Kolkata Report - ICICI Home Finance

A reflection of the
Kolkata Residential Property market
February 2010

Vidyasagar Setu
Popularly known as the second Hooghly Bridge, it is one of
the longest bridges of its type in India and one of the longest in Asia.

The intellectual and
cultural capital of India,
Kolkata is the perfect
blend of a historical past and
contemporary developments.
It's a compelling city of
vivid contrasts. Past and
present are woven into a rich
tapestry of life that's quite captivating.
And today, Kolkata has
grown to be the business,
commercial, and financial hub of East India.
In this light, we present the
Kolkata
Residential Real Estate
guide – an intensive study on the vast
realty opportunities that the city has to offer.

Kolkata: A Fact File
Kolkata is the capital of the Indian state of West Bengal.
It is located in eastern India on the east bank of the
River Hooghly.
In the 17th century, Job Charnock came to the banks of
the river Hooghly and took the lease of three large
villages - Sutanuti, Govindapur and Kolikata (Calcutta)
to establish British East India Company in the Bengal
region. The sites were carefully selected which were
covered by river Hooghly on the west and Salt Lake on
the east. The selection of sites was very important due
to the presence of a river. The villages were bought
from the land lords and the company was given the
right to carry on its trade with full autonomy by the
Mughal emperors with an annual premium of three
thousand rupees.
Before the British rule, Kolkata was a small village
and the capital of Bengal was Murshidabad which is
situated at a distance of 60 miles from the present city.
Calcutta was captured in the year 1757 by Robert
Clive by defeating Siraj-Ud-Daullah in the battle
of Plassey.
During the time of British rule in India, Kolkata played a
key role in both political and cultural reformation.
Eminent personalities like Subhash Chandra Bose,
Rabindra Nath Tagore, Swami Vivekananda, had
chosen this place as their 'Karma Bhoomi'. Till 1912,
Calcutta was the capital of India, housing important
establishments like the Supreme Court. The capital was
then shifted to Delhi and the city became the capital of
West Bengal.
Administrative Framework & Population
Kolkata city, under the jurisdiction of the Kolkata
Municipal Corporation (KMC), has an area of around
185 sq. kms. housing a population of more than
4.5 million (census 2001). The area under KMC is
divided into 141 administrative wards.
Infrastructure
Road: Buses are the preferred mode of transport and are
run by both government agencies and private operators.
Kolkata is India's only city to have a tram network,
operated by Calcutta Tramways Company. Other forms
of public transport include taxis, auto rickshaws, cycle
rickshaws and also hand-pulled rickshaws which are
patronised by the public for short distances.
Kolkata is also known worldwide for its many bridges
that link the city to its sister city of Howrah, some of them
are Howrah Bridge (Rabindra Setu), Vidyasagar Setu,
Vivekananda Setu, Nivedita Setu, and Jubilee Bridge.
Rail: The Kolkata Suburban Railway connects various
parts of the city, suburbs and the nearby districts. The
Kolkata Suburban Railway connects the city to the
North 24 Parganas, South 24 Parganas, Nadia, Howrah
and Hooghly districts, just to name a few.
Major railway terminals of the city include Howrah
Station and Sealdah. Another terminal station named
'Kolkata' was launched at Chitpur, in early 2006. The city
is the headquarters of two divisions of the Indian
Railways - Eastern Railway and South Eastern Railway.
2

