After the Pandemic, commercial real estate property has enhanced business. In 2023, many businesses have reopen, and many companies have launched their new offices in Kolkata.
If we look at the report on commercial real estate trends in Kolkata, we can see that the graph is going to the top. According to the Real Estate marketer, this 2023 year should be very exciting. “…The real estate sector is going to continue on its journey of long term growth as we see a continuous rise in GDP per capita, larger disposable incomes, growing urbanization and most of all a larger focus of the world on us as the next big economy.“
This blog will discuss commercial real estate property and its trends in Kolkata 2023. So, start with the commercial real estate market.
What Is The Commercial Real Estate Market?
Commercial real estate property is the land or building that is only used for commercial or business-related work. Mostly, owners sell plots or rent/lease to generate income.
Commercial property can cover a vast range of categories from a small store area to a shopping mall. However, inventory areas, showrooms, office buildings, food courts– everything is under the commercial real estate property.
If you are looking for the perfect office tower where you can launch your new office or you may want to conduct business by leasing the commercial property. All these business activities are considered commercial real estate market.
Commercial Real Estate Trend Overview
Commercial real estate trends in Kolkata are interconnected with India’s commercial market. During the projection period 2022-2027, the commercial real estate market in India is expected to expand by 13% at a Compound Annual Growth Rate (CAGR).
We all know, during the Covid-19 period, WFH (work-from-home) culture emerged. And, this had a short-term effect on India’s commercial real estate trend. Now, you may ask what are real estate trends in Kolkata? Well, Kolkata’s real estate commercial space is majorly occupied by IT/ITeS companies.
As per the report of JLL India, Kolkata’s all IT/ ITeS industries belong to the ‘A’ Grade building office property market in Kolkata. Additionally, experts predict that Kolkata’s commercial real estate market would rise by 40–42% in 2023, due to the state government’s push for infrastructure. Commercial property also depends on the transport infrastructure. In that case, the West Bengal government created different metro projects to connect east-west and north-south Kolkata.
However, Kolkata is another significant metropolitan city and hub of development, because of its efficient travel connectivity and extensive development in the office space market. All these features make Kolkata a beneficial investment option for investors (commercial real estate).
How To Find Market Value Of Property In Kolkata?
To get the market value of the commercial property or residential property, you have to go through a few processes. They are-
- Open the website of West Bengal property valuation.
- Click on the “market value of land.”
- Select the drop-down list.
- Fill in the details such as – District, Local Body, Thana Road, Mouza, Ward Number, Road Zone, Premises Number, Jurisdiction, and Local Body Name.
- Enter the details for the Plot Number and Khatian Number.
- Select Proposed Land Use, Nature of Land, Area of Land, Is the property on Road?, Adjacent to Metal Road, Litigated Property.
- Select “type the characters shown.”
- Next go for “Display Market Value”
- Now, the market value of property will show on the left corner of the page.
In this way, you can follow to find out the commercial value of the exact area in Kolkata.
Commercial Real Estate Market Trends In Kolkata
If you are thinking of investing money in commercial real estate property in Kolkata, then read this section before taking the first step. Here are the most trending commercial real estate areas where every business man wants to have property.
EM Bypass, Park Circus, South Kolkata
EM Bypass (Eastern Metropolitan Bypass) is a 32 Km major road on the east side of Kolkata. And Park Circus placed aside EM Bypass. This road is a major link to Saltlake and NewTown. Plus, Park Circus and Sealdah railway station are just 10 minutes from EM bypass.
This is the main reason, commercial real estate property has high demand in Park Circus. Looking for an office place? Intellia, Srijan Realty is a platinum-rated largest commercial property.
- New Town, East Kolkata
After Secor V, Salt Lake, New Town is another IT hub in Kolkata. Here, each commercial real estate property has a minimum of 20 floors. Plus, each floor has the capacity of 5 to 6 office places. Here the metro project is running. Due to efficient connections and MNC companies there, New Town, east Kolkata is a good option for investment.
- AJC Bose Road, North Kolkata
North Kolkata is always the top-rated commercial area in Kolkata. It has been seen that north Kolkata has a heritage of commercial industries. This road is connected with Sealdah, Victoria, Shyambazar, and Rabindra Sadan.
Logos is another project of Srijan. This property is situated on the main road at the AJC Bose Road. It is ‘A’ grade exclusive business property.
- Rajarhat, East Kolkata
Rajarhat, East Kolkata is another busiest office para in Kolkata. A commercial office is available in this place. From start-up businesses to industries, Rajarhat offers a versatile range of commercial property to real estate investors.
Commercial real estate property in Kolkata is very promising and developing because the government of West Bengal started to welcome many international companies to Kolkata for business. In this way, many placements will rise as well as increase the demand for commercial property.
Hence, Kolkata metropolitan city is attractive and effective for real estate investment. Contact with reputed real estate industry Srijan Realty for further details.