Ready
Wipro SEZ
Salt Lake IT/ITES 6.47 Operational
Sr.No.
1.
2.
3.
4.
6.
7.
8.
4
Major Locations within Kolkata
Note: Map not to scale and is for illustration purposes only.
Dum Dum
PaikparaJessore Road
Lake Town
Sinthimore
EMBypass Salt Lake
Rajarhat
Garia
Ballygung
Jodhpur Park
Jadavpur
Santoshpur
Tollygung
Bansdroni
Park Street
Camac Street
TheatreRoad
Loudon Street
Behala
Alipore
Dobson Rd(Howrah)
Joka
BT Road
KonaExpressway
Shibpur
Salkia
HooghlyRiver
InternationalAirport
hBelg aria Expressway
VIP Road
Dhakuria
NorthWest CentralEast South
5
years, over 5.1 million sq. ft. of additional mall space is
expected to enter Kolkata.
Presently, Kolkata has nine operational malls spanning
over 3.2 million sq. ft. distributed between the East (5
malls) and the South Zone (4 malls). Over the next two
Organised Retail Development
Kolkata Mall Space Distribution
Operational Proposed/Under Construction
Mall
Sp
ace in
Mill
ion
sq
. ft
.
East South West North Central
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Details of mall space in Kolkata are tabulated below:
StatusArea in sq. ft.
(Approx.)ZoneLocationMall Name
Sr. No.
1 Block by Block Rajarhat East 170,000 Operational
2 City Centre Salt Lake East 400,000 Operational
3 City Centre Rajarhat East 500,000 Operational
4 Downtown Mall Salt Lake, Sec-3 East 187,000 Operational
5 Forum Mall Elgin Road South 125,000 Operational
6 Homeland Bhawanipur South 103,000 Operational
7 Mani Square EM Bypass East 600,000 Operational
8 Metropolis Garia South 141,000 Operational
9 South CityPrince Anwar
Shah Road South 1,000,000 Operational
10Axis Mall (Blk A, B & C)
RajarhatRashbehari - Ruby East 500,000 Completed but not
operational
11 Acropolis Connector South 300,000 Under construction
12 Avani Europa Jessore Road North 450,000 Under construction
6
7
Area in sq. ft.
(Approx.)ZoneLocationMall Name
Sr. No.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Avani Renaissance Thakurpukur South 450,000 Under construction
Avani Riverside mall Howrah West 500,000 Under construction
Barnaparichay College Street Central 120,000 Under construction
Conventional Centre Rajarhat East 300,000 Under construction
Courtyard Elgin Road South 40,000 Under construction
Gateway Kona Expressway West 300,000 Under construction
Heritage Strand Road Central 500,000 Under construction
Lake Mall Lake Market South 250,000 Under construction
Ozone Mall EM Bypass East 150,000 Under construction
Ozone Mall Madhyamgram North 200,000 Under construction
The Terminus Rajarhat East 550,000 Under construction
Downtown Mall Rajarhat East 500,000 Proposed
Howrah Mall Howrah West 450,000 Proposed
Sethia's Mall Dum Dum Nagar Bazaar North 50,000 Proposed
Source: ICICI Property Services
Status
8
Supply of Residential Units coming up by December 2012
North2 BHK
3 BHK
2728
1577
Sub total (North Kolkata)
2 BHK 4325
South
East
3 BHK 2558
4 BHK & above 826
Sub total (South Kolkata)
1 BHK 481
2 & 2.5 BHK 3133
3 BHK 3046
4 BHK & above 1214
900
1240
950
1350
2200
413
1100
1393
2245
Apartment TypeAvg Area of flat
(in sq. ft.)No. of UnitsZone
Total Area (in mn sq. ft.)
