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City Beat: Kolkata Port Trust To Lease Premium Land For Residential Townships

City Beat: Kolkata Port Trust To Lease Premium Land For Residential Townships

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In a good news for developers eyeing Kolkata's emerging real estate market, the Kolkata Port Trust plans to lease out premium land in the city for residential townships. The land will be leased for up to 99 years. The bids for the land parcels, a total of 420 acres, will be invited after the Union Cabinet clears the proposal in next two to three months. The townships to be developed here will be on a Public-Private Partnership (PPP) basis.
So, all the luxury lovers can now have a home at Kolkata's premium location, including, Portland Park , Chetla, Remount Road and near the Howrah bridge.

In another development, authorities have decided to develop Salt Lake City as a green city. Earlier, the city was to submit a proposal to be developed as a smart city but it later decided not to be in the race. The reason behind this is that the state finds itself fit to spend Rs 500 crore to develop a green city without any Central help. Under the new proposal, the state plans to develop a green city with global facilities. The government further plans to ask other municipalities to join its Green City project.

Now some commercial real estate news. The City of Joy, according a latest reports, has witnessed a sluggish growth in office space, with 42 per cent of developed spaces lying vacant. This totals up to 21.4 million sq ft of office spaces in areas, including EM Bypass, Ballygunge Park Road and Loudon Street. While not many see Kolkata as a hub to grow business, some put forth lack of modern amenities as a reason for the vacant office spaces. This disparity in demand and supply has discouraged developers here.

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