KOLKATA has always been a sweet pie for everyone. As much as everyone criticise about all the issues and problems here, they love it even more. This is the reason that every person originating from this city wants to be connected and invested in the city directly or indirectly. One cannot ignore the importance and potential of this city. Be it the infrastructure, the warmth of the people, the social life, the close proximity of any place that you would want to be in and the ease of life, these are the things that attract everyone. These are the micro advantages of our rich heritage city apart from the many other and geographical advantages that was shared in our last post.
Kolkata, in the last one year, has been seeing a substantial increase in the intent of the number of investors coming into the city, apart from the increasing population of the city (Not forgetting that it is one of the most densely populated cities in India). We see this from an infrastructure and real estate industry’s prospective and can say that an upward graph is due and expected. The city is clean, the per capita income increasing, and that is clearly visible by the standard of living that can be seen around the city. With the increase in these numbers, we see an increase in the expenditure and per capita expense creating demand and supply. If we work it out like a backward integration, demand creates supply; supply comes by trading and distribution. When requirement of supplies are high they attract manufacturing. This shift is already being seen in some macro markets, with a lot of MNCs interested in infrastructure developments, and a lot of Asian Firms interested in industrial set-up and development. These are a positive move towards the growth of the Real Estate Sector.
The Government of West Bengal has also very recently implemented the long awaited HIRA (Its own form of RERA). This is a very big positive move for the Real Estate Sector, and as a developer I do feel that it will not only benefit the buyers which is strongly intents to do, but will indirectly also support developers who have a clear intent. HIRA will play the most vital role to regularise the Real Estate sector, something which was really required in a developing country like India. It will give assurance and security to homebuyers. Projects not registered under HIRA will not have the value against the ones who have. This will help the developers also to provide quality assurance and quality deliverance of projects without the risk of being affected by unauthorised/unorganised players. In-fact post announcement and especially implementation of HIRA, a significant movement in the market is visible. The city’s future looked very positive as being an important role in riding the growth with the entire country. The positivity now has to come from us being the people driving this force.
Needless to say, that, the growth of Kolkata’s physical infrastructure is leading to both economic and social development.