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Kolkata realreal-- Kolkata

tiesKolkata’s only dedicated real estate magazine I Vol 10 I Issue 3 I October-December 2014

THE MAGIC OF GATED COMMUNITY LIVING! What makes new home buyers want to move out of standalone buildings and stay in large gated residential complexes? What is the magic of living with hundreds of families in a large facility? real-ties explores…. Elita Garden Vista New Town, Action Area III

Land area: 24.70 acres Open space: 87 percent Location: New Town, Rajarhat Action Number of blocks: 16 Completion time: First phase ready, Area – III, Kolkata, West Bengal Number of floors: G+14, G+32 second phase – four years from the Unit sizes: 1,040 – 1,742 square feet Number of apartments: 1,549 date of commencement Developer: Sureka, Merlin, JB

The developer speaks: “Elita Garden Vista brings New York to New Town. Its 6.8 acre ‘Central Park’ is surrounded by 16 to 30-storey towers. The signature project is jointly developed by a consortium of respected developers - Sureka, Merlin and JB Group - who are known for their track record of landmark projects such as South City and Urbana, which have changed Kolkata’s skyline. Elita Garden Vista (lifestyle referred to as EGV) is a gift to New Town and set to become the ultimate benchmark.”

Contact: 033 4040 1010/6620 1010 Email: [email protected]

 COVER STORY ‘THE AGE OF GATED N. K. Realtors (P) Ltd. COMMUNITY LIVING’ 9, Elgin Road (4th Floor), Kolkata 700020, India Mudar Patherya analyses why Tel: 033 6638 1030 the age-old dream of living in Web: www.nkrealtors.com For feedback, write to us at a standalone bungalow has [email protected] yielded to the magic of living Network Partner in modern gated residential complexes

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 INSIDE Editor: Biplab Kumar Coordinator: Sanjay Adhikary Proof reader: Sandip Das Distribution: Abhijit Kar and Bandhu Sundar Ghosh Database management: Sonti Nag Advertising: Anuraj Dhar (+91 9674107979) DO YOU KNOW THE REAL 10 THINGS THAT CONTINUE WHAT MAKES THE KEVENTER PRADEEP SUREKA? TO EMPHASISE THE HERITAGE WEST WIND REAL ESTATE Editorial support and design: VALUE OF THE LALIT GREAT PROJECT ONE OF THE BEST- Prominent Kolkata real estate EASTERN MAINTAINED IN KOLKATA? developer Pradeep Sureka engages in a Amrita Ray, explains what has helped Photographer: Roman Partha Pratim Kundu, explains the candid conversation...... 14 sustain the heritage value of this Chakravorty investments that have made the 16 174-year-old property...... Jadavpur complex one of the best maintained in the city...... 20 DISCLAIMER The publisher, contributors and editor are not responsible in any way for the actions or results taken by any person or organisation on the basis of reading information, stories or contributions in this publication. The views expressed are their own.

For all real estate queries, please call the customer care at: 033 4040 1010 / 6620 1010 anytime between 8 a.m. to 10 p.m. (IST), 7 days a week. Content published in real-ties is an TAKING PEOPLE INTO ANOTHER JAGO GRAHAK JAGO! REAL ESTATE MARKETING JUST ORBIT GOT MORE PERSUASIVE! exclusive intellectual property of the Consumer Grievance Redressal Cell’s Department of Public Relations and Mr. Basant Parekh speaks about the Highlighting the innovative marketing awareness campaign...... 38 Corporate Communications – Group’s CSR activities inclined towards strategies by successful real estate N. K. Realtors Pvt. Ltd. employing the unemployed...... 37 players in Kolkata...... 40 N.B. For private circulation only, not for sale.