The Kolkata Metro is the oldest underground rapid
transport system in India. It spans the north-south
length of the city covering a distance of 16.45 kms. The
metro rail network has its terminus at Dum Dum in the
north and presently operates upto Garia in the south.
Airport: The city's sole airport, the Netaji Subhash
Chandra Bose International Airport at Dum Dum to
the north of the city, operates both domestic and
international flights.
Sea route: Kolkata is also a major port in eastern India.
The Kolkata Port Trust manages both the Kolkata docks
and the Haldia docks. There are passenger services to
Port Blair in the Andaman and Nicobar Islands and
cargo ship services to various ports in India and abroad,
operated by the Shipping Corporation of India. Also
there are ferry services connecting Kolkata with its twin
city of Howrah.
SEZ Update
Sr.
No.
1.
2.
3.
4.
Details of the SEZs (Special Economic Zones) located in Kolkata are tabulated as below:
Area
Name Location Type Status
(in hectares)
Bata India Ltd.
Bengal Shapoorji Developers
Pvt. Ltd.
South 24
Parganas
IT 10.11
New Town IT/ITES 20.23
Under
Construction
Under
Construction
- DLF Ltd. Rajarhat IT/ITES 10.48 Ready
M.L. Dalmiya and Company Ltd.
5. Oval Developers Pvt. Ltd.
6.
7.
South 24
Parganas
South 24
Parganas
IT/ITES 48.56
Electronics
hardware & software
Tata Consultancy Services Ltd. New Town IT/ITES 16.19
Under
Construction
11.78 N.A.
Under
Construction
Unitech Hi-tech Structures Ltd. Rajarhat IT/ITES 19.58 Ready
8.
Wipro SEZ Salt Lake IT/ITES 6.47 Operational
Source: Ministry of Commerce & Industry, Dept. of Commerce
3

Major Locations within Kolkata
BT Road
Belg haria
Expressway
Dum Dum
International
Airport
Salkia
Dobson Rd
(Howrah)
Sinthimore
Paikpara
Jessore Road
Lake Town
Hooghly
River
VIP Road
Rajarhat
Kona
Expressway
Shibpur
Park Street
EM
Bypass
Salt Lake
Camac Street
Loudon Street
Alipore
Theatre
Road
Ballygung
Behala
Jodhpur
Park
Dhakuria
Jadavpur
Joka
Tollygung
Bansdroni
Santoshpur
Garia
East
West
North
South
Central
Note: Map not to scale and is for illustration purposes only.
4

Organised Retail Development
Presently, Kolkata has nine operational malls spanning
over 3.2 million sq. ft. distributed between the East (5
malls) and the South Zone (4 malls). Over the next two
years, over 5.1 million sq. ft. of additional mall space is
expected to enter Kolkata.
Kolkata Mall Space Distribution
4.5
4.0
Mall Space in Million sq. ft.
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
East South West North Central
Operational
Proposed/Under Construction
5

Details of mall space in
Kolkata are tabulated below:
Sr.
No.
Mall Name
Location
Zone
Area in sq. ft.
(Approx.)
Status
1 Block by Block Rajarhat East 170,000 Operational
2 City Centre Salt Lake East 400,000 Operational
3 City Centre Rajarhat East 500,000 Operational
4 Downtown Mall Salt Lake, Sec-3 East 187,000 Operational
5 Forum Mall Elgin Road South 125,000 Operational
6 Homeland Bhawanipur South 103,000 Operational
7 Mani Square EM Bypass East 600,000 Operational
8 Metropolis Garia South 141,000 Operational
9 South City
Prince Anwar
Shah Road
South 1,000,000 Operational
10
Axis Mall
(Blk A, B & C)
Rajarhat
Rashbehari - Ruby East 500,000
Completed but not
operational
11 Acropolis Connector South 300,000 Under construction
12 Avani Europa Jessore Road North 450,000 Under construction
6

Sr.
No.
Mall Name
Location
Zone
Area in sq. ft.
(Approx.)
Status
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Avani Renaissance Thakurpukur South 450,000 Under construction
Avani Riverside mall Howrah West 500,000 Under construction
Barnaparichay College Street Central 120,000 Under construction
Conventional Centre Rajarhat East 300,000 Under construction
Courtyard Elgin Road South 40,000 Under construction
Gateway Kona Expressway West 300,000 Under construction
Heritage Strand Road Central 500,000 Under construction
Lake Mall Lake Market South 250,000 Under construction
Ozone Mall EM Bypass East 150,000 Under construction
Ozone Mall Madhyamgram North 200,000 Under construction
The Terminus Rajarhat East 550,000 Under construction
Downtown Mall Rajarhat East 500,000 Proposed
Howrah Mall Howrah West 450,000 Proposed
Sethia's Mall Dum Dum Nagar Bazaar North 50,000 Proposed
Source: ICICI Property Services
7

