Spread of the realty pie
Post inflation woes, investors community including high net worth individuals (HNWIs) have recently started shifting their focus from investing in high-end properties in Mumbai, Delhi, and, thereby accelerate strong concentration in markets such as Kolkata, Bardhaman, Durgapur, Shiliguri and Haldia in order to buy high rise apartments. As a result, real estate majors are looking at converting factories and bungalows into high rise apartments based in West Bengal, Haldia and the respective markets in Kolkata.
According to Avrajit Kar, vice president — marketing, South City Projects, The number of investors in Kolkata and its suburbs is expected to increase from 20% to 30% within a year as the realty prices in Kolkata are more economical compared to that of other metros, including Mumbai. For instance, an apartment in Baliganj area in Kolkata is priced at Rs 4,000 to Rs 6,000 per sq ft as compared to Rs 10,000 to Rs 15,000 per sq ft in posh Bandra/ Mumbai. As a result of an increasing number of people investing in real estate in Kolkata, Kar added that Kona Expressway area, Bantala area and Rajarhat are going to be the new satellite cities of Kolkata. Besides, Gurgaon, National Capital Region of Delhi, Pune, Hyderabad, Chennai, Bangalore, Goa, Chandigarh are considered growing markets for investors. Mumbai-based K Raheja Property is planning to enter eastern part of India, especially, Kolkata to set up high rise apartments apart from other Tier II and III cities. DLF and Unitech are planning to set up high rise apartments near Kona Expressway, Bantala area and Rajarhat.
Meanwhile, Merlin Group in Kolkata is planning joint ventures, tie-ups for developing properties in Chennai. Besides, Diamond Group, Fort Group in Kolkata too are planning high rise apartments in Kolkata and Chennai. Not only that, Emami Realty is also planning to develop properties down South. Says Ravi Ramu, director, Puravankara Projects, Due to inflationary trends, we are now looking at speeding up development of high rise apartments in the South. With a land bank of over 125 million sq, the group has over 20 mn sq ft residential and commercial space currently under construction. Included in this are on-going residential projects amounting to 18.30 mn sq ft with a total of 11,010 homes. According to industry experts, developers across the country are selling apartments with a by invitation tag, offering super-premium apartments only to ensure that the complex developed by them.
More : financialexpress.com