Real estate sector propelling Kolkata’s landscape to new highs

Quite contrary to popular perceptions, Kolkata's commercial real estate market has experienced a notable uptick in the last couple of years, with business parks emerging as the favourite choice. Prominent real estate developers, including Ambuja Neotia Group, Keventer Realty, Srijan Group, PS Group and Signum, among others, are receiving an overwhelming response to their upcoming projects in the city. This surge in demand signals a promising future for Kolkata's commercial landscape. The increasing interest in business park occupancy is driven by a combination of factors, including favourable government policies, a thriving startup ecosystem, and a growing influx of multinational corporations. The introduction of Foreign Direct Investment (FDI) policies and Real Estate Investment Trusts (REITs) has played a pivotal role in transforming the commercial real estate sector across India, including in Bengal. These reforms have opened the floodgates for substantial foreign investments, leading to a significant boost in the sector. Kolkata, once considered a secondary market, is now emerging as a prime destination for business parks, catering to the needs of various industries, from IT and finance to manufacturing and logistics.

The city's strategic location, coupled with improved infrastructure and connectivity, has further enhanced its appeal to investors and companies alike. The rising demand for business parks is also fueled by the modern amenities these projects offer, which are transforming the realty market. Keventer One, for instance, will feature the first helipad of its kind in eastern India, catering to high-end corporate clients. Other amenities like state-of-the-art business clubs, sufficient parking space and modern office designs are becoming key attractions for businesses looking to establish or expand their presence in Kolkata. These facilities not only enhance the functionality of the spaces but also contribute to creating an environment that is conducive for productivity and innovation. Little wonder that leading realty players are of the view that Kolkata's commercial real estate is evolving rapidly, positioning the city as a rising commercial hub. The growing demand for business parks highlights the city's potential. Realty players seem committed to delivering innovative spaces that meet the needs of modern businesses and contribute to Kolkata's development.

With a number of iconic projects various developers are setting new industry standards and driving economic progress. Among the new developments, Ambuja Neotia Group is making headlines with its forthcoming business park, Ecospace Business Towers, which will feature a super built-up area of around 4.50 lakh square feet. Ecospace Business Towers is designed to cater to the evolving needs of modern businesses. Such projects will set new benchmarks for the city’s commercial real estate sector. Similarly, the state-of-the-art Intellia Business Park also aims at providing world-class infrastructure for businesses. Real estate biggies are capitalising on this growing demand by launching ultra-modern business parks that offer modern amenities, flexible workspaces, and sustainable design. The rise in occupancy rates reflects the confidence that businesses have in Kolkata's potential as a commercial hub. Developers will now have to keep this new trend and the momentum going.