Flaunting figures is an age-old passion. Dames with nice curves suggest a command on figure, as much as biceps and triceps of manliness speak of an earnest desire to figure well. As a learning student, as an adult earner, the more the figures are on the positive side, the better it is.
Now in Bengal, figures are taking an altogether different meaning. The reason is they are mind-boggling. Look at what Rahul Todi of Bengal Shrachi says in ET Feb 16 issue. According to him, New Town will easily see real estate investments to the tune of Rs.14,500 crore in the coming decade. [Silencing critics!! Image source left]
Is Todi too much gung ho about the scale of real estate development in New Town? Perhaps not if we take a look at this Financial Express story. US’ Jones Lang LaSalle (JLL), world’s largest real estate and investment management company, has started a Kolkata office. See my post, Kolkata no longer a blip.
According to JLL’s country head, Vincent Lottefier, as much as 40% of overseas venture capital and hedge funds operating in India is now planning to invest in Kolkata properties. I remember listening to equity strategist Christopher Wood of CLSA Ltd., Hong Kong on NDTV Profit early November last saying that Kolkata is the hottest realty market in India (see this post, Kolkata realty hots up).
But Todi’s 14,500 crore pales when Venugopal Dhoot of Videocon says yesterday that Assocham (Associated Chamber of Commerce and Industry), the Delhi-based chambers of commerce which Dhoot currently heads, expects to attract Rs.1 lakh crore in Bengal by 2010 for investment in a clutch of industries. See TT story.
Talking of flaunting of figures, I suppose we’re no longer swayed by less or more of them. Perhaps we seem to agree that is what they ought to be. But that is another story.
Nice to see that Kolkata is attracting a lot of investment. It quite some time now.
But I should say that companies like JLL or any other foreign real estate consultancy always MISGUIDES buyer as employees working in such companies have no idea about real estate markets and eventually the buyer has to pay more than normal.