October-December 2014 /real-ties Kolkata /2  EDITORIAL

‘Changing lifestyles’ is something that we keep This issue also draws attention to the challenges of hearing more often these days. What does it entail? urban living manifested in low aesthetic standards More cocooned than social? More vulnerable than by drawing attention to simple ideas that can be secure? More insecure than assured? It is these transplanted from international countries (France, realities that are bringing to the forefront the in this case). We are carrying a feature on how the importance of a gated community. management of the Lalit Great Eastern Hotel has transformed a khandahar into a modern showpiece An increasing number of new home buyers are without diluting its heritage. The issue also focuses turning to gated complexes – for various reasons. on how the Consumer Grievance Redressal System For security, for quality, for value-for-money and is helping protect homeowners. for a sense of community. This issue of real-ties explores this trend in Kolkata by speaking to Hope you enjoy what we have put together! various new-age residents. TEAM NK

NEW TOWN, RAJARHAT SERVICED APARTMENTS GREENFIELD CITY, BEHALA. CAN KOLKATA MAKE REAL TO MAKE THEIR DEBUT IN WHAT MAKES THIS AN IDEAL ESTATE AFFORDABLE FOR ALL? What makes this the fastest growing KOLKATA INVESTMENT? integrated township of Eastern India?... The real-ties talks to prominent real Sudarshana Ganguly explains why the The 3,500-apartment Greenfield City is 22 estate builders Amit Jhunjhunwala, proposed JWMarriott Hotel on the EM Behala’s largest residential project and a Harsh Jain, Chaitali De and Rana 26 28 Bypass will break new ground ...... virtual township in itself ...... Gupta about addressing the needs for affordable housing in Kolkata ...... 34

INSPIRATION IS IT POSSIBLE TO KEEP AN COMMERCIAL SPACE IN FREEWHEELING ENTIRE NEIGHBOURHOOD RESIDENTIAL BUILDINGS Mudar Patherya shoots pictures of CRIME-FREE? Mudar Patherya on the most glossed- urban concepts in France waiting to be The real-ties brings to you an emerging over member of his extended family – William Barno, explains how the transplanted in Kolkata ...... 42 Kolkata trend – commercial spaces the durwan...... 60 concept of security in Kolkata needs to inside residential buildings...... 48 extend from standalone buildings to comprehensive neighbourhoods...... 46

October-December 2014 /real-ties Kolkata /3 NEW LAUNCH

Silver Oak Estate Prive Kalipark, Rajarhat

Land area: 3 acres (Approx.) Completion time: 36 months from Unit sizes: 2,601; 2,714 and 2,753 Number of villas: 50 (Approx.) commencement of construction square feet (built up area) Number of floors: G+2 Location: Kalipark, Rajarhat Main Developer: Salarpuria Group & Open space: 50 per cent Road, Kolkata-700136 Simplex Infrastructures

Contact: 033 4040 1010/6620 1010 Email: [email protected]

COVER STORY

THE AGE OF GATED COMMUNITY LIVING Mudar Patherya analyses why the age-old dream of living in a standalone bungalow has yielded to the magic of living in modern gated residential complexes EEJER BAARI!’ These two words have fired the imagination of middle-class Kolkatans for the last number of ‘Ndecades. Traditionally, the concept of one’s own house comprised a standalone bungalow, irrespective of the nature of the neighbourhood. If one could afford to buy (or even part- finance) one, then it was assumed that the objective of one’s existence was achieved. Times have changed since. Those who lived in bungalows wish they lived in sprawling apartments in gated communities. Those who lived in standalone multi-storeyed buildings quietly consider the options of moving into residential complexes. Suddenly, what used to be considered an anonymous residential option – just too many of the same kind of apartments - is now being considered hip. THE AGE OF GATED The age of the gated community living has arrived in Kolkata – and it has been about time.

