There is a significant demand for affordable homes due to growing middle-class population.

Rishi Jain, Managing Director, Jain Group

What is the current market scenario of real estate market in eastern region?

The real estate market in the eastern region of India has seen significant growth and development over the years. Cities like Kolkata, Bhubaneswar, Guwahati, and Patna have witnessed increased commercial and residential construction activities.

Some factors that have influenced the current market scenario include:

Infrastructure development: Improvements in infrastructure such as roads, airports, and metro connectivity have enhanced accessibility and attracted investments in the real estate sector.

Affordable housing: The demand for affordable housing is on the rise due to increasing urbanization and migration from rural areas to cities in search of better opportunities.

Commercial developments: The eastern region has witnessed a surge in commercial projects including office spaces, shopping malls, multiplexes, and hotels due to growing business activities.

Government initiatives: Various government schemes such as Pradhan Mantri Awas Yojana (PMAY) have facilitated affordable housing for economically weaker sections of society.

Industrial growth: Industrial corridors like Kolkata-Delhi Industrial Corridor (KDIC) and proposed Chennai-Kanyakumari Industrial Corridor (CKIC) are attracting industrial investments which positively impact local real estate markets.

However, it’s important to note that market conditions can vary depending on specific cities or locations within the eastern region of India. It’s advisable to refer to recent reports from reliable sources or consult local experts for accurate information regarding the current market scenario in a particular area.

What is the demand trend in residential and commercial segments?

In the eastern region of India, there has been a noticeable demand trend in both residential and commercial segments.

Residential segment

Affordable housing: There is a significant demand for affordable housing across various income segments due to urbanization and migration from rural areas.

Mid-segment housing: The middle-income group also shows demand for mid-segment housing, particularly in well-connected areas with access to amenities.

Luxury housing: In certain cities or upscale neighborhoods, there is a steady demand for luxury residences from high-net-worth individuals seeking premium living spaces.

Commercial segment

Office spaces: With the growth of industries and service sectors, there is a consistent demand for office spaces in key business districts and emerging commercial hubs.

Retail spaces: Shopping malls, retail outlets, and entertainment centers continue to experience demand as consumer spending increases.

Hospitality sector: Demand for hotels and hospitality establishments remains strong due to tourism and business travel.

It’s important to note that the specific dynamics of residential and commercial real estate can vary between different cities within the eastern region such as Kolkata, Bhubaneswar, Guwahati etc., so it’s advisable to conduct detailed market research on local trends before investing in any particular segment or location within the region.

How is the trend in affordable and luxury real estate markets in Kolkata and eastern markets?

In Kolkata and the eastern region of India, there is a clear trend in both affordable and luxury real estate markets.

Affordable real estate market

High demand: There is a significant demand for affordable housing in Kolkata and the eastern market due to population growth, urbanization, and rising middle-class income levels.

Government initiatives: Various government schemes such as Pradhan Mantri Awas Yojana (PMAY) have encouraged the development of affordable housing projects in the region.

Suburban development: Several developers are focusing on suburban areas surrounding Kolkata to offer affordable housing options with good connectivity to the city center.

Luxury real estate market

Growing demand: The luxury real estate market in Kolkata and the eastern region has witnessed steady growth due to an increase in high-net-worth individuals seeking premium residential properties.

Exclusive locations: Luxury projects are predominantly concentrated in prime locations such as Alipore, Ballygunge, Salt Lake City, Rajarhat, New Town, etc., offering modern amenities and high-end features.

Lifestyle amenities: Luxury projects often come equipped with premium amenities like clubhouse facilities, landscaped gardens, swimming pools, concierge services, advanced security systems, etc.

It's important to note that while there is demand for both affordable and luxury real estate segments in Kolkata and the eastern region of India, a balanced approach is necessary for developers to cater to different customer preferences effectively. Conducting thorough market research based on specific localities will help identify potential opportunities within these segments.

Which are the emerging markets in the east? How do you view the potential in these markets?

As a real estate developer in Kolkata and the eastern region of India, I have identified several emerging markets that hold significant potential for real estate development.

Rajarhat and New Town: These areas are witnessing rapid infrastructure development, including IT parks, commercial spaces, and residential complexes. The presence of major companies and improved connectivity has made these locations attractive for both affordable and luxury housing projects.

Joka-Behala: Improved road connectivity and upcoming metro projects have increased interest in this area for residential developments. It is becoming an attractive choice for affordable housing options.

Durgapur-Asansol belt: These industrial towns are experiencing an increase in demand for modern residential properties due to infrastructural enhancements and industrial growth.

Siliguri: As a gateway to Northeast India, Siliguri's strategic location has made it an emerging market with growing demand for both commercial spaces as well as residential properties.

I view these emerging markets with great potential due to various factors such as infrastructure development, proximity to key employment hubs, improving connectivity through roadways or public transport systems like metros or highways, government initiatives promoting regional growth (such as Smart City initiatives), increasing urbanization trends leading to rising demand for organized living spaces in these areas. Moreover, economic activities such as industrial growth or trade centers also contribute towards the overall growth prospects of these regions.

Overall, I believe that investing in these emerging markets presents promising opportunities for real estate developers like ourselves who seek sustainable long-term growth through strategic expansion into high-potential regions within the eastern part of India.

Which are your upcoming projects and how is the customer demand?

As for customer demand, it varies based on factors such as location, amenities offered, pricing strategy, and overall market conditions. Generally speaking though, in residential projects, there is usually a steady demand for affordable housing options due to population growth and urbanization trends. Additionally, there may be a growing interest in premium or luxury properties among certain segments of the population. Demand for commercial space often depends on economic activity within the region. Areas with robust business growth may see strong demand for office spaces or retail outlets.

How do you look at the overall market opportunities in the region? What could be the trends to look for in future?

As a real estate developer in Kolkata and the eastern region of India, I see tremendous market opportunities in this region. The overall market has been witnessing steady growth due to various factors such as infrastructure development, urbanization, improved connectivity, and government initiatives.

One trend to look for in the future is the rise of affordable housing projects. With increasing urbanization and a growing middle-class population, there is a significant demand for affordable homes. Developers who can cater to this segment by offering well-designed and reasonably priced housing options are likely to benefit from this trend.

Another trend is the development of integrated townships or mixed-use developments. These projects provide a combination of residential, commercial, and retail spaces within one location. This concept offers convenience to residents by providing access to amenities like shopping centers, schools, hospitals, and parks within close proximity.

Sustainable development practices are also gaining importance in the real estate sector. Developers are increasingly incorporating green technologies and eco-friendly designs into their projects as customers become more conscious about environmental impact.

Additionally, with the ease of doing business improving in India and an increase in foreign direct investment (FDI) inflows into sectors like manufacturing and IT/ITeS industries in Eastern India there will be an increased demand for commercial spaces such as office buildings or industrial parks.

Furthermore, the rise of co-working spaces is another emerging trend that presents opportunities for developers. As flexible work arrangements become more popular among professionals, the demand for shared office spaces continues to grow. Investing in creating dedicated co-working facilities within commercial complexes can help meet this growing need.

Overall, in terms of market opportunities, I believe that focusing on affordable housing, mixed-use developments, sustainable practices, and catering to increasing commercial space demands will help real estate developers tap into the potential growth prospects in Kolkata and the eastern region of India.