We can expect a lot of movements in the commercial and retail space.

Kumar Satyaki, Joint Managing Director, Eden Realty

How was the performance of real estate market in the eastern region?

The real estate market in Bengal has seen a major upswing over the last year and it is the result of how the state has bounced back and developed post the pandemic lockdowns.

How is the demand picking up for real estate projects in Kolkata and other eastern markets?

Luxury real estate demand has stayed stable but the demand in the affordable segment has risen by almost 100%. Commercial property requirements are at an all-time high, more so in retail. This is not just the case with the core hotspots of the city, but in most of the suburbs as well, which is also reflective of the innovations and diversification occurring here.

How are infra developments influencing the real estate market growth?

West Bengal has seen consistent infra-related developments over the last decade which has helped not only real estate but overall economy.

Which are the latest projects coming up and how is the customer demand?

We are going to introduce the second phase of Solaris Shalimar project later this year, the first phase of which got phenomenal response and was sold out within 30 days of campaign. Similarly, we are planning the phase 2 of the Solaris City Serampore project, which will see new residential products which the area has still not experienced. We have also introduced a new upscale residential condominium project with Merlin Group near Noapara Metro with best-in-class amenities and amazing views of the adjacent 19-acre Bonhooghly lake. We are very positive about all these developments as the products have been designed keeping
popular requirements of the customers.

What are the major challenges faced by the developers and builders specific to the eastern region? What is the way forward?

Land acquisition has become a significant challenge in Kolkata. Lack of large land parcels with clean titles and complexities in the land acquisition process can lead to delays and legal hurdles. Regulatory delays and inconsistent enforcement of regulations can further complicate the process. Some of the central level regulations are designed keeping the markets of west and north India in mind which is not suitable for the eastern region. Some amendments and corrections for the eastern market may help our industry.

How do you look at the overall market opportunities in the region?

We can expect a lot of movements in the commercial and retail space, specially in the suburbs and Tier 2 cities. Housing industry is going strong and is expected to continue the upward trend. The industry is expected to reap the benefits of the commendable infrastructure development done here over the last 10-15 years.

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