Kolkata - Real Estate

About Kolkata

Kolkata, the capital of West Bengal and former capital of India, is a commercial, educational and cultural hub of the country and the most important metro in East India. The port of Kolkata is the oldest operating port in the country that was operational even during World War II.

The real estate sector in the city grew by leaps and bounds towards the end of the 20th century with tremendous rise in investments during the same period. As Kolkata is one of the primary metros of India, the real estate sector is lively, with infrastructure projects driving demand in the market.

The city is a benchmark for modernity in India, but it has also retained much of its old world charm. North Kolkata boasts of 19th century architecture and some of the cultural hallmarks of the city. At the same time, there are many businesses and IT hubs throughout the city including Kolkata’s own Software Technology Park.

Stats and Facts

  • According to the provisional results of the 2011 national census, Kolkata Municipal Corporation has a total area of 185 sq. kms. While the total population was almost 4.5 million. This brings the population density to a little over 24,000 people per square kilometre. The total population of the urban agglomeration, which includes the urban and suburban areas, is a little over 14 million.
  • The sex ratio (number of females for each male) of Kolkata is 928 including agglomeration and 899 without agglomeration. The child sex ratio is relatively higher at 946 including agglomeration and 930 without agglomeration.
  • As of 2010, the crime rate in the city was well below the national average of 187.6 crimes per 100,000 at 117.3. This was the lowest crime rate among India’s largest cities.
  • The average literacy rate in the Kolkata metropolitan area is 88.33%, as per the provisional results of the 2011 census. Of this, the male literacy rate is 90.93% and the female literacy rate is 85.53%.
  • Kolkata has the highest number of married women using some form of contraceptive, at 77%, as of the last national family health survey.
  • At $150 billion, the city has the third highest Gross Domestic Product among Indian cities, right behind Mumbai and New Delhi.
  • The first newspaper in India - The Bengal Gazette - started publishing here in the year 1780.
  • Kolkata has a total of 8 sister cities, including Jersey City in the USA, Naples in Italy, and Incheon in South Korea.

     

The Information Technology Sector

  • The IT sector in Kolkata is one of its key economic drivers, and has grown at a rate of up to 70% in 2006, which was double the national average at that time. The main influencer for the IT sector in Kolkata has been West Bengal’s IT policy, which was announced in the year 2000.
  • Sectors III and V in Bidhannagar, otherwise known as Salt Lake City, are the IT hubs of Kolkata and an estimated 1.2 lakh people are employed in the offices located here.
  • Some of the companies that have their offices in the city include Tata Consultancy Services, Deloitte, Capgemini, Genpact, Lexmark, HCL, IBM, and HSBC.

Connectivity

  • The Port of Kolkata is India’s only major river port. The Shipping Corporation of India operates freight services to ports in India and other parts of the world, including Port Blair, the capital of the Andaman and Nicobar islands.
  • Netaji Subhas Chandra Bose International Airport, the largest airport (1670 acres) in Eastern India, connects Kolkata to other cities and countries by air. It is one of the two international airports in West Bengal.
  • The city is part of the largest highway project in India, the Golden Quadrilateral, which connects it to other major cities like Chennai, Delhi, Ahmedabad, Mumbai, and Bengaluru.
  • Howrah and Sealdah are the two major railway stations in the city that connect it to other parts of the country. And the Circular Rail system encircles the whole of Kolkata.
  • National Highway 34 also runs through Kolkata and is 261.5 kms in length.
  • The city’s underground railway system - Kolkata Metro - is India’s oldest underground mass transport system. It runs for a total distance of 25.135 kms and was constructed from 1972 to 2010.
  • Kolkata is the only city in India to have a tram network. The network is administered by the Calcutta Tramways Company and is restricted to certain areas in the city.

Kolkata Civic Administration

  • The Kolkata Municipal Corporation (KMC) oversees the infrastructure development of the city’s wards – a total of 141. These wards are divided among 15 boroughs which have an elected councillor each from among their councillor committees.
  • KMC has a mayor, deputy mayor and ten other elected members through whom all the function is discharged.
  • The KMC takes care of drainage, water supply, sewerage, sanitation, street lighting and solid waste management.
  • Development of the metropolitan areas of the city are taken care of by the Kolkata Metropolitan Development Authority (KMDA).
  • The KMDA comprises of an eleven member board that consists of elected representatives and bureaucrats who are nominated.
  • The day-to-day functions of the KMDA are under the control of the Chief Executive Officer, who is a senior Indian Administrative Services officer.

