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Our Bureau

Kolkata, Sept. 13 The rate of increase in the rentals of commercial real estate in Kolkata, during the second quarter of 2007, has remained stable compared to the previous two quarters, according to a survey by DTZ, a global property advisory firm.

“The increase in rental values in the CBD (Central Business District) and SBD (Secondary Business District) has been consistent to those in the last quarter. These areas primarily cater to the small and medium office space requirements for sectors such as banking and insurance. These regions have displayed rentals of about Rs 60-72 per sq ft per month,” the report said. Rentals in Salt Lake and New Town (Rajarhat) have been steady with rates ranging from Rs 45-50 per sq ft per month.

The increase in supply with relatively low absorption rates might result in over supply in the short-term in the PBD (Peripheral Business District) areas, which include New Town (Rajarhat) and Salt Lake.

On the contrary, rentals in CBD and SBD might rise due to limited scope of supply and a rising demand for commercial spaces in these regions.

The demand for commercial real estate in the city is being created by the IT/ITES sector, which accounts for over 80 per cent of the absorption. Large developments that are in the pipeline include TCG Techna (1.7 million sq ft ), Technopolis II (one million sq ft ), Infinity Waterside (0.53 million sq ft) and The Hub (0.2 million sq ft). Areas such as Park Circus, adjoining the EM Bypass, are emerging as alternative options for non-IT companies.

More Stories on : Real Estate & Construction | West Bengal

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