Supply of Residential Units coming up by December 2012
Kolkata would experience residential supply of around 23200 units spread over 28.67 million sq. ft. by Dec. 2012.
East zone and South zone combined together would witness around 70% of this residential development.
Zone
North
South
East
West
Central
Apartment Type
Avg Area of flat
(in sq. ft.)
2 BHK
900
3 BHK
1240
Sub total (North Kolkata)
No. of Units
2728
1577
4305
2 BHK 950
4325
3 BHK 1350
2558
4 BHK & above 2200
826
Sub total (South Kolkata)
7709
1 BHK 413
481
2 & 2.5 BHK 1100
3133
3 BHK 1393
3046
4 BHK & above 2245
1214
Sub total (East Kolkata)
7874
2 BHK 1086
1500
3 BHK 1398
1400
4 BHK & above 2197
200
Sub total (West Kolkata)
3100
2 BHK
995
3 BHK
1410
Sub total (Central Kolkata)
150
68
218
Total Upcoming Residential Supply in Kolkata by Dec 2012 23206
Source: ICICI Property services
Note: The above represents some of the key developments and not the universe.
Total Area
(in mn sq. ft.)
2.46
1.96
4.41
4.11
3.45
1.82
9.38
0.20
3.45
4.24
2.73
10.61
1.67
1.96
0.44
4.03
0.15
0.10
0.25
28.67
8

Distribution of residential supply
(no. of residential units) in the pipeline across Kolkata
13%
1%
19%
North
South
East
West
34%
33%
Central
Source: ICICI Property Services
Note: The above represents some of the key developments and not the universe.
9

Belgharia Expressway
A new high speed freeway that connects Kolkata Airport
directly to the Mumbai Road and Delhi Road.

North Kolkata
Major Locations: BT Road, Dum Dum, Jessore Road,
Lake Town, Paik Para, Sinthimore and VIP Road.
• North Kolkata serves as a major check point to the
city as it houses key transport hubs like the Netaji
Subhash Chandra Bose International Airport (formerly
known as Dum Dum Airport) and the subway terminal.
• Connectivity is being improved further with the
KMDA developing Barrackpore-Dum Dum Expressway
and the PWD having undertaken projects for widening
of Jessore Road, widening and strengthening of
B. T. Road.
• Dum Dum also serves as the terminal for the Kolkata
metro railway in the north.
• Recently it was announced that the metro railway
services would be extended to Dakshineswar and the
project is currently in the planning stage.
• This region houses several factories of jute milling,
tannery, iron & steel rolling, glass, soaps, etc.
• The Fortune Group has their ongoing project
'Fortune Township' at Barasat which plans to house over
560 units with in-complex leisure facilities like
swimming pool, Jacuzzi, air-conditioned community
hall, gymnasium, gaming room, etc.
• Other prime developers in this region include Avani,
Daffodil, Diamond Group, Godrej Properties, Prasad
Group, Shrachi, Space Group, and others.
Residential Market in North Kolkata
Average Apartment Size of 2 BHK (in sq. ft.)
Average Apartment Size of 3 BHK (in sq. . ft.)
Total Supply (in mn. sq. ft.) by Dec. 2012
Total Supply (in no. of units) by Dec. 2012 .
900
1240
4.41
4305
Source: ICICI Property Services
11

Distribution of Residential Supply
as per Apartment Type: North Kolkata
3 BHK
37%
2 BHK
63%
Source: ICICI Property Services
Some of the Residential Projects in North Kolkata
Project
Developer
Capital Values
(Rs. / sq. ft.)
No. of
Units
Expected
Completion
Residency
Space
1900
260
2012
Exotica
Prasad Group
3100
480
2012
Diamond City
North
Diamond
3001
1004
2011
Shrachi
-
Lakewoods
Shrachi
2600-2700
110
2010
Daffodil La
Bella
Daffodil
2400
40
2011
Avani
Oxford
Avani
3500
482
2010
Source: ICICI Property Services
12

Residential Property Rates in prime residential markets of North Kolkata
Location
Average Capital
Values (Rs./sq. ft.)
Rentals for 2 BHK
(Rs./month)
Outlook
VIP Road
2000-3000
6000
R
Jessore Road
2000-2500
5000
R
Dum Dum
1100-1400
4500
S
Lake Town
2500-3000
7000
S
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
300
Property Price Movement Index
Property Price Movement Index: North Kolkata
250
200
150
100
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
VIP Road Jessore Road Dum Dum Lake Town Sinthi More Paik Para
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05)
13

Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
North Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
North Kolkata
250
200
150
100
50
0
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
North (A)
North (R&L)
Above chart depicts that the wide gap between the actual property price points and the real & logical prices in North
Kolkata has almost remained constant over the years.
14

Kalighat Temple
Dedicated to the Goddess Kali,
it is one of the 51 Shakti Peethas.

