Prime Minister Narendra Modi inaugurated metro projects worth INR 15,400 crore, including Kolkata's underwater metro tunnel, marking a significant enhancement to the city's metro network. The Kolkata Metro's Esplanade-Howrah Maidan section, featuring India's first underwater transportation tunnel beneath the Hooghly river, was inaugurated at a cost of INR 4,960 crore. Modi interacted with students during a metro ride through the tunnel and also inaugurated other metro sections and connectivity projects in Kolkata. Additionally, he laid the foundation stone for various metro projects in Pune, Kochi, and Agra, emphasising the government's focus on modernising public transportation across the country.Read more

The Kolkata Municipal Corporation (KMC) has mandated online applications for building design clearance, except for renovations or insecure building reconstructions. Mayor Firhad Hakim emphasized the efficiency and transparency of the online system, which now reduces approval time from 45 days to a mere fortnight. With approximately 250 plans processed monthly, the KMC anticipates a surge in applications, particularly in key construction areas. To manage this, executive engineers have been alerted, and network infrastructure enhancements and specialized software have been implemented. Workshops will educate professionals on the new system. This digital shift underscores KMC's commitment to modernizing civic services and enhancing citizen convenience.Read more

The National Company Law Tribunal's Kolkata bench has approved a resolution plan of INR 301 crore, which will allow Shri Ram Multicom to purchase Sarga Hotels. The resolution plan was approved with assistance from main creditors, JC Flowers Asset Reconstruction Company and Rare ARC, despite claims from creditors totaling INR 816 crore. Sarga Hotels, a division of Shristi Infrastructure Development Corporation, had to navigate legal obstacles twice before facing insolvency. For JC Flowers ARC and Rare ARC, the recovery is at 39%. This case emphasizes how complex the creditor relationships, court rulings, and bankruptcy procedures are within the IBC framework.Read more

In November 2023, Kolkata's real estate market experienced a notable upswing with 3,656 apartments registered, marking a substantial 20% year-on-year growth compared to the same period in 2022. This positive momentum is attributed to the current stamp duty rebate, incentivizing apartment registrations. Despite an 18% month-on-month decline from October 2023, the cumulative registrations for the year stand at an impressive 39,123 units in Kolkata Metropolitan Area (KMA). The stability in RBI policy rates, consistent home loan rates, and positive macro-economic sentiment are contributing factors, with ongoing new project launches expected to sustain the upward trend in the coming year.Read more

In Kolkata, 18 individuals were arrested for orchestrating an elaborate real estate fraud involving the sale of 14 flats within their criminal network. The fraud scheme included identity theft, forgery, and financial fraud, with the perpetrators not only manipulating property transactions but also securing substantial loans using fabricated documents. The complex operation was exposed when the genuine owner of one flat filed a complaint, leading to a thorough investigation that uncovered a web of deception within the real estate and banking sectors.Read more

Starting in January, the Kolkata Municipal Corporation (KMC) will introduce a streamlined process allowing owners of small plots to commence house construction within a week of submitting building plans. This departure from the previous bureaucratic approach enables plot owners with small plots, not exceeding seven cottahs, to have their plans sanctioned by engaging an architect or licensed building surveyor (LBS) without direct intervention from KMC buildings department officials. The initiative, designed to expedite approvals and enhance transparency, involves online plan submissions, swift sanctions, and subsequent inspections to ensure adherence to the approved plans.Read more

Peerless Hotels is set for a transformative journey, planning to double its room capacity in the next five years. Following the successful upgrade of the Peerless Kolkata property, the company eyes expansion through acquisitions or management contracts. With a focus on internal consolidation first, the 30-year-old company aims to rejuvenate existing properties over a two-year period. Collaborative ventures with partners are on the horizon to broaden market reach. Amid a post-Covid recovery and rebranding all city hotels as Peerless Hotels, the company anticipates a record-breaking fiscal year, with significant revenue growth underlining its success.Read more

Knight Frank's recent analysis reveals a dynamic shift in Kolkata's real estate market. With 35,467 apartments registered in 2023, October stood out with 4,441 registrations, a 2% increase from the previous month. Despite this, there's a notable 35% YoY decline. This is attributed to a robust surge experienced in 2022. The report also reveals a change in the size preferences, with 501-1,000 sq ft units dominating. Micro-market dynamics show the South Zone claiming the top spot, marking a significant shift from last year. The extension of stamp duty rebates and RBI's unchanged repo rate add optimism for future trends.Read more

The Mayor of Kolkata, Firhad Hakim, has recently directed the buildings department to collaborate with architects or licensed building surveyors for expedited approval of building plans on plots not exceeding three cottahs. This move aligns with a new regulation allowing citizens to apply for building sanction online for smaller plots, ensuring quick approval within 15 days if the submitted documents adhere to civic regulations. The initiative aims to address delays and simplify the building plan approval process, emphasizing the Kolkata Municipal Corporation's commitment to supporting citizens in construction endeavours on smaller plots.Read more

