Futuristic, automated homes coming up in Kolkata at the residential project Dream One by Jain Group

January 5th, 2016

Real estate developer Jain Group has embarked on a futuristic project that aims to bring home automation to Kolkata’s residents. Not content with providing high end luxury projects, Jain Group has decided to lure investors and home owners by including home automation technology at the design stage of their new project titled the Dream One. This kind of technology is usually retro-fitted in Indian homes, but Jain Group has become the first real estate developer in Kolkata to provide automated homes right from the beginning.

The developer has roped in the Hager group to engineer the intelligent homes at the Dream One project. Hager is one of Europe’s leading firms in the field of home automation and has a wealth of experience designing smart homes abroad. By bringing their expertise and experience to the table, Hager group has the capacity to be the first to design such apartments in Kolkata. Hager will provide home automation services to 229 flats and 12 duplex apartments in the Dream One project. These flats and apartments will be fitted with smart sensors, cameras and alarm systems that will make it possible for home owners to control various aspects of their homes remotely through a smartphone or tablet. With the help of Hager systems, home owners can control the lighting of their homes, air conditioning, certain home appliances, locks and fire alarms from their phones or tablets. One of the most important features of home automation is that home owners will be able to know if there is an emergency at their home when they’re not present. With the help of sensors and cameras, home owners will be alerted if there is a threat to their home – whether it is a fire or a gas leak – and the owners can immediately hit a panic button which will alarm the authorities who can then take suitable action. These kinds of features demonstrate that smart homes aren’t just about convenience and comfort, but are also a boon for safety and security.

 And all this safety and convenience comes at an affordable cost too. The developers estimate that the cost of installing these systems comes out to be an additional Rs 2-3 per square feet. Also, as per the needs of the residents, much more advanced systems can also be installed to get the most out of an intelligent home. Once the project is completed, it will surely be a force to reckon with in Kolkata real estate.

Theme-based townships in Kolkata to get investment from IT firms

November 19th, 2015

The Kolkata real estate market doesn’t have the best reputation when it comes to ease of doing business and procuring land, but the current state government is trying its best to change this perception of Kolkata, and more broadly of West Bengal.

To this end, the state government recently invited investment from top IT firms for the funding of six theme-based greenfield townships in Kolkata. The six townships, namely Samriddhi, Gitabitan, Uttam City, Agnibina, Teesta and Sports City are envisioned to be smart cities with a focus on providing futuristic solutions to contemporary environmental and ecological problems. And as such, it makes sense that the firms that invest in these smart cities are themselves providers of smart solutions – namely international IT firms.

The who’s who of the IT world could be investing in these Kolkata townships. To get a sense of developer interest, the state minister for finance and industries Amit Mitra met with tech honchos in Bangalore. Representatives of companies like Cisco, Accenture, HP, PWC, 3M and many more were invited to a consortium at the American Chamber of Commerce in Bangalore. Most notably, Cisco has expressed great interest in providing smart solutions such as e-schooling and e-health in these six smart townships in Kolkata.

With the central government also getting behind the smart city concept, Kolkata can expect to set an early example that other cities and states around the country can follow. The state government also wants to project an image of being an attractive destination for investment in the real estate market – apart from the large number of IT firms, developers and investors from various countries like Europe, UK, Brazil and Saudi Arabia have expressed interest in putting their money in the project for thematic low cost housing in Kolkata.

The government is hoping that these townships in Kolkata will serve as a great boost to the broader real estate market in the state. Their main concern is to convey the ease of doing business in West Bengal and to ensure that developers don’t face long delays due to clearance of land and getting permits. To this end, the government is providing easily procured, ready to build land to the developers. They also intend to ensure that the allocation of the projects is as transparent as possible by putting these townships on the block through global tendering and e-auction process.

Ultimately, these smart township projects may be the spark that can light up the Kolkata real estate market. If this project succeeds, other apartments, flats and villas in Kolkata could be funded and developed along similar lines.

South Kolkata turning out to a hot real estate destination

September 15th, 2015

Kolkata has a vibrant real estate market just like all other Indian metropolitans. Kolkata real estate market is divided into premium niche sectors each catering for the various segments of investors and buyers.  While outskirts of Rajarhat in North Kolkata for example is ideally suited for investors looking at a long term perspective, other areas like EM bypass, New Town and Alipore have their own market dynamics.

