The eastern region of India holds substantial potential for real estate growth.
Sahil Saharia,
What is the current market scenario of real estate market in eastern region?
The real estate market in the eastern region of India is experiencing significant growth and transformation. Our project, Shristinagar Asansol and Guwahati, integrates advanced construction technologies to ensure the safety and resilience of its structures. We employ earthquake-resistant designs for our Guwahati and materials to protect residents and infrastructure. Environmental sustainability is central to our design philosophy, featuring energy-efficient buildings, eco-friendly infrastructure, and green spaces that encourage biodiversity. Each element is carefully designed to minimize environmental impact and promote a sustainable future.
The commercial real estate market in the east is also experiencing growth, with a significant demand for office spaces driven by local businesses and the entry of national companies. This demand is further supported by the city’s improving infrastructure and connectivity, including ongoing and proposed projects to enhance transportation and utility services. West Bengal continues to lead the real estate market in the eastern region. The city saw a significant share of new residential supply in 2023, with a strong emphasis on affordable housing which accounted for 45% of the market, followed by mid-range housing at 39%. The residential sector in Kolkata is supported by extensive infrastructure developments like the expansion of metro lines and road networks which improve connectivity and accessibility.
What is the demand trend in residential and commercial segments?
There has been a notable increase in residential projects, with a focus on affordable and mid-range housing to cater to the growing middle class and urban population. The commercial real estate market in east is also gaining momentum. This demand is bolstered by the city’s improving infrastructure and connectivity, including ongoing and proposed projects to enhance transportation and utility services.
The residential sector in east is supported by extensive infrastructure developments like the expansion of metro lines and road networks which improve connectivity and accessibility. West Bengal’s commercial real estate market is robust, particularly in areas like Sector V and Rajarhat, which have seen substantial growth in office spaces. The return to office trend post-pandemic has further fueled demand, leading to significant leasing activities and the development of new office spaces. Retail spaces are also thriving, with new malls and high street retail locations driving the market.
How is the trend in affordable and luxury real estate markets in Kolkata and eastern markets?
In Kolkata, affordable housing remains the dominant segment in the residential market, comprising 45% of new supply in the first half of 2023. Government initiatives like the Pradhan Mantri Awas Yojana (PMAY) have significantly boosted this sector, making home ownership more accessible to lower-income groups. The other eastern markets are also experiencing a rising demand for affordable housing due to urban expansion and an influx of people from rural areas seeking better employment opportunities. Other cities in West Bengal and Assam, such as Durgapur, Siliguri, and Asansol, are witnessing similar growth driven by industrial development and improving infrastructure. While luxury housing forms a smaller market portion, it shows steady demand among high-net-worth individuals (HNWIs), accounting for about 6% of the market in the first half of 2023.
Which are the emerging markets in the east? How do you view the potential in these markets?
Eastern parts like Assam and West Bengal are experiencing rapid urbanization and infrastructure growth, positioning it as a prime destination for residential real estate. The commercial sector is also growing, driven by demand for office spaces from local and national businesses, supported by improved connectivity and regional economic development. Similarly, Siliguri’s strategic location near Nepal, Bhutan, and Bangladesh boosts its status as a trade hub, propelling real estate growth. Enhanced infrastructure and tourism are additional factors, with the city’s excellent road, rail, and air connectivity attracting investments. In West Bengal, Durgapur and Asansol are emerging as industrial hubs, drawing real estate investments due to the presence of large-scale industries and improved infrastructure. There is a rising demand for affordable housing driven by the industrial workforce, prompting developers to launch relevant projects. Bhubaneswar, one of the first cities in India to implement the Smart City plan, has seen significant infrastructure and living standards improvements, leading to increased demand for residential and commercial properties. Overall, rapid urbanization in these cities is sustaining demand for real estate, with government initiatives and infrastructure projects enhancing market attractiveness and creating opportunities for developers and investors in affordable housing.
Which are your upcoming projects and how is the customer demand?
One of our major upcoming projects is Shristinagar Guwahati which is North East’s first integrated township situated at Ramsai Hills. The project is located on the banks of the river Brahmaputra and set to provide an ethereal living experience. The township is spread over 250 acres and offers housing for all sections of the society like affordable housing to premium flats to Townhouse, villas and plots. The township comes with a host of modern amenities like school, hospital, retail, commercial, hotel, resort and club.
There is a huge potential in the market and we have seen buyers coming in from all parts of Assam and other neighbouring states. There is holistic development in the township which is first of its kind in North-East part of India, hence we hope to cater to all the needs of the customers in a much better manner. Location benefit, ample greenery and the host of modern amenities play a major role in generating demand among the customers.
How do you look at the overall market opportunities in the region? What could be the trends to look for in future?
The eastern region of India holds substantial potential for real estate growth across various segments. The key opportunities lie in affordable housing, commercial real estate, industrial hubs, and luxury housing. Future trends such as smart city developments, sustainable buildings, co-working spaces, integrated townships, and the rise of Tier II and III cities are expected to shape the market landscape. These factors make the eastern region a promising area for real estate investments and development.