South Kolkata
Major locations: Alipore, Ballygunj, Bansdroni, Behala,
Garia, Jadavpur, Jodhpur Park, Joka, Narendrapur,
Santoshpur, Tollygunj
• Southern Kolkata is predominantly a residential area.
• Alipore along with Ballygunj & Tollygunj are amongst
the most exclusive and posh locales of Kolkata.
• Tollywood, the centre of the Bengali film industry,
is at Tollygunj.
• This region is home to some of the better
educational institutions in Kolkata.
• National Library, Zoological Garden, Birla Industrial
and Technological Museum, Indian Association for the
Cultivation of Sciences, Royal Calcutta Golf Club,
Tollygunj Golf Club, Kali Temple, etc., are some of
the important tourist places in the southern precincts of
the city.
• The famous Ramkrishna Mission Ashrama is
situated at Narendapur.
• The South 24-Parganas district headquarters is
proposed to be shifted to Baruipur, post which the
area development should spread from Narendrapur
to Baruipur.
• The southern regions are linked to central and
eastern regions by well established network of roads.
• Kolkata metro's much awaited new extended service, a
5.8 km link between Tollygunj and Garia was inaugurated
in August 2009. The new service is expected to ease out
the traffic in the south suburban section of Kolkata.
• Lakegardens Flyover has contributed to easing of
traffic in Golfgreen, Tollygunj and Lake Gardens which
has significantly benefited this region.
• This region also houses the 'South City Mall' at Prince
Anwar Shah Road, which is said to be one of the largest
malls in eastern India. The mall is spread over one
million sq. ft. and has around 130 outlets distributed
across five levels.
• Diamond Group has its ongoing residential project
'Diamond Residency' at Behala, which offers 2 & 3 BHK
apartments along with premium amenities.
• Sherwood Estate, a residential project by Heritage
Group, is spread on 15 acres at Narendrapur and is
strategically located as it is in close proximity with the
proposed eight lane express E M bypass and the Garia
Metro station.
• Some of the key developers in this region include
Belani Group, Calcutta Metropolitan Group, Shrachi,
Diamond Group, Forum, Heritage Group, Ideal, Mayfair,
Merlin Group, Mani Group, Park Chambers, PS Group,
South City and others.
16

Residential Market in South Kolkata
Average Apartment Size of 2 BHK (in sq. ft.) 950
Average Apartment Size of 3 BHK (in sq. ft.) 1350
Total Supply (in mn. sq. ft.) by Dec. 2012 9.38
Total Supply (in no. of units) by Dec. 2012 7709
Source: ICICI Property Services
Distribution of Residential Supply
as per Apartment Type: South Kolkata
4 BHK & above
11%
3 BHK
33%
2 BHK
56%
Source: ICICI Property Services
Some of the Residential Projects in South Kolkata
Project
Developer
Capital Values
(Rs. / sq. ft.)
No. of
Units
Expected
Completion
DC South
Diamond
3251
60
2011
Jubilee Park
PS Group
3200
111
2011
Srijan Heritage Park - II
Heritage
4600
74
2012
Sherwood Estates
Heritage
2150
1000
2011
Sherwood Elite
Heritage
2150
76
2011
Sunny Valley
Starlite
1900
90
2012
South City Projects
Southcity
4600
1600
Ready
South City Gardens
Southcity
3100
608
Ready
Mayfair Greens
Mayfair
1900
126
Ready
Source: ICICI Property Services
17