South Kolkata has its own market dynamics and the real estate prices in the area have been sky rocketing in recent times. The advantage of South Kolkata is the access to the commercial centre of Kolkata. With offices located in South Kolkata, people can avoid the travelling time to outskirts of Rajarhat and invest in real estate property in South Kolkata alone.

The growth story of South Kolkata: South Kolkata is a success story in itself in the overall real estate growth of Kolkata. From a marshy piece of land some years ago to become one of the prized areas for residential real estate, South Kolkata has seen it all.  Apart from its commercial space stronghold including offices, government and private establishments and companies, areas like Ballygunj, Gariahat, Tollygunj, New Alipore, Behala, Behala_Chowrasta, Joka, and Mahestala is now the most attractive residential address in the city.

Two Distinct Trends in South Kolkata Real Estate: South Kolkata residential real estate has two distinct types of projects. One is the affordable housing projects aiming at the masses who work in government and private offices located n South Kolkata. The other is the upscale premium residential apartments aimed at the elite and the affluent with world class enmities.

Both projects have their own set of customers and the real estate prices for both projects have witnessed a massive increase in the last few years. Real estate experts believe the trends are likely to go even higher as South Kolkata remains one of the best residential areas in the city.

South Kolkata real state growth:  Old individual houses which were once a stronghold of South Kolkata are now being replaced by high rise apartments. Many families who owned independent houses are now working out deals with developers for conversion of the house to high scale apartments. The prices are constantly on the rise each year and long term investment horizon for South Kolkata is higher than most regions of Kolkata city.

The Paradigm Shifts In Favor Of Independent Residential Houses In Kolkata

January 15th, 2015

The real-estate trend seems to be surprising, but it is true. Paucity of space has become a growing concern. So, you may be laboring under the impression that flats, high-rises and apartments are the be all and end all of the Kolkata’s real-estate. But you are far from the reality. The picture is somewhat different, and the preceding financial quarter testifies to the point of difference. There are statistical evidences to prove, and as per the same home buyers are more than willing to invest in separate and independent houses. Residential houses are gaining in preponderance over flat type apartments.

Initially in 2014, only 6 percent of the buyers were eager to invest in independent and separate residential units. But the scenario took a monumental shift during the mid-quarter of 2014 with as many as 12% of the buyers showing increased willingness to buy individual residential houses . There are some more statistical studies to consider. Yes, it is a fact that the demands on a high. But ironically, the scale of supply could not meet and match up to the high demand scenario. It will be curious to note that the level of supply was far from being satisfactory. Even when the demand was something in the range of 12%, the rate of supply was not more than 5%.

The facts and figures of real-estate do keep changing, and no two fiscal quarters may have a similar look to present. The similar quarter in and around July-August 2014 witnessed a drop in the demand for apartment, and the curve decreased by three percent. Likewise, there was a slump in the demand for plots. To go by the sayings of a senior property advisor-“Buyers do not mind walking that extra mile, and paying the extra amount. The objective is to get access to living accommodations that are relatively larger and spacious”. He also feels that though there is a slump in the need for the apartment types, it will be wrong to assume that they have become out of vogue. Comparatively speaking, the shift is more in favor of residential units than for flats and high-rises.

It is also a fact that demand for large and spacious residential houses relate to certain pockets of Kolkata including Salt Lake, Baguiati and Rajarhat. The areas in and around the eastern metropolitan bypass are no exception to the rule. If you only bear the supply factor in mind, then you will get to see that the supply situation in Salt Lake is far better than the rest. The price range up here in Salt Lake has a widespread diversity to present. While the minimum limit is rupees fifty-five lakhs, the maximal goes as high as rupees three crores. You can come across similar diversity in the surface area, where the minimum point starts off from 1,300 square feet. On the other hand, the utmost point is 3,000 square feet.