Kolkata Infrastructure

Kolkata’s infrastructure growth started in the 19th century with emergence of the industrial sector. British companies, thereafter, heavily invested in the city’s infrastructure. The next big spurt in the city’s development was the surge of investments in the year 2000. This led to the establishment of multiple hotels and shopping malls in the city and now Kolkata is one of the infrastructural marvels of the country.

The healthcare infrastructure in Kolkata is worth mentioning as it has 48 government hospitals and over 300 private medical establishments as of 2010. The number of hospital beds for every 10,000 people in the city is above 60 – higher than the national average which is below 10.

Major infrastructure projects in the Kolkata Metropolitan Area are undertaken by KMDA.

Infrastructure Projects

Name Of The Project

Impact Areas

Expected Completion Date

Remarks

Hooghly Riverfront Beautification Project

Hooghly Riverfront Areas

Under Development

An initiative by the state government to restore the former glory of the city’s riverfront.

Trans Municipal Scheme For Drainage Congestion

Khardah, Dum Dum, Panihati

Nearing Completion

This project will clear up drainage congestion in the targeted areas.

Rejuvenation Of Dalhousie Square – Roll Out Phase I

Bow Bazaar, Bow Barracks

Completed

The rejuvenation is an initial phase and the complete beautification of this heritage site is yet to be commissioned.

24x7 Water Supply

All

In Progress – Yet To Be Fully Commissioned

Kolkata has an ongoing infrastructure project for 24x7 water supply throughout the city.

Trans Municipal Solid Waste Management

Bansberia, Bally, Budge Budge, North Barrackpore, Garulia, Kamarhati etc.

In Progress

The solid waste management infrastructure project is for 10 municipal towns in Kolkata, and will greatly increase the quality of life in the city.

Parama Island – Park Circus Flyover

Gobra, Topsia, Tangra, Park Circus, Parama Island

Delayed

This will be the largest flyover in Kolkata, and will significantly clear up traffic afflicted areas once it is complete.

Tallah-palta Dedicated Transmission Main

All areas served by the water supply system

Completed

Increased treated water supply to Tallah Pumping Station from Palta Water Works has improved the water supply conditions in Kolkata.

Kolkata Real Estate Market

  • Year-on-year the Kolkata real estate market has grown by 11%
  • Infrastructure projects like the metro rail have heavily affected the demand for property in Kolkata even affecting per square foot prices.
  • Developers are offering discounts and cash back due to the existence of unsold residential stock.

Key Localities in Kolkata

Localities

Per Sq. Ft. Price – Q3 2013

Rent Per Month For A 2 BHK Apartment

(approx.)

(Figures in 1000 rupees)

Rajarhat

3,510

12

18

EM Bypass

6,008

16

24

Behala

3,660

9.6

14.4

New Town

4,682

11.2

16.8

Narendrapur

3,105

9.6

14.4

Jessore Road

4,053

11.2

16.8

 

Charges by Government Bodies


Property Registration

If sale value is below 25 lakhs:

If sale value is above 25 lakhs:

  • a) 5% Stamp Duty for Panchayat Areas

    b) 6% Stamp Duty for Municipal and Corporation Areas

    c) 1% Registration Charges

    a) 6% Stamp Duty for Panchayat Areas

    b) 7% Stamp Duty for Municipal and Corporation Areas

    c) 1.1% Registration Charges

Property Tax


The property tax in Kolkata is levied by the Kolkata Municipal Corporation. The rates and other charges for property tax are revised regularly and have several tiers.


West Bengal State Electricity Distribution Company Limited


The West Bengal State Electricity Distribution Company Limited (WBSEDCL) gives power to 96% of West Bengal and even supplies it to every sector of the state. This includes ordinary villages as well as huge industrial areas.


Kolkata Water Supply Charges

  • The water supply in Kolkata is taken care by the Kolkata Municipal Corporation.
  • For domestic purposes, the rate is INR 7 per kilo litre.
  • For industrial, commercial and institutional purposes the rate is INR 15 per kilo litre.

Online Payment Facility

Kolkata has an online payment facility for taxes, water supply bills, parking fee etc. It is one among a few such online payment options in India, and can significantly reduce the carbon footprint of the city. This facility is administered by the Kolkata Municipal Corporation.

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