An idea whose time has come There are a number of reasons why the age of gated community COMMUNITY LIVING living is here, but if there were to be just one reason, it would possibly be ‘lifestyle’. And if there is one thing this word were to mean it would be the way how one gets to spend is his/ her leisure time with the aid of a collaborative immediate environment. The three things that our place, the wife decided a number of reasons for Clockwise from right: Recreational space for have made modern gated that we needed to get it done this,” says Shashi Nowlakha, the elders, best-in-class complexes attractive – a bit so that it wouldn’t just resident of Udita, one of gymnasium, state-of-the-art swimming pool, security remain like a shell, then one Kolkata’s first modern gated swimming pool in a gated community. and a gymnasium day she said let us at least complexes. “One, there is “I used to live in a go and live in it for a couple a growing fascination with multi‑storeyed building on of days a month so that the gated community living Harrington Street, just next house is used and once we because in a country where began to acquaint ourselves the quality of public life is to the sprawl of the Maidan “The prospect of with the residents, we began one of the poorest in the where it would be cooler than returning home in to like the place well enough world, the gated community the rest of the city during the a gated complex for us to move in full-time a represents a kind of escape summer and nice and chilly provides a welcome few months later. Remember, where a number of variables during the winter,’ says Rajesh escape and the what we had bought for have been controlled to Agarwal, an affluent Kolkatan. closest to the kind investment is now our first provide a superior lifestyle “We bought an apartment of peace and quiet home!” quality. For one, the interiors at South City purely for one would get in a of large gated communities investment’s sake since we had The big question: why? semi-urban or rural some surplus fund in hand. provide a sense of serenity “There is no one reason but environment.” Then one day we went to see – no traffic noise, no smoke

October-December 2014 /real-ties Kolkata /8 Some prominent reasons why gated complexes score highly

Child development Community living is the best answer to the parental worry about their children turning couch potatoes. Gated from someone’s chulha – that used to be a time when the Better amenities complexes provide most standalone buildings upmarket amenities would And just what are these a base for extensive cannot provide. So after be reserved for only the rich,” amenities? peer friendships, which promotes a daylong exposure to a says Somit Gupta. “The gated The club probably figures caring and sharing. noisy world, the prospect community complexes proved highest on the list. “In of returning home provides to be the game-changer in -Pinaki Nandi, Kolkata, there is a magic Siddha Pines a welcome escape and the this regard. Because these about the word ‘club’. It is closest to the kind of peace complexes possessed the something that only the and quiet one would get advantage of scale, they Wider affluent went to, where they connectivity in a semi-urban or rural possessed the space, funds could play indoor and some environment.” and intending users that outdoor sports, where they A gated community is like a small justified investment in these could have a drink in the A bridge country with people amenities. The result is that evening, and where they The other reason that makes from diverse over the last few years, we could entertain their guests. the prospect of living inside communities, which have experienced the biggest It was entirely an aspirational a gated community attractive enriches cultural improvement in residential thing – and suddenly here is the bridge that it provides exposure. - Anujit lifestyle standards than at any was a real estate offering between the middle-class Mukherjee, Diamond other time in the country’s that provided you with a City West and the upper-class. “There existence.” modern club membership at

October-December 2014 /real-ties Kolkata /9 The various amenities being provided in gated complexes your doorstop without being too. Free bus services (at a as recently as a decade ago,” that wouldn’t quite be true screened by a committee. This particular time), swimming says Mousumi Nag. “Now either. was the icing on the cake,” pool, crèche, pet care takers, this is routine. The result is “Community living is more says Pinaki Nandi, resident of maids, playhouse, home that we can now provide a enriching than the para adda Siddha Pines. delivery systems, in-house better lifestyle quality and sessions because residents The club in itself combines electrician, plumber and opportunity to our children, respond to your worries a number of amenities. carpenter have become a which is the principal reason selflessly while refraining A number of residential major cause of attraction in why a number of people from intruding on privacy – a facilities offer outdoor the gated community living. are keen to move into gated balance that is remarkable,” sports like tennis and even One can add to this a list complexes.” says Pinaki Nandi. Mousumi large playing grounds. Most of facilities like medicines, Nag who stays in Sherwood Family away from family offer indoor facilities like a grocery, dairy products and Estates agrees. “Whenever, If one would think that living gymnasium, library, café, tutors. my daughter is alone or in a gated complex was about laundry, home theatre, “You needed to be privileged at a place where she isn’t the tangible advantages, then banquet hall a guest house to enjoy these facilities even supposed to be, either the

Some prominent reasons why gated complexes score highly

Collective celebration A gated complex provides for collective festive celebrations where residents come together like an extended family – beyond status, discrimination and barriers (social). Each occasion is considerd special - Diwali, Holi, Id or Christmas. Some organised an iftar party during Ramzan for their Muslim residents. Pinaki Nandi from North Kolkata (Shyambazar) conducted his barir pujo for 47 years but assumed control at the Siddha Pines pujo when he moved in. “Aamar barir pujo bondho hoye geche kintu ekhon eitai aamar jogot!”