2.46
1.96
4.41
4.11
3.45
1.82
9.387709
0.20
3.45
4.24
2.73
4305
West
Central
Sub total (East Kolkata)
2 BHK 1500
3 BHK 1400
4 BHK & above 200
Sub total (West Kolkata)
2 BHK
3 BHK
1086
1398
2197
995
1410
150
68
10.61
1.67
1.96
0.44
4.03
0.15
0.10
Sub total (Central Kolkata)
Total Upcoming Residential Supply in Kolkata by Dec 2012 23206
0.25218
28.67
7874
3100
Source: ICICI Property servicesNote: The above represents some of the key developments and not the universe.
Kolkata would experience residential supply of around 23200 units spread over 28.67 million sq. ft. by Dec. 2012.
East zone and South zone combined together would witness around 70% of this residential development.
9
Source: ICICI Property ServicesNote: The above represents some of the key developments and not the universe.
Distribution of residential supply (no. of residential units) in the pipeline across Kolkata
1%19%
33%34%
13%
Central
East
North
South
West
A new high speed freeway that connects Kolkata Airport directly to the Mumbai Road and Delhi Road.
Belgharia Expressway
11
North Kolkata
• Recently it was announced that the metro railway
services would be extended to Dakshineswar and the
project is currently in the planning stage.
• This region houses several factories of jute milling,
tannery, iron & steel rolling, glass, soaps, etc.
• The Fortune Group has their ongoing project
'Fortune Township' at Barasat which plans to house over
560 units with in-complex leisure facilities like
swimming pool, Jacuzzi, air-conditioned community
hall, gymnasium, gaming room, etc.
• Other prime developers in this region include Avani,
Daffodil, Diamond Group, Godrej Properties, Prasad
Group, Shrachi, Space Group, and others.
Major Locations: BT Road, Dum Dum, Jessore Road,
Lake Town, Paik Para, Sinthimore and VIP Road.
• North Kolkata serves as a major check point to the
city as it houses key transport hubs like the Netaji
Subhash Chandra Bose International Airport (formerly
known as Dum Dum Airport) and the subway terminal.
• Connectivity is being improved further with the
KMDA developing Barrackpore-Dum Dum Expressway
and the PWD having undertaken projects for widening
of Jessore Road, widening and strengthening of
B. T. Road.
• Dum Dum also serves as the terminal for the Kolkata
metro railway in the north.
Residential Market in North Kolkata
Source: ICICI Property Services
Average Apartment Size of 2 BHK (in sq. ft.)
Average Apartment Size of 3 BHK (in sq. ft.) .
Total Supply (in mn. sq. ft.) by Dec. 2012
900
1240
4.41
4305Total Supply (in no. of units) by Dec. 2012 .
12
Source: ICICI Property Services
Distribution of Residential Supply as per Apartment Type: North Kolkata
3 BHK37%
2 BHK63%
Some of the Residential Projects in North Kolkata
Source: ICICI Property Services
2012
Expected Completion
2012
2011
2010
2011
2010
260
No. of
Units
40
480
1004
110
482
1900
Capi(Rs. / sq. ft.)
tal Values
3100
3001
2600-2700
2400
3500
Residency
Project
-
Exotica
Diamond North
City
ShrachiLakewoods
Daffodil La Bella
AvaniOxford
Space
Developer
Prasad Group
Diamond
Shrachi
Daffodil
Avani
13
Residential Property Rates in prime residential markets of North Kolkata
Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Outlook
R
R
S
S
Rentals for 2 (Rs./month)
BHK
5000
6000
4500
7000
Average Values (Rs./sq. ft.)
Capital
2000-2500
2000-3000
1100-1400
2500-3000
Location
Jessore Road
VIP Road
Dum Dum
Lake Town
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
VIP Road Jessore Road Dum Dum Lake Town Sinthi More Paik Para
Property Price Movement Index: North Kolkata
100
150
200
250
300
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Property Price Movement Index
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05)
14
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
Comparison of actual (A) and real & logical (R&L) price movement
North Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
Above chart depicts that the wide gap between the actual property price points and the real & logical prices in North Kolkata has almost remained constant over the years.
