Global developers eye realty projects in Bengal

Brace yourself for the dream fulfilment of buying a lavish home in the city. The city that have been carrying a rich legacy of art and culture, family values and ethics, will now be the home of luxurious residences as the leading real estate players join hands with foreign developers to present branded home for sale.

Global investors – Versace, The Armani, Emaar, JW Marriotte, Aristro Developers are all set to step into the Bengal market, eyeing on their desired brand building in Eastern India. Versace, the Italian fashion luxury brand has entered into India’s property market with setting up a 32-storey 

skyscraper in south Mumbai in ollaboration with a Maharashtra-based developer. But now, they are looking at the prospect of Kolkata, stylising the ‘Dream One’ project of Jain Group at Rajarhat.

The developers are assuring the affordability as the price range starts from Rs 60 to 70 lakh and pegged up to Rs 1 to 2 crore. The décor would be astonishing – with awe-inspiring work of tiles and wall paper – which Bengali buyers never experienced before.

“The entry of the foreign players and international luxury brands means that the Bengal economy is opening up. The international and national investment flowing in the real estate sector in West Bengal is showing steady growth for the last few years. The market feedback has been extremely positive and our internal studies reveal that apart from greater Kolkata, various ties-2 and ties-3 cities have become the growing market for real estate. It has huge potential for residential and infrastructure development, “said Rishi Jain, executive director, Jain Group.

However, the developers are also pleased with state government’s effort to grow real estate in much lavishing way. “The government of West Bengal have been extremely helpful, supportive and cordial towards the growth of real estate industry. The policies initiated are encouraging and focused towards industry and customers,” Jain added.

Harshvardhan Patodia, the former president of Confederation of Real Estate Developers Associations of India (CREDAI) has also lauded state government’s effort to expand the real estate business in Bengal. “The state government has taken a proactive role; the policies are helping not only developers, but the buyers as well. I think this is the best time to invest in Kolkata,” Patodia said.

However, most of the buyers in this state are looking for affordable housing, but the developers are confident about their venture. Although most of sales volume come from Lower Income Group (LIG) and Middle Income Group, but they would always look for smart pricing.

“People plan, save money and take various opinions before buying a house. They would always look for smart pricing,” Patodia added. “There is no extreme situation or single yardstick for real estate purchases. Every affordable house is not sold and similarly, it is not that most of the luxury houses are gone unsold. It depends on customers’ choice,” Jain said.

The concept of branded house may not be to clear to the city buyers, but developers are leaving no stone unturned to present a prolific picture in front of them.

Mani Group is also coming up with a luxury residence in collaboration with JW Marriotte Hotel. Vivara, the G+28 structure, off to EM Bypass has already been an attraction to the onlookers. But many developers are also looking at the prospect of real estate outside Kolkata. As the state government has taken a decision to create theme cities, the developers are looking for the opportunity to build affordable housing for all income groups.