While land prices are apparently keeping away certain information technology giants from investing in Kolkata, property consultants Jones Lang LaSalle think that the city is still the best bet to invest in for large properties, due to lower asset prices compared to other Indian metros.

While property rentals in Delhi or Gurgaon range between Rs 65 to Rs 70 per square foot and in Chennai, the same goes for Rs 40 to Rs 55 a square foot, rentals in Kolkata range between Rs 30 to Rs 35 for the same area, offering a cost advantage of between 10 to 15 per cent to investors said Vincent Lottefier, country head, India, JLL.

According to information made available by JLL, foreign investors are queuing up for investments in mixed used projects in India and up to 40 per cent of these investors are eager to invest in properties in Kolkata, taking into account the fact that foreign real estate investors look at a project return of 20 to 25 per cent.

JLL is currently advising occupiers for 600,000 square feet of office space in Kolkata, with most clients coming under the banking or information technology sectors. However, the amount of property advised on behalf of occupiers in Delhi by JLL is 1.7 million square feet. In Kolkata, JLL would like to double the amount of office space advised by them.

-Business Standard
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  • Kolkata gears up for significant growth in Realty


    The prestigious by Jones Lang LaSalle award comes at the right time and Kolkata gears up for significant growth in Realty.

    The present work force in Kolkata is highly literate and well equipped with the latest trends and technologies. According to the report published by Jones Lang LaSalle, one of the world’s leading real estate services firms, Kolkata is the winner for the Emerging City Winners Profiles. "Emerging City Winners" is Phase IV of the Jones Lang LaSalle’s World Winning Cities Research, a multi-year program which draws together the essence of contemporary city competitiveness. World Winning Cities Research examines trends that impact the business and economic landscape, and how these factors encourage the rising of the next major urban hub. The research aims to identify the winners and losers among the emerging BRIC cities in India, China, Russia and Brazil.

    The expanding corporate business is responsible for the growth in per capita income and encouraging the real estate scenario in Kolkata. The city provides a positive environment for new and existing corporate business.
    Kolkata’s real estate market is on the verge of transformation, and property will play a pivotal role in the city’s persisting change. All real estate sectors have significant potential. The growing IT/ITES sector will lead to a significant expansion in the office sector. Kolkata residential market is expanding thanks to its large population with rising disposable incomes and hotel demand is being boosted by corporate business and tourism. The Kolkata real estate market is now on top priority of leading national and international developers, all keen to participate in Kolkata’s increasingly dynamic real estate market.
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