October-December 2014 /real-ties Kolkata /10 security calls to inform me or members to be assured that they are safe, the gated of my gated community take her to their complex comes like a breath of fresh air. The best thing house or escort her back once I return Most complexes are secured by dedicated about living in a from work. This makes Sherwood a personnel 24x7 coupled with a CC gated community… family beyond my immediate family.” camera providing 360-degree coverage. Basabdutta who lives in Diamond City, “The window grill is the most “It doesn’t matter who wins in Behala highlights the convenience of unproductive investment that one can competitions organised during knowing that her aged in-laws will be make in a gated complex,” says Ms. the festivals (Durga Pujo). The safe even when she is away at work. Basabdutta, who stays in Diamond best part is that while Siddha Shashi Nowlakha who lives in Udita City West. “Not only does such a grill Pines organises the pujo, The recalls how her 14-year son broke his impede the view, but the high security Telegraph covers it and it is we the people, who are the hand and was rushed by neighbours to makes it virtually useless.” A Sherwood winners.” - PK Chatterjee, the hospital even before she could arrive. resident concurs. “The taxis and Siddha Pines A single mother at Sherwood Estates maids are screened before they leave, indicates that she had a tough time minimising the possibility of a theft “Residents share their joys and addressing the para gossipmongers but on the premises. This saves us from sorrows.” - Shashi Nowlakha, that changed after she moved into her the hassle of doing verification checks Udita new environment where ‘I was embraced of our domestic assistants because the “Residents go to great lengths with open arms and didn’t even need to security department takes care of this.” ask for help during griha pravesh.” to bail you out of a crisis - This worked well for Kristine Pedersen without expectation.” - Pinaki of California who arrived to work in The advantage of 24x7 security Nandi, Siddha Pines Kolkata. “My friends and parents were And to top it all is the security. surprised to learn about the security at “The whole community is my In a country where people are generally Upohar, putting their fears to rest about child’s guardian.” - Mousumi looking over their shoulders all the time my safety.” Nag, Sherwood “The fact that the complex is beautifully maintained even How gated complexes are more human well after it is handed over.” - Somit Gupta, Udita

“The security here is most extraordinary.” - Kristine Pedersen, Upohar

“The fact that children get excellent exposure. My daughter and other children created an installation sculpture from coffee mugs in an exhibition within our complex. I was astonished to see my child growing so extensively.” Somit Gupta, Udita

“The fact that everything is a beck and call away.” - Reeta “A group of six kids were injured. Almost 30 people from the gated Nag, Sherwood community rushed the kids to Apollo. Among the kids was a one-and-a-half- year old child whose father is a marine engineer and stays with his mother. Her mother was panic-stricken but the residents of the gated community came to her rescue and a tragedy was averted.” - Pinaki Nandi, Siddha Pines “It was at the pujo celebrations at Diamond City that I discovered the poet in me. Being a Gujarati by heart and Bengali by birth, we incorporated Dandiya and Garba into our puja celebrations. We celebrate 12 religious festivals, which sums up the essence of ‘unity in diversity’.” - Anujit Mukherjee, Diamond City West

October-December 2014 /real-ties Kolkata /11 NEW LAUNCH

DTC Southern Heights Joka

Land area: 9.52 acres Number of apartments: 1,066 Location: Joka, Kolkata Number of blocks: 28 Open space: 70 per cent Unit sizes: 2BHK and 3BHK (890 - Number of floors: G+9 Completion time: 2018 1,370) square feet Developer: DTC Group

The developer speaks: “DTC Southern Heights is a one-of-a-kind residential project coming up in the Joka area. Equipped with world-class facilities and all modern amenities, this is a place to discover a new lifestyle. Spread over 10 acres of land, the project has been meticulously planned and is minutes away from the upcoming Joka metro station and IIM Calcutta on Diamond Harbour Road. The upcoming Joka – BBD Bag metro route will enhance accessibility and connectivity. With many educational institutes, hospitals and transportation facilities in its vicinity, the site has a unique locational advantage of being close to the commercial hub of the city while being nestled away in an arbour of greenery.”