North Kolkata
0
50
100
150
200
250
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
North (A) North (R&L)
Kalighat Temple Dedicated to the Goddess Kali, it is one of the 51 Shakti Peethas.
16
South Kolkata
• Kolkata metro's much awaited new extended service, a
5.8 km link between Tollygunj and Garia was inaugurated
in August 2009. The new service is expected to ease out
the traffic in the south suburban section of Kolkata.
• Lakegardens Flyover has contributed to easing of
traffic in Golfgreen, Tollygunj and Lake Gardens which
has significantly benefited this region.
• This region also houses the 'South City Mall' at Prince
Anwar Shah Road, which is said to be one of the largest
malls in eastern India. The mall is spread over one
million sq. ft. and has around 130 outlets distributed
across five levels.
• Diamond Group has its ongoing residential project
'Diamond Residency' at Behala, which offers 2 & 3 BHK
apartments along with premium amenities.
• Sherwood Estate, a residential project by Heritage
Group, is spread on 15 acres at Narendrapur and is
strategically located as it is in close proximity with the
proposed eight lane express E M bypass and the Garia
Metro station.
• Some of the key developers in this region include
Belani Group, Calcutta Metropolitan Group, Shrachi,
Diamond Group, Forum, Heritage Group, Ideal, Mayfair,
Merlin Group, Mani Group, Park Chambers, PS Group,
South City and others.
Major locations: Alipore, Ballygunj, Bansdroni, Behala,
Garia, Jadavpur, Jodhpur Park, Joka, Narendrapur,
Santoshpur, Tollygunj
• Southern Kolkata is predominantly a residential area.
• Alipore along with Ballygunj & Tollygunj are amongst
the most exclusive and posh locales of Kolkata.
• Tollywood, the centre of the Bengali film industry,
is at Tollygunj.
• This region is home to some of the better
educational institutions in Kolkata.
• National Library, Zoological Garden, Birla Industrial
and Technological Museum, Indian Association for the
Cultivation of Sciences, Royal Calcutta Golf Club,
Tollygunj Golf Club, Kali Temple, etc., are some of
the important tourist places in the southern precincts of
the city.
• The famous Ramkrishna Mission Ashrama is
situated at Narendapur.
• The South 24-Parganas district headquarters is
proposed to be shifted to Baruipur, post which the
area development should spread from Narendrapur
to Baruipur.
• The southern regions are linked to central and
eastern regions by well established network of roads.
17
Source: ICICI Property Services
2011
2012
Ready
Ready
Ready
2011
2012
2011
2011
Expected Completion
76
90
1600
608
126
1000
74
No. of Units
60
111
2150
1900
4600
3100
1900
Capi(Rs. / sq. ft.)
tal Values
2150
4600
3251
3200
Heritage
Starlite
Southcity
Southcity
Mayfair
Developer
Heritage
Heritage
Diamond
PS Group
Sherwood Elite
Sunny Valley
South City Projects
South City Gardens
Mayfair Greens
Project
Sherwood Estates
Srijan Heritage Park - II
DC South
Jubilee Park
Some of the Residential Projects in South Kolkata
Residential Market in South Kolkata
Source: ICICI Property Services
Average Apartment Size of 2 BHK (in sq. ft.) 950
Average Apartment Size of 3 BHK (in sq. ft.) 1350
Total Supply (in mn. sq. ft.) by Dec. 2012 9.38
Total Supply (in no. of units) by Dec. 2012 7709
Source: ICICI Property Services
Distribution of Residential Supply as per Apartment Type: South Kolkata
2 BHK
56%
3 BHK
33%
4 BHK & above
11%
18
Residential Property Rates in prime residential markets of South Kolkata
Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
15000
7000
5000
7000
4000
20000
20000
Rentals for 2 (Rs./month)
BHK
3500-4500
2000-2500
1500-2000
2000-3000
1400-2000
8000-12000
7000-15000
Average Values (Rs./sq. ft.)
