After the challenging times brought about by the pandemic, the commercial real estate sector in Kolkata is experiencing a remarkable resurgence in 2023. Many businesses are reopening their doors, and numerous companies are establishing new offices in the city. The trends in the commercial real estate market in Kolkata are on the rise, reflecting the optimism and growth expected in the coming years.
Understanding the Commercial Real Estate Market
Commercial real estate property comprises land or buildings used exclusively for business or commercial purposes. Owners typically sell, rent, or lease these properties to generate income. The commercial real estate market encompasses a wide spectrum of property types, including small retail spaces, shopping malls, office buildings, and food courts. Whether you’re seeking the ideal office space to launch your business or considering leasing commercial property for investment, all such business activities fall within the commercial real estate market.
Commercial Real Estate Trends Overview
Kolkata’s commercial trends are closely linked to India’s commercial market. Projections for the period 2022-2027 indicate that India’s commercial real estate market is expected to grow at a Compound Annual Growth Rate (CAGR) of 13%. While the work-from-home (WFH) culture emerged during the COVID-19 pandemic, it did have a short-term impact on India’s commercial real estate trends. In Kolkata, the commercial real estate space is primarily occupied by IT/ITeS companies.
According to JLL India’s report, all IT/ITeS industries in Kolkata are classified as ‘A’ Grade building office properties. Experts predict that Kolkata’s commercial real estate market will experience a substantial rise of 40–42% in 2023, thanks to the state government’s commitment to infrastructure development. The growth of commercial property in Kolkata is also intertwined with transport infrastructure, and the West Bengal government has undertaken various metro projects to enhance connectivity across the city.
Kolkata, as a significant metropolitan hub, offers efficient travel connectivity and has seen extensive development in the office space market, making it an attractive option for real estate investors interested in the commercial sector.
Determining Property Market Value in Kolkata
To ascertain the market value of a commercial or residential property in Kolkata, several steps are involved:
- Visit the West Bengal property valuation website.
- Select “Market Value of Land.”
- Choose from the dropdown list options, including District, Local Body, Thana Road, Mouza, Ward Number, Road Zone, Premises Number, Jurisdiction, and Local Body Name.
- Enter details like Plot Number, Khatian Number, Proposed Land Use, Nature of Land, Area of Land, and other relevant information.
- Complete the process by selecting “Display Market Value,” and the property’s market value will appear in the left corner of the page.
Commercial Real Estate Market Trends in Kolkata
If you’re considering investing in commercial real estate property in Kolkata, it’s crucial to be aware of the most promising areas. Here are some of the trending commercial real estate zones in the city:
EM Bypass, Park Circus, South Kolkata:
The Eastern Metropolitan Bypass (EM Bypass) is a significant 32 km road on the east side of Kolkata, closely connected to Park Circus. This area serves as a major link to Saltlake and Newtown, making it highly sought after for commercial real estate.
New Town, East Kolkata:
New Town is another prominent IT hub in Kolkata, following Salt Lake. Most commercial properties here are high-rise buildings with several office spaces on each floor. With efficient metro connections and the presence of multinational companies, New Town offers excellent investment opportunities.
AJC Bose Road, North Kolkata:
North Kolkata remains a top-rated commercial area with a rich heritage of commercial industries. AJC Bose Road, connected to Sealdah, Victoria, Shyambazar, and Rabindra Sadan.
Rajarhat, East Kolkata:
Rajarhat is a bustling commercial district offering a versatile range of commercial properties, catering to startups and established industries alike.
In Conclusion
Kolkata’s commercial real estate property sector is flourishing, driven by the government’s efforts to attract international companies to the city for business expansion. As demand for commercial property rises, the city’s infrastructure and connectivity improvements make it an attractive destination for real estate investments. Kolkata is a metropolitan city that combines allure and promise for savvy real estate investors, making it a city of growth and opportunity. For more information, reach out to reputed experts like GLS Realty, your trusted real estate property developer in Newtown Kolkata.