Residential Property Rates in prime residential markets of South Kolkata
Location
Average Capital
Values (Rs./sq. ft.)
Rentals for 2 BHK
(Rs./month)
Outlook
Ballygunj
7000-15000
20000
R
Jodhpur Park
3500-4500
15000
R
Santoshpur
2000-2500
7000
R
Garia
1500-2000
5000
R
Tollygunj
2000-3000
7000
R
Behala
1400-2000
4000
SS
Alipore
8000-12000
20000
SS
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
Property Price Movement Index
300
Property Price Movement Index: South Kolkata
250
200
150
100
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Ballygunge Jodhpur Park Jadavpur Santoshpur Garia Tollygunge
Bansdroni Joka Alipore Behala
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for March 2005)
18

Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
South Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
South Kolkata
250
200
150
100
50
0
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
South (A)
South (R&L)
It is evident from the above chart that, over the years, the property prices in south Kolkata have risen more than
proportionately than the rise in the real & logical prices.
19

Vivekananda Setu
Also called Bally Bridge, it is a multi-span steel bridge
that links Howrah to its twin city of Kolkata, at Dakshineswar.
10

East Kolkata
Major locations: EM Bypass, Rajarhat, Salt Lake
• Salt Lake City (Bidhan Nagar) is one of the largest
satellite townships in eastern Kolkata, where most of
the development of the area was done in 'sectors'.
• All the plots of land in Salt Lake City are leasehold
plots and the Urban Development Department directly
manages the land matters, while the Municipality is
responsible for sanctioning of building plans and
providing essential basic services and other civic
infrastructures of the township.
• Once a swampy stretch of land, the Salt Lake City is
now a hub of economic and social expansion and is
famous as the IT (Information Technology) centre of
the city.
• East part of Kolkata would witness around 37% of the
total residential development planned in the city.
• With the partnership of West Bengal Housing &
Infrastructural Development Corporation (HIDCO),
several real estate companies have already built finest
residential complexes in Rajarhat.
• This region also houses renowned institutes like Saha
Institute of Nuclear Physics and S. N. Bose Institute.
• The Salt Lake City houses the famous 'Nicco Park'
which covers an area of around 40 acres and is
considered to be one of the biggest amusement parks in
the country.
• There are around five operational malls in this region
out of which Mani Square at E.M. Bypass and City Centre
at Rajarhat are the most prominent retail developments.
• Prominent developers in this region include Calcutta
Metropolitan Group, DLF, Heritage, Ideal, Keppel-
Magus, Fort, Mani, Park Chambers, Rosedale, Sanjivani,
Siddha, Shrachi, Shapoorji Pallonji, Srijan, PS, Tata
Housing, Unitech and others.
Residential Market in East Kolkata
Average Apartment Size of 2 BHK (in sq. ft.) 1100
Average Apartment Size of 3 BHK (in sq. ft.) 1393
Total Supply (in mn. sq. ft.) by Dec. 2012 10.61
Total Supply (in no. of units) by Dec. 2012 7874
Source: ICICI Property Services
21

Distribution of Residential Supply
as per Apartment Type: East Kolkata
4 BHK & above
15% 1 BHK 6%
3 BHK
39%
2 BHK
40%
Source: ICICI Property Services
Some of the Residential Projects in East Kolkata
Project
Developer
Capital Values
(Rs. / sq. ft.)
No. of
Units
Expected
Completion
Uniworld city
Unitech
3200
1100
Dec 2012
New Town Heights
DLF
3275
250
2012
Lake View
Ideal Group
3600
110
2012
Hiland Willows-HIG
CMGL
2900
199
2012
Heritage Enclave-
PH 1& 2
Heritage
Realty Group
2200
165
2011
Eden Court
Tata Housing
2900
208
2012
Elita Garden Vista
Keppel Magus
2600-2700
1200
2011
Source: ICICI Property Services
22

Residential Property Rates in prime residential markets of East Kolkata
Location
Average Capital
Values (Rs./sq. ft.)
Rentals for 2 BHK
(Rs./month)
Outlook
Rajarhat
2500-3000
12000
SS
Salt Lake
3000
10000
S
E M Bypass
3000-5000
7000
R
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
Property Price Movement Index
Property Price Movement Index: East Kolkata
300
250
200
150
100
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Rajarhat Salt Lake EM Bypass
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05)
23

Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
East Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
East Kolkata
300
250
200
150
100
50
0
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
East (A)
East (R&L)
The actual property prices in East Kolkata have consistently exceeded the real & logical prices over a period of years
and as a result there has been a widening gap between the actual property prices and the real & logical prices.
24

Princep Ghat
Built in memory of James Princep – a brilliant researcher, it is one of the
Kolkata's oldest recreation spots from where one can have a glimpse of
a large stretch of the beautiful Hooghly River.