Capital
Jodhpur Park
Santoshpur
Garia
Tollygunj
Behala
Alipore
Ballygunj
Location
R
R
R
R
R
SS
SS
Outlook
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for March 2005)
Property Price Movement Index: South Kolkata
100
150
200
250
300
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Ballygunge Jodhpur Park Jadavpur Santoshpur Garia Tollygunge
Bansdroni Joka Alipore Behala
Property Price Movement Index
19
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
Comparison of actual (A) and real & logical (R&L) price movement
South Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
It is evident from the above chart that, over the years, the property prices in south Kolkata have risen more than proportionately than the rise in the real & logical prices.
South Kolkata
0
50
100
150
200
250
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
South (A) South (R&L)
10
Also called Bally Bridge, it is a multi-span steel bridge that links Howrah to its twin city of Kolkata, at Dakshineswar.Vivekananda Setu
21
East Kolkata
several real estate companies have already built finest
residential complexes in Rajarhat.
• This region also houses renowned institutes like Saha
Institute of Nuclear Physics and S. N. Bose Institute.
• The Salt Lake City houses the famous 'Nicco Park'
which covers an area of around 40 acres and is
considered to be one of the biggest amusement parks in
the country.
• There are around five operational malls in this region
out of which Mani Square at E.M. Bypass and City Centre
at Rajarhat are the most prominent retail developments.
• Prominent developers in this region include Calcutta
Metropolitan Group, DLF, Heritage, Ideal, Keppel-
Magus, Fort, Mani, Park Chambers, Rosedale, Sanjivani,
Siddha, Shrachi, Shapoorji Pallonji, Srijan, PS, Tata
Housing, Unitech and others.
Major locations: EM Bypass, Rajarhat, Salt Lake
• Salt Lake City (Bidhan Nagar) is one of the largest
satellite townships in eastern Kolkata, where most of
the development of the area was done in 'sectors'.
• All the plots of land in Salt Lake City are leasehold
plots and the Urban Development Department directly
manages the land matters, while the Municipality is
responsible for sanctioning of building plans and
providing essential basic services and other civic
infrastructures of the township.
• Once a swampy stretch of land, the Salt Lake City is
now a hub of economic and social expansion and is
famous as the IT (Information Technology) centre of
the city.
• East part of Kolkata would witness around 37% of the
total residential development planned in the city.
• With the partnership of West Bengal Housing &
Infrastructural Development Corporation (HIDCO),
Residential Market in East Kolkata
Source: ICICI Property Services
Average Apartment Size of 2 BHK (in sq. ft.) 1100
Average Apartment Size of 3 BHK (in sq. ft.) 1393
Total Supply (in mn. sq. ft.) by Dec. 2012 10.61
Total Supply (in no. of units) by Dec. 2012
7874
22
Some of the Residential Projects in East Kolkata
Source: ICICI Property Services
Uniworld city
New Town Heights
Lake View
Hiland Willows-HIG
Heritage Enclave-PH 1& 2
Eden Court
Elita Garden Vista
Project
Unitech
DLF
Ideal Group
CMGL
HeritageRealty Group
Tata Housing
Keppel Magus
Developer
3200
3275
3600
2900
2200
2900
2600-2700
Capi(Rs. / sq. ft.)
tal Values
1100
250
110
199
165
208
1200
No. of
Units
Dec 2012
2012
2012
2012
2011
2012
2011
ExpectedCompletion
Source: ICICI Property Services
Distribution of Residential Supply as per Apartment Type: East Kolkata
1 BHK 6%
2 BHK
40%
4 BHK & above
15%
3 BHK
39%
23
Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Residential Property Rates in prime residential markets of East Kolkata
Outlook
SS
S
R
Rentals for 2 (Rs./month)
BHK
12000
10000
7000
Average Values (Rs./sq. ft.)
