TIME HAS COME FOR REAL ESTATE SECTOR TO TAKE-OFF

Being part of the IT infrastructure in Kolkata, I have seen the challenges of the last decade and am now also the witness to almost 70 per cent of the ready inventories being leased out in just 12 months.

Covid has played a big role as far as the IT industry development in Kolkata is concerned. We started building IT infrastructure in 2000 to tap and retain the talent available in the state. From 2000 to 2010 it worked very well, but then gradually IT companies started shifting to Pune, Hyderabad, Bengaluru. However, it was during the pandemic that most of the IT professionals moved back to their homes.

Many IT companies too opened campuses in Kolkata given the cost factor. And many industries which have a big presence in India, have now opened large offices in Kolkata. I believe, we will see shortage of commercial space by the end of this year in Kolkata, given that most of the ready inventories are occupied and new developments will take 3-4 year to be ready.

There is a growing popularity of co-working and fully-serviced offices in place of a bare shell space. Huge investments are being made in the warehousing segment and there is a big potential in the senior living, co-living and student housing.

Another evolving segment is that of healthcare. Many healthcare chains want to establish hospitals in Kolkata and they are looking for real-estate partners to give built-to-suit buildings. With varied models of real estate asset classes emerging, there is a huge opportunity for the organized, professional developers. Trust is coming back to the system and the time has come to take off.

In the last one year at least 2 million square feet has been leased and sold to IT companies which may not be as big as Bengaluru, Pune or Hyderabad but is an achievement for Kolkata.