West Kolkata
Major locations: Dobson Road (Howrah), Kona
Expressway, Mahesthala, Salkia, Shibpur.
• East West Metro, a Rs. 4800 crore project to connect
Kolkata with Howrah by an underwater metro line, has
been cleared by the Central government. The total
length will be 14.67 km (8.9 km underground and 5.77
km elevated). This line will be constructed and
maintained by a separate body named Kolkata Metro
Rail Corporation (KMRC).
• Dankuni, a fast growing industrial township to the
north-west of Kolkata, would become a significant
location as it would be the one end of the Ludhiana-
Dankuni leg of the dedicated freight corridor that is
being built by the Indian Railways.
• Unitech has its ongoing project 'The Gateway' at
Kona Expressway which offers 2 & 3 BHK apartments
with amenities like club house, swimming pool,
gymnasium, kid's play area and sports facilities within
the complex.
• Retail mall space of around 1.2 million is planned to
enter this region in the next couple of years.
• Over 4 million sq. ft. of residential development is
expected to enter this region by 2012.
• Some of the prominent developers in this region
include Calcutta Metropolitan, Eden Group, Kolkata
West International City, Unitech, etc.
Residential Market in West Kolkata
Average Apartment Size of 2 BHK (in sq. ft.)
1086
Average Apartment Size of 3 BHK (in sq. ft.) 1398
Total Supply (in mn. sq. ft.) by Dec. 2012 4.03
Total Supply (in no. of units) by Dec. 2012 3100
Source: ICICI Property Services
26

Distribution of Residential Supply
as per Apartment Type: West Kolkata
4 BHK &
above 6%
3 BHK
45%
2 BHK
49%
Source: ICICI Property Services
Some of the Residential Projects in West Kolkata
Project
Developer
Capital Values
(Rs./ sq. ft.)
No. of Units
Expected
Completion
Gateway
Unitech
2675
600
Dec 2012
Calcutta
Riverside
CMGL
2250-2650
300
2012
Eden City
Mahesthala
Eden
2700
1800
2012
Source: ICICI Property Services
27

Residential Property Rates in prime residential markets of West Kolkata
Location
Average Capital
Values (Rs./sq. ft.)
Rentals for
2 BHK (Rs./month)
Outlook
Howrah
2500-4000
8000
S
Hooghly District
1500-2000
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
4500
S
Property Price Movement Index
Property Price Movement Index: West Kolkata
300
250
200
150
100
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Dobson Road, Howrah
GT Road, Howrah
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05)
28

Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
West Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
West Kolkata
300
250
200
150
100
50
0
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
West (A)
West (R&L)
The gap between the actual property prices and the real & logical prices in West Kolkata has widened over the years as
is apparent from the above chart.
29

Jorasanko Thakurbari
Now Rabindra Bharati University,
it is the ancestral home of the Tagore family.

Central Kolkata
Major locations: Camac Street, Loudon Street, Park
Street, Theatre Road
• The residential buildings are mainly low rise and are
older colonial buildings.
• Residents of the central region mainly constitute the
upper class and business families.
• As compared to other regions of the city there is not
much residential development in this area due to
paucity of space.
• Park Street, now named as Mother Teresa Sarani,
remains Kolkata's foremost dining district with noted
restaurants and eateries situated here.
• Places like the Victoria Memorial, Fort William, Eden
Gardens, Howrah Bridge (Ravindra Setu), Birla
Planetarium, etc. are amongst the popular tourist
attractions.
Residential Market in Central Kolkata
Average Apartment Size of 2 BHK (in sq. ft.) 995
Average Apartment Size of 3 BHK (in sq. ft.) 1410
Total Supply (in mn. sq. ft.) by Dec. 2012 0.25
Total Supply (in no. of units) by Dec. 2012 218
Source: ICICI Property Services
Distribution of Residential Supply
as per Apartment Type: Central Kolkata
3 BHK
31%
2 BHK
69%
Source: ICICI Property Services
31