Contact: 033 4040 1010/6620 1010 Email: [email protected] Shreshta Garden Rajarhat Main Road

NEW LAUNCH

Phase III Phase IV Land area 11 cottah 22 cottah Open space: 55% approx Number of blocks 1 2 Location: Rajarhat Main Road, Near Kalipark, Number of floors G+6 B+G+5 Kolkata - 700136 Number of 30 60 Developer: Shreshta apartments Construction Pvt. Ltd. Completion time Dec 2015 Dec 2016 Unit sizes 2BHK – 797 square feet 1BHK – 599 square feet 3BHK – 1,087-1,224 square 2BHK – 672-1,005 square feet feet 3BHK – 870-1,504 square feet

The developer speaks: “Shreshta Garden is a multi-storied commercial-cum-residential complex with all modern amenities and facilities on Rajarhat Main Road, near to City Centre II and is being developed in Phases. Phases I and II comprising of 138 flats is already complete and possession has been handed over while the construction for Phase III and Phase IV is well under way. Special emphasis is given on designing and quality of construction and with Shreshta’s track record of completing projects on time reassures that its list of happy customers grow by the day.

Shreshta is taking up many more projects in the near future and it is its endeavour to provide quality and affordable housing to the people.”

Contact: 033 4040 1010/6620 1010 Email: [email protected] Magazine sponsor

DO YOU KNOW THE REAL FAVOURITE3 HANGOUTS IN Pradeep Sureka? KOLKATA 1 Royal Calcutta Golf Club Pradeep Sureka is Managing Director of the 2 Saturday Club Kolkata-based Sureka Group, which enjoys a diversified presence across the real estate, 3 Home! manufacturing, IT and hydroelectric power generation businesses. The two largest Sureka Group entities comprise Sureka Properties and Hartex Rubber Private Limited (India’s fourth largest cycle rubber tyre and tube manufacturers).

Your favourite book. Atlas Shrugged by Ayn Rand. Possibly Rand’s most extensive statement of objectivism. Simply unputdownable.

Your role model. My father. He is three-in-one – friend, philosopher and guide.

Your proudest moment. My daughter’s wedding.

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Your favourite architect. Herzog & de Meuron. The process of collecting and organising materials has been at the heart of Herzog & de Meuron’s work since their breakthrough project for the Ricola Storage Building in Laufen, Switzerland (1986–87). They continue to inspire!

October-December 2014 /real-ties Kolkata /14 Victoria THINGS YOU LOVE TWO ABOUT KOLKATA PROPERTIES Memorial. 3 IN KOLKATA For its Indo- YOU WISH YOU Saracenic OWNED. revivalist architectural style using British and Mughal elements Victoria Memorial on the one hand with Venetian, Egyptian, Deccani and Islamic architectural influences. Raj Bhavan. Neoclassical style 1 The food (mouthwatering kathi rolls, with distinct Baroque sandesh and jhaal muri). overtones. An inspiration 2 The down-to-earth people. for every architect. 3 The rich colonial legacy of the city. Raj Bhavan 4 INSPIRING FILMS Gandhi: An exhaustive 188-minute, Oscar-winner that is a must for every Indian. Fiddler On The Roof: Classic 1971 American musical comedy-drama that one can never be tired of watching. The Poseidon Adventure: I get goose bumps each time I watch a rebellious preacher attempting to lead survivors to safety. Aarakshan: Prakash Jha’s socio-political film, based on caste- based reservations in jobs and education, is an eye-opener.

