Commercial Development Of Kolkata By Real Estate Land Developers
Real Estate in kolkata has always managed to keep itself away from the frequent market
fluctuations that have hampered the growth of the developing realty sector in other areas. The period of stagnation that clouded the real estate sector in the 1980s also could not do much harm to the kolkata Real Estate Market. Moreover, the succeeding decade saw a steep rise in the property prices. Rates of land have shot up since then and have actually doubled up.
Being the technological capital of India, kolkata naturally attracts a large chunk of population from all the other states as well as from professionals of other nationalities.
Current Scenario Of kolkata Real Estate:
There are currently around 9700 commercial units scheduled to be completed in the next five years.
At present, however, there are 11900 residential units which are under various stages of construction. The fact that kolkata Real Estate could manage to stand upright when this sector got hammered down even in Delhi and Mumbai is proof enough of this states potentiality.
The kolkata Hospitality sector holds much promise for the real estate business if the recent growth in this is something to go by. Twenty luxury hotels will be coming up in the next three months which are quite indicative of the booming nature of this sector.
A 65% growth has been registered in the occupancy levels of these hotels. But unlike the residential area, the hospitality sector faces a lot of problems. There is lack of up front funding in the kolkata Hospitality sector as it offers no immediate returns.
The residential sector, on the other hand, is expected to continue enjoying interest owing to the fact that it guarantees returns. NRIs have been so interested in Real Estate In kolkata that many local developers have even opened up their representative offices in the US, West Asia and Singapore.
Stability, safety and pricing are basically the reasons for such a spurt in interest. More and more developers are entering this field of Real Estate In kolkata raising the standard levels and turning it in to one of the most profitable business ventures.
Another important reason for such interest is the price range. The prices of these properties cater to all pocket sizes.
The commercial property in kolkata has no doubt received an impetus from the ever increasing investments by the Real Estate Land Developers. This has now become one of the most important factors for sustaining the economy of kolkata.