The realty expo now underway at the Science City Grounds is billed as the largest in east India. It was inaugurated by the Chief Minister 2 days back, and according to the organizers, the expo may see footfalls exceeding 40,000 over the 5 days.
The newspapers have brought out sponsored pullouts coinciding with the event. A quick glance into it, and it was clear Kolkata has at last come of age.
Several prestigious and mammoth projects have got off the ground like Eden City at Maheshtala, Shapoorji Pallonji’s 20000 homes at Rajarhat, and the 262-acre Calcutta Riverside at Batanagar with a 9-hole executive golf course.
Each of these is huge in scale, and no one would have thought a couple of years’ back that such projects could ever happen in Kolkata.
Now that they have, there now appears a scramble among the moneyed to pick the best sites. And so what is happening now is perhaps just the tip of the iceberg.
A Feb 28 report in the ToI informs that foreign private equity funds are betting big on the city’s real estate scenario. Eden City is an example of that.
As briefly mentioned in my earlier post, 2 US PE funds, Starwood Capital and Walton Street, have poured $50 million each into a 150 acre mixed use project being developed Hindustan Motors’ surplus land by the Sriram group.
The tempo seems to not only continue unabated but increase in the foreseeable future. This year the total investments from PE funds into Kolkata’s realty projects may touch Rs.1000 crore.
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