THREE GLOBAL Taj Mahal Burj Khalifa STRUCTURES YOU ADMIRE THE MOST Taj Mahal: The finest example of Mughal architecture (combining Islamic, Persian, Ottoman Turkish and Indian architectural elements). Sheer timeless beauty. Sansad Bhavan Sansad Bhavan, New Delhi: An area of nearly six acres with a circumference spanning a third of a mile. Burj Khalifa, Dubai: Quite simply the most successful showcase of large-scale, mixed-use development.

October-December 2014 /real-ties Kolkata /15 HERITAGE

10 THINGS THAT CONTINUE TO EMPHASISE THE HERITAGE VALUE OF THE LALIT GREAT EASTERN

AMRITA RAY, ASSISTANT MANAGER, 3 MARKETING & COMMUNICATIONS, THE LALIT SURI HOSPITALITY GROUP, EXPLAINS WHAT HAS HELPED SUSTAIN THE HERITAGE VALUE OF THIS 174-YEAR-OLD PROPERTY

1 The hotel has been redesigned to converge the three different eras - Victorian (1835-1901), Edwardian (1901-1910) and Contemporary across the Heritage Block I, Heritage Block II and New Block respectively. 2 The Bakery boasts of a 174-year-old oven (billed previously as the ‘bread basket of Calcutta’), restored and placed strategically. 3 A wall in a section of the Bakery has been left untouched as a tribute to the bygone era. 4 The hotel has revived the legendary bakery; the grand staircase

October-December 2014 /real-ties Kolkata /16 8 6

9

2

AN EIGHT FEET CONCRETE REPLICA OF THE CUP THAT EX-CHAIRMAN A.L. BILIMORIA RECEIVED FROM QUEEN ELIZABETH II DURING HER VISIT TO THE CITY IN 1961 STANDS AT THE SECOND LEVEL OF THE LEGACY TOWER.

has been retained; the new night club will still be Maxim’s. 8 A 100-year-old German grand piano (M.F. Rachal & Co.) 5 The hotel has sustained the use of antique glasses, sits prettily in the lobby. ironware and ice-buckets to adorn its interiors. 9 Three 100-year-old bird cages have been reused and 6 The architect selected to retain the use of iron pillars placed above gazebos in the atrium accompanied by and framework except that in the refurbished hotel these simulated bird sounds. will be exposed and visible for all, enhancing a sense of 10 The central idea behind the revival of the property was grandeur. The iron used was probably the first set of forged balancing the vintage and the modern; the property provides iron imported from England; the same iron was used in the modern facilities without compromising the old world construction of the old Howrah Bridge in 1910. charm (through the use of period furniture like hat hangers, 7 Whatever furniture or artworks that the management closets, side tables, tables and chairs). found on the premises following acquisition have been preserved, used or displayed.

The Lalit Suri Hospitality Group owns and manages 17 five-star hotels. A number of the Group’s properties (The Lalit Grand Palace Srinagar, The Lalit Great Eastern and an upcoming London property) are heritage structures.

October-December 2014 /real-ties Kolkata /17 PROJECT MAINTENANCE

What makes the Keventer West Wind one of the best-maintained residential project in Kolkata?

Partha Pratim Kundu, Secretary, West Wind Residents Welfare Association, explains the investments that have made the Jadavpur complex one of the best maintained in the city

Project reality The project management Our quality standards The 4.54 lac square feet project provides One of the first things that the One of the problems encountered in around 350 square foot per person promoters at West Wind recognised a number of real estate projects is that at peak availability, higher than most was the need of a management team following handover there is a decline housing projects in the country. What (18 members) drawn from among in quality standards. This is one point makes West Wind distinctive from a residents for the competent day-to- that West Wind has consciously leisure point of view is a 25,000 square day management of the facility. Out of protected itself from. The Maintenance feet roof, which covers nearly 10 tennis these, four are prominent office bearers Committee engaged a dependable courts and is perhaps the biggest in (President, Treasurer, Secretary and facility management company Kolkata. So if there is a relevant recall Assistant Secretary) while 14 form sub- which roped in competent security for the project, it