CBRE South Asia Pvt. Ltd reports that Kolkata's Industrial and Logistics (I&L) sector is poised for a 5-year high supply in 2023, reaching approximately 5.2 million sq. ft. The completion of pent-up projects in the city and its peripheries contributed to this surge. Kolkata's strategic location as an entry point to the east and access to land-locked countries enhances the I&L sector, with leasing expected to reach 3.5 million sq. ft. in 2023. The city's potential for industrial and commercial development is concentrated in NH-2, NH-6, and Taratala regions, particularly in Dankuni, Singur, and evolving areas like Uluberia.Read more

The National Company Law Tribunal (NCLT) in Kolkata has initiated insolvency proceedings against Fort Projects following a complaint from Emami Realty, with claims totalling Rs 91 crore. Emami Realty, a part of Emami Group, accused Fort Projects of defaulting on a principal amount of Rs 82 crore, plus over Rs 9 crore in interest. The decision underscores financial challenges in the real estate sector, appointing an interim resolution professional to oversee the Corporate Insolvency Resolution Process for Fort Projects.Read more

The Kolkata Municipal Corporation's (KMC) water supply department has taken a significant step to address water wastage by implementing water meters in upcoming constructions. This initiative aims to gauge neighbourhood water consumption patterns and minimize the significant loss of treated water. Following a survey in the Dum Dum-Cossipore region, the program is being expanded to other parts of the city, starting with the Mukundapur area. The KMC plans to install water meters in all new constructions, including individual apartments and housing complexes. The move comes after alarming figures revealed high water consumption in certain households, prompting officials to take measures to curb wastage and promote responsible water use in Kolkata.Read more

The Kolkata Municipal Corporation (KMC) has increased the cleaning fees for vacant plots by 75% to curb mosquito breeding and dengue spread. This decision, targeting all 144 city wards, aims to motivate property owners to maintain their plots. The move follows challenges faced by KMC in managing plot cleanliness, especially in dengue-prone areas. The increased fees are expected to reduce the reliance on KMC’s services, encouraging owners to take direct responsibility for their properties' upkeep, thus aiding in the city's public health efforts against dengue.Read more

Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.Read more

The Calcutta High Court has instructed the Bidhannagar Municipal Corporation to demolish an unauthorized construction in Shantinagar, Salt Lake Sector V, setting a 1 pm deadline for completion, alongside the disconnection of power and water supplies. The order, issued by Justice Abhijit Gangopadhyay, came after the builder failed to comply with a previous court summons. Residents were granted the right to approach the court for rehabilitation. While the demolition process began, it faced resistance from locals, echoing previous attempts to demolish illegal structures. The court's ruling signifies a critical step in addressing safety, infrastructure, and urban development concerns associated with unauthorized constructions.Read more

Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.Read more

Residents of Bidhannagar's wards 27, 28, 35, and 36 will start paying property tax to the Bidhannagar Municipal Corporation (BMC) from April 1, 2024. Previously, these areas paid 'khajna' or land revenue. While some express concerns about the disparity in civic services, others anticipate improvements with this change. The property tax structure for these wards will align with Rajarhat-Gopalpur, streamlining the system. Additionally, BMC has deferred penalties and interest on arrear property tax and will soon send tax bills for the third and fourth quarters. BMC continues to work towards uniform property tax structures for all wards.Read more

Kolkata is set to expand after a decade, incorporating three areas to provide urban services to 60,000 residents lacking essential facilities. The Kolkata Municipal Corporation (KMC) plans to include Jagadipota and Mukundapur under its jurisdiction, addressing issues like waterlogging and poor roads. Rania mouja in south Kolkata will also be under KMC, benefiting 15,000 residents. The move aims to enhance civic amenities, generate revenue, and simplify property-related processes. Residents welcome the initiative, anticipating improved infrastructure and a better quality of life. KMC's expansion signifies a significant step toward enhancing living conditions and fostering community development.Read more

Apeejay Real Estate is in talks with potential investors to secure funds ranging from Rs 400 crore to Rs 500 crore for expanding its logistics park operations. The company plans to utilize these funds primarily for acquiring land for warehouse development. The investment is expected to grant the new investor ownership of around 35-40 percent of the logistics park platform. Apeejay aims to expand its warehouse operations from 3 million square feet to 10 million square feet in the next 3-5 years. The company has identified potential land plots in various locations, and it manages logistics parks in four areas, with plans for expansion and diversification within the logistics sector.Read more

Fortis Healthcare has seen a boost in its shares after the board approved acquiring Kolkata-based Artistery Properties for an enterprise value of Rs 32 crore. The acquisition involves a 99.9% stake purchase through a share agreement, granting Fortis Healthcare ownership of a building adjacent to Fortis Hospital in Kolkata. The acquired building could potentially house outpatient, diagnostic, and day care services. Fortis Healthcare, operating hospitals and diagnostic centers, reported an 11.35% YoY increase in Q1 revenue, reaching Rs 1,657 crore. The move reflects strategic expansion and diversification within the healthcare company's portfolio.Read more