Capital
2500-3000
3000
3000-5000
Location
Rajarhat
Salt Lake
E M Bypass
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05)
100
150
200
250
300
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Rajarhat Salt Lake EM Bypass
Property Price Movement Index
Property Price Movement Index: East Kolkata
24
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
Comparison of actual (A) and real & logical (R&L) price movement
East Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
The actual property prices in East Kolkata have consistently exceeded the real & logical prices over a period of years
and as a result there has been a widening gap between the actual property prices and the real & logical prices.
East Kolkata
East (A) East (R&L)
0
50
100
150
200
250
300
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
Built in memory of James Princep – a brilliant researcher, it is one of theKolkata's oldest recreation spots from where one can have a glimpse of a large stretch of the beautiful Hooghly River.
Princep Ghat
26
West Kolkata
• Unitech has its ongoing project 'The Gateway' at
Kona Expressway which offers 2 & 3 BHK apartments
with amenities like club house, swimming pool,
gymnasium, kid's play area and sports facilities within
the complex.
• Retail mall space of around 1.2 million is planned to
enter this region in the next couple of years.
• Over 4 million sq. ft. of residential development is
expected to enter this region by 2012.
• Some of the prominent developers in this region
include Calcutta Metropolitan, Eden Group, Kolkata
West International City, Unitech, etc.
Major locations: Dobson Road (Howrah), Kona
Expressway, Mahesthala, Salkia, Shibpur.
• East West Metro, a Rs. 4800 crore project to connect
Kolkata with Howrah by an underwater metro line, has
been cleared by the Central government. The total
length will be 14.67 km (8.9 km underground and 5.77
km elevated). This line will be constructed and
maintained by a separate body named Kolkata Metro
Rail Corporation (KMRC).
• Dankuni, a fast growing industrial township to the
north-west of Kolkata, would become a significant
location as it would be the one end of the Ludhiana-
Dankuni leg of the dedicated freight corridor that is
being built by the Indian Railways.
Source: ICICI Property Services
Residential Market in West Kolkata
Average Apartment Size of 2 BHK (in sq. ft.)
Total Supply (in no. of units) by Dec. 2012 3100
Total Supply (in mn. sq. ft.) by Dec. 2012 4.03
Average Apartment Size of 3 BHK (in sq. ft.) 1398
1086
27
Source: ICICI Property Services
Some of the Residential Projects in West Kolkata
No. of Units
600
300
1800
Capital Values(Rs./ sq. ft.)
2675
2250-2650
2700
Developer
Unitech
CMGL
Eden
Project
Gateway
Calcutta Riverside
Eden City Mahesthala
Expected Completion
Dec 2012
2012
2012
Source: ICICI Property Services
Distribution of Residential Supply as per Apartment Type: West Kolkata
2 BHK 49%
3 BHK 45%
4 BHK & above 6%
28
Property Price Movement Index
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05)
Property Price Movement Index: West Kolkata
100
150
200
250
300
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Dobson Road, Howrah GT Road, Howrah
Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Residential Property Rates in prime residential markets of West Kolkata
Outlook
S
S
Rentals for2 BHK (Rs./month)
8000
4500
Average Values (Rs./sq. ft.)
Capital
2500-4000
1500-2000
Location
Howrah
Hooghly District
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
29
The gap between the actual property prices and the real & logical prices in West Kolkata has widened over the years as
is apparent from the above chart.
West Kolkata
0
50
100
150
200
250
300
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
West (A) West (R&L)
Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
West Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
Jorasanko ThakurbariNow Rabindra Bharati University, it is the ancestral home of the Tagore family.
31
Central Kolkata
• Park Street, now named as Mother Teresa Sarani,
remains Kolkata's foremost dining district with noted
restaurants and eateries situated here.
• Places like the Victoria Memorial, Fort William, Eden
Gardens, Howrah Bridge (Ravindra Setu), Birla
Planetarium, etc. are amongst the popular tourist
attractions.
Major locations: Camac Street, Loudon Street, Park
Street, Theatre Road
• The residential buildings are mainly low rise and are
older colonial buildings.
• Residents of the central region mainly constitute the
upper class and business families.
• As compared to other regions of the city there is not
much residential development in this area due to
paucity of space.