In the case, you are looking for an option that is more price-effective and economic than that of the former; you can opt for some other areas such as Baguiati and Behala. The price range in Baguiati does not exceed the limit of rupees one crore. The minimal starts off from thirty-five lakhs. You can purchase a 3 BHK independent housing unit with the surface area of 1,700 square feet for thirty-five lakhs of rupees. Likewise, the southern Kolkata’s Behala has a cheaper picture to present, where the range falls in between thirty, five thousand to ninety, thousand lakhs of rupees.

The Paradigm Shifts In Favor Of Independent Residential Houses In Kolkata

November 13th, 2014

The real-estate trend seems to be surprising, but it is true. Paucity of space has become a growing concern. So, you may be laboring under the impression that flats, high-rises and apartments are the be all and end all of the Kolkata’s real estate. But you are far from the reality. The picture is somewhat different, and the preceding financial quarter testifies to the point of difference. There are statistical evidences to prove, and as per the same home buyers are more than willing to invest in separate and independent houses. Residential houses are gaining in preponderance over flat type apartments.

Initially in 2014, only 6 percent of the buyers were eager to invest in independent and separate residential units. But the scenario took a monumental shift during the mid-quarter of 2014 with as many as 12% of the buyers showing increased willingness to buy individual residential houses. There are some more statistical studies to consider. Yes, it is a fact that the demands on a high. But ironically, the scale of supply could not meet and match up to the high demand scenario. It will be curious to note that the level of supply was far from being satisfactory. Even when the demand was something in the range of 12%, the rate of supply was not more than 5%.

The facts and figures of real-estate do keep changing, and no two fiscal quarters may have a similar look to present. The similar quarter in and around July-August 2014 witnessed a drop in the demand for apartment, and the curve decreased by three percent. Likewise, there was a slump in the demand for plots. To go by the sayings of a senior property advisor-“Buyers do not mind walking that extra mile, and paying the extra amount. The objective is to get access to living accommodations that are relatively larger and spacious”. He also feels that though there is a slump in the need for the apartment types, it will be wrong to assume that they have become out of vogue. Comparatively speaking, the shift is more in favor of residential units than for flats and high-rises.

It is also a fact that demand for large and spacious residential houses relate to certain pockets of Kolkata including Salt Lake, Baguiati and Rajarhat. The areas in and around the eastern metropolitan bypass are no exception to the rule. If you only bear the supply factor in mind, then you will get to see that the supply situation in Salt Lake is far better than the rest. The price range up here in Salt Lake has a widespread diversity to present. While the minimum limit is rupees fifty-five lakhs, the maximal goes as high as rupees three crores. You can come across similar diversity in the surface area, where the minimum point starts off from 1,300 square feet. On the other hand, the utmost point is 3,000 square feet.

In the case, you are looking for an option that is more price-effective and economic than that of the former; you can opt for some other areas such as Baguiati and Behala. The price range in Baguiati does not exceed the limit of rupees one crore. The minimal starts off from thirty-five lakhs. You can purchase a 3 BHK independent housing unit with the surface area of 1,700 square feet for thirty-five lakhs of rupees. Likewise, the southern Kolkata’s Behala has a cheaper picture to present, where the range falls in between thirty, five thousand to ninety, thousand lakhs of rupees.

Blue And White Color Combinations Can Wave Off Property Tax In Kolkata

October 15th, 2014

Now, waiving away property tax in Kolkata is just a piece of cake, as Chief Minister proposed a perfect solution for this problem. All you need to do is just give a makeover of your house under the color combination of white and blue and avoid paying property tax, on a permanent note. A good deal for not only the natives, but also for those who are willing to save some money while investing on the real estate forum in Kolkata. Thus, with the growing real estate solution, this comes as a free gift for many, on an unexpected note, thanks to the Governmental aids of this place.

As per the latest news feed from the KMC services, if you succeed in painting the exterior part of your house with this perfect color combinations, you will get the liberty to avoid the property tax, which goes to the governmental funding options. This municipal corporation area is mostly run by Trinamul Congress party, leaded by none other than Mamata Banerjee. The main aim of such a proposal was to wave off the property tax zone, for the year of 2014 and 2015, in case the residential areas are painted in the favorable color combo of the party.