Some of the Residential Projects in Central Kolkata
Project
Developer
Capital Values
(Rs./ sq. ft.)
No. of Units
Expected
Completion
Ideal Heights
Ideal
3200
516 (approx.
100 units Balance)
2010
Ekta Floral
Ekta
2600
412 (approx.
50 units Balance)
2011
Ekta Olender
Ekta
2600
204 (approx.
50 units Balance)
2011
Source: ICICI Property Services
Residential Property Rates in prime residential markets of Central Kolkata
Location
Park Street
Rentals for
Average Capital
7000 -8000 20000
Values (Rs./sq. ft.)
2 BHK (Rs./month)
Outlook
S
Park Circus
3500-4000
10000
S
Camac Street
10000-12000
20000
Source: ICICI Property Services
*Rates mentioned are based on Built-up area & are subject to amenities, upkeep & may vary from apartment to apartment within the same building.
Outlook Key: R - Rising • F - Falling • S - Stagnant • SW - Stagnant but likely to weaken • SS - Stagnant but likely to strengthen
S
Property Price Movement Index
300
Property Price Movement Index: Central Kolkata
250
200
150
100
Mar '05 Mar '06 Mar '07 Jun '07 Sep '07 Dec '07 Mar '08 Jun '08 Sep '08 Dec '08 Mar '09 Jun '09 Sep '09
Park Street Camac Street Theatre Road Loudon Street
Source: ICICI Mortgage Valuation Group (Assuming 100 as a base reference no. for Mar 05
32

Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in
line with the consumer price index. Below table brings
out a comparison between quarterly property price
movements and changes in consumer price index for
Central Kolkata. Since zone wise inflation data is not
available we have substituted the Kolkata inflation
figures for each zone.
Central Kolkata
300
250
200
150
100
50
0
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Sep
2009
Central (A)
Central (R&L)
Although the property prices seem to have stabilised since mid 2008, the above chart depicts that there is still a
huge gap between the actual property prices and the real & logical prices in Central Kolkata.
33

Location Attractiveness Index
We have short-listed below seven prime locations
within Kolkata and critically examined them on various
parameters like infrastructure, residential costs in the
region, future employment prospects, etc. as detailed
in the matrix below. EM Bypass followed by
Narendrapur appears to be scoring above other
locations due to the proposed infrastructure
development, proximity to commercial & retail
establishments and future employment opportunities.
Alipore Ballygunj E M Bypass Rajarhat
Howrah –
Kona
Narendrapur
Airport to
Barasat
Infrastructure (connectivity, roads,
proximity to markets, schools)
Residential Cost
Proximity to / Presence of
organised retail
Proximity to Commercial
Development
Future Infrastructure Development
Future Employment Generation
Source: ICICI Property Services
Good / Low Cost
Above Average
Average / Medium Cost
Below Average
Bad / High Cost
34

About Research & Consultancy
ICICI Property Services is a division of ICICI Home
Finance Company Limited, a 100% subsidiary of
ICICI Bank. ICICI PSG provides real estate solutions
to home seekers, corporate investors, space occupiers
and developers / landlords. ICICI Property Services
addresses the entire bandwidth of a real estate deal
from concept to conclusion. Research & Consultancy
(R&C), a specialised group within ICICI PSG, offers both
real estate advisory and consumer demographic
analysis backed by both primary & secondary research.
The following chart explains in brief the various
services offered by R&C.
Feasibility Studies Asset Advisory Strategic Advisory Market Research
• Location Analysis
• Market Analysis
• Size, Pricing, Phasing
and Positioning
(Space Programming
& Demarcation for
Optimum Utilisation
of space)
• Financial Analysis
• Optimum Land Use
Analysis
• Site Analysis &
SWOT
• Catchment Analysis
• Trade & Tenant Mix
• Land Valuation
•Entry Strategy
•Pricing Strategy
•City and Region
Prioritisation and
Expansion Strategy
•Supply Estimation
•Demand Projections
•Expected Absorption
Trends
•Demographic Analysis
•Consumer Trends
•Consumer Behaviour
Analysis
35

Howrah Bridge
Also known as Rabindra Setu, is a famous
symbol of Kolkata and West Bengal