Source: ICICI Property Services
Residential Market in Central Kolkata
Total Supply (in no. of units) by Dec. 2012 218
Total Supply (in mn. sq. ft.) by Dec. 2012 0.25
Average Apartment Size of 3 BHK (in sq. ft.) 1410
Average Apartment Size of 2 BHK (in sq. ft.) 995
Source: ICICI Property Services
Distribution of Residential Supply as per Apartment Type: Central Kolkata
2 BHK
69%
3 BHK
31%
32
Some of the Residential Projects in Central Kolkata
Project
Ideal Heights
Ekta Olender
Ekta Floral
Developer
Ideal
Ekta
Ekta
Capital Values(Rs./ sq. ft.)
3200
2600
2600
2010
Expected Completion
2011
2011
No. of Units
516 (approx. 100 units Balance)
204 (approx. 50 units Balance)
412 (approx. 50 units Balance)
Source: ICICI Property Services
Source: ICICI Property Services*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Residential Property Rates in prime residential markets of Central Kolkata
Average Capital Values (Rs./sq. ft.)
10000-12000
3500-4000
7000 -8000
Rentals for2 BHK (Rs./month)
20000
10000
20000
Location
Park Street
Park Circus
Camac Street
Outlook
S
S
S
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
Property Price Movement Index
Property Price Movement Index: Central Kolkata
100
150
200
250
300
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Park Street Camac Street Theatre Road Loudon Street
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05
33
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
Comparison of actual (A) and real & logical (R&L) price movement
Central Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
Although the property prices seem to have stabilised since mid 2008, the above chart depicts that there is still a
huge gap between the actual property prices and the real & logical prices in Central Kolkata.
Central Kolkata
0
50
100
150
200
250
300
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
Central (A) Central (R&L)
34
Location Attractiveness Index
Narendrapur appears to be scoring above other
locations due to the proposed infrastructure
development, proximity to commercial & retail
establishments and future employment opportunities.
We have short-listed below seven prime locations
within Kolkata and critically examined them on various
parameters like infrastructure, residential costs in the
region, future employment prospects, etc. as detailed
in the matrix below. EM Bypass followed by
Alipore Ballygunj E M Bypass Rajarhat Howrah – Kona
Narendra- pur
Airport to Barasat
Infrastructure (connectivity, roads, proximity to markets, schools)
Residential Cost
Proximity to / Presence of organised retail
Proximity to Commercial Development
Future Infrastructure Development
Future Employment Generation
Source: ICICI Property Services
Good / Low Cost
Above Average
Average / Medium Cost
Below Average
Bad / High Cost
35
About Research & Consultancy
from concept to conclusion. Research & Consultancy
(R&C), a specialised group within ICICI PSG, offers both
real estate advisory and consumer demographic
analysis backed by both primary & secondary research.
The following chart explains in brief the various
services offered by R&C.
ICICI Property Services is a division of ICICI Home
Finance Company Limited, a 100% subsidiary of
ICICI Bank. ICICI PSG provides real estate solutions
to home seekers, corporate investors, space occupiers
and developers / landlords. ICICI Property Services
addresses the entire bandwidth of a real estate deal
• Location Analysis
• Market Analysis
• Size, Pricing, Phasing
and Positioning
(Space Programming
& Demarcation for
Optimum Utilisation
of space)
• Financial Analysis
•Entry Strategy
•Pricing Strategy
•City and Region
Prioritisation and
Expansion Strategy
• Optimum Land Use
Analysis
• Site Analysis &
SWOT
• Catchment Analysis
• Trade & Tenant Mix
• Land Valuation
Feasibility Studies Asset Advisory Strategic Advisory Market Research
•Supply Estimation
•Demand Projections
•Expected Absorption
Trends
•Demographic Analysis
•Consumer Trends
•Consumer Behaviour
Analysis
Howrah BridgeAlso known as Rabindra Setu, is a famous symbol of Kolkata and West Bengal