As per the statement from Major in Council, “We are trying to help the people as much as possible, to create a perfect democratic feel. We are now allowing a full time waiver, under the zone of property tax for this year and also the upcoming one with a special formula of house painting option. Any kind of building category, especially the residential areas, need to paint the exterior portion with the help of sky blue and the white color combinations, and this will be the theme color combination of Kolkata. The main aim of our government is to make Kolkata a clean and beautiful city for future use.”

As per the historical law of the MNC act in the year 1980, any kind of law of amendment of the part of the municipal segment must have full consent from the governor of that place, before the law can be passed and follow by the people of that state. Even though there are thousands of questions, which are coming up in this instant, but the moves are stated to create a perfect change in the Kolkata city history. This move is surely going to work for the people of Kolkata, who are willing to save monetary service in any way possible.

Just after coming in power, it has been found out that the CM of Kolkata always focused an interest towards the theme of this city. After different types of thoughtful proceedings, the color combination finally ended under this white and blue color services. However, KMC must not fall behind just after a single move and thus started painting all the other public places, in this same color combo. Some of the areas, or public places, which you will see under this color combination, are guard railings, official premises, flyovers and the bridges areas and there are more to be added, in the list.

HIDCO to impose 10% as penalty each year due to delay in executing projects in Rajarhat New Town

December 17th, 2013

Hidco will impose 10% of the land price as penalty for each year on delay in executing a number of projects on land allotted for commercial purpose in Rajarhat New Town. The authorities took the decision in its latest board meeting where the issue of delay was discussed. According to Hidco chairman-cum-managing director Debashis Sen, “Notices were sent to several such plot owners seeking an explanation for the delay. Plots allotted cannot be left idle for years. It has been decided that the allotees will be charged 10% of the total cost of land for every year of delay”. According to another official, some of the plot owners had sent replies but they were often evasive and unconvincing. Hidco will now seek legal opinion on what could be done in such cases. It was decided earlier that idle plots would be taken back if plot owners failed to cite a proper reason. Officials, however, conceded that this has several legal hassles.

About 25 such plot holders had been identified earlier and the authorities were preparing a list of all such plots. Several plots have been allotted to private organizations in the township for commercial purpose like schools, colleges, hospitals and other institutes. In the past, the government had decided that no plot could be kept idle for more than six months after being allotted. To have ownership on the plots, authorities had also decided that all plots in the township will be given on a lease of 99 years only.

Hidco has allowed commercial plot owners to get additional floor area ratio (FAR) if their plots are located within 250 meters of the Metro line being constructed near the central business district in the township. Those who will seek this additional FAR will be charged a fee ranging from 36% to 67%, depending on the year the plot was allotted. This is to encourage developers to set up their projects quickly.

Source: The Times of India, Kolkata

Centre approved the master plan of NKDA to develop Rajarhat New Town as a Solar City

October 4th, 2013

The New Town Kolkata Development Authority (NKDA) has got approval from the Centre to develop Rajarhat New Town as a solar city. The master plan presented by state government to centre has mentions ways as to how solar and renewable energy can be used in the township. It will be an Rs 400-crore project if all proposals are implemented. A couple of days back, the senior officials of the New Town Kolkata Development Authority (NKDA) presented the masterplan for the Rs 400-crore project before the Ministry of new and renewable energy in New Delhi, where it was approved after being assessed by the central officials. NKDA authorities will now prepare the detailed project reports (DPR) of several projects to develop the township as a solar city and send those to the Centre for approval. The authorities have already prepared 12 such DPRs that will now be worked upon. The masterplan that has been prepared for developing New Town as a solar city mentions ways to reduce the projected energy demand from conventional power sources by following two strategies – one is by use of use of solar and renewable power sources and another is by using more energy efficient devices.

It has a proposal for utilizing the canals flowing through the township by laying solar panels on it. The authorities have also stressed on the use of mentioned of using solar water heaters and rooftop solar panels, replacing standby generators with solar inverters and generating energy from solid waste. The masterplan also includes proposals of using LEDs for lighting, use of star rated air conditioned machines that will consume less electricity and use of motors and fans with energy efficient machines. The authorities are also giving stress on green buildings. Already, they are planning changes working out to bring in necessary changes in the building rules, so that use of solar and renewable energy devices can be encouraged. Besides, they will take up awareness campaigns with the help of eco clubs involving school students. Already, a long stretch of the main arterial road in Action Area I have been lighted up with LED streetlights and more such lights will be installed on various roads in the township. The authorities are working to introduce battery-run three wheelers to run in short route. In February last year, the Ministry had declared New Town as a solar city.

Source: The Times of India

Kolkata will have its own twin towers of the World Trade Center very soon.

August 8th, 2013

 

Kolkata very soon will have World Trade Center (WTC) which once dominated the New York skyline till September 11, 2001. The New York skyline had 110 storeys each where as the Kolkata’s WTC twin towers will have 20 storeys. According to highly placed sources, the chief minister, during the industry enclave meet in Mumbai last week, was approached by the promoters of WTC, Mumbai with a proposal to erect a similar structure in Kolkata. The proposal has been forwarded to the Housing Infrastructure Development Corporation (Hidco), which has already earmarked a plot at the Central Business District (CBD) in Rajarhat’s Action Area II.

According to sources, recently, Hidco authorities held a meeting where the chief planner of Hidco was present to draw up a proposal for setting up a World Trade Centre, possibly on a public-private-partnership (PPP) basis on a prime plot within New Town’s CBD. The Hidco authorities are now working on a common approach to the proposal, officials said. Hidco authorities will now send the proposal back to MVIRDC – the promoters of WTC Mumbai – so that they can take a look at the plot and the surrounding area, if required. Source also says that Hidco are already at work to set up the WTC that will have state-of-the-art infrastructure. The total cost has been pegged at Rs 180 crore. According to plans, it will be 20-storied twin towers for companies that want to set up offices in the financial hub. An estimate of Rs 180 crore was roughly estimated to build these twin towers. Hidco authorities are working to bring in investment to expand the financial hub project.

The authorities have sent applications to hand over seven vacant plots having an area of nearly 14.6 acres of land located in the financial hub in the CBD area. The last date to send applications to get the plots has been fixed as October 9 this year. Already a number of reputed banking institutions have given offers to get plots in the financial hub. Officials said that having a World Trade Centre structure in the same area in CBD where the financial hub is coming up will immensely help in developing the place as a world class business centre.

Source: The Times of India, Kolkata

Bengal Government decided to take back all unused PSE land

April 9th, 2013

As a first step to tackle the land hurdle spoiling industrial growth, the Mamata Banerjee government has decided to release unused land with some state-run public sector enterprises for new industry. It will restructure state public sector enterprises (PSEs) under the industry department, effectively freeing close to 120 acres of prime locations in the first phase by closing two companies and reviving two by selling additional land. The proposal is likely to be charted in the next cabinet meeting. The government had earlier asked PWC to prepare a report on land blocked in closed and ailing private and central public sector units.

According to the sources, close to the development, four sick PSEs have been identified for restructuring namely; National Iron and Steel Company (Nisco), Neo Pipes and Tubes, Lily Biscuit and Electromedical and Allied Industries. Out of 56 state PSEs, the department of public enterprises and industrial reconstruction has 13 under its fold.

It has been learnt that Nisco has over 100 acres of unused land near its factory in Liluah, which will be auctioned. Neo Pipes has around 8-9 acres near Shyamnagar, which will be released once the company is closed. Electromedical and Allied Industries have two units in Salt Lake and Baranagar. The Salt Lake unit will be closed and around 3-4 acres will be released for development of IT industry. According to PSE officials, three state-run PSEs under the industry department namely; Saraswati Press, Mackintosh Burn and West Bengal State Warehousing Corporation are making a net profit while Eastern Distilleries is making cash profit. Saraswati Press registered a net profit of Rs 14 crore in the last fiscal while the WBSWC posted a net profit of Rs 1.5 crore. Eastern had a cash profit of Rs 82 lakh.

According to the state commerce and industries minister, Partha Chatterjee, the government has given one month to all PSEs under the industries department to come out with a plan. He indicated that two loss-making companies namely; Britannia Engineering and Saxby Pharma have been asked to look for private partners for PPP (private-public partnership) mode of operations.