City of Joy

Kolkata is the capital of the Indian state of West Bengal. As of 2011, the city had 4.5 million residents; the urban agglomeration, which comprises the city and its suburbs, was home to approximately 14.1 million, making it the third-most populous metropolitan area in India.

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Kolkata, a city with a regal past is also the city with a radiant future ahead of it. Located on the bank of Hooghly river, the city is the largest commercial and educational hub in the eastern part of the country. The “Cultural Capital of India” is now fast emerging as a hub for Information Technology, Real Estate, Financial Consultancies, and Hospitality Industry.


India's GDP growth for the third quarter of FY2015–16 slowed down to 7.3% from 7.7% in the previous quarter. Growth in the construction sector was witnessed at 4.0% during the third quarter, up from the 1.2% growth in the previous quarter. The government, in its Union Budget 2016–17, exempted the Dividend Distribution Tax (DDT) for Special Purpose Vehicles (SPVs) of Real Estate Investment Trusts (REITs), which will make REITs more attractive in the real estate sector. The Parliament recently passed the Real Estate (Regulation and Development) Bill 2015, which is expected to create a uniform regulatory environment and bring transparency to the sector, thereby giving a boost to investments into the sector.

Deferment ofsupply, decline in absorption

Grade A supply during the first quarter of 2016 was noted at 486,700 square feet (sf), witnessing a significant decline of 65% over the previous quarter. This was primarily due to the deferment of two large projects coupled with one phase of an Information Technology –Special Economic Zone (IT-SEZ) project put on hold due to low demand and lack of pre-commitments. Salt Lake submarket continued to constitute the majority (73%) share in total Grade A supply noted during the quarter. Nearly 82% of the Grade A supply was IT developments while the remaining was commercial office developments.

Grade A net absorption during the first quarter of 2016declined by nearly half (48%) from the previous quarter to 136,400 sf. Salt Lake accounted for the majority (85%) of the total Grade A net absorption. The Information Technology and Information Technology enabled Services (IT-ITeS) sector continued to account for the majority(36%) of the total Grade A leasing activityduring the quarter, followed by the manufacturingsector with its shareincreasing to 17% from 5% a quarter ago. Infusion of new supply and low absorption led to an increase in Grade A vacancy level which was noted at 43.2%, about 0.7 percentage point higher than the previous quarter. The weighted average rents in Grade A developments declined in most submarkets during the quarter and ranged between 0.4 to 0.9 percentage points.


The second quarter is likely to witness approximately 1.3msfof Grade A supply, concentrated in Rajarhatsubmarket constituting of IT developments. This is likely to increase the vacancy levels in the submarket.

Rental values across submarkets are expected to continue to be under pressure due to elevated vacancy levels and demand supply mismatch.


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  • Per Captia income Per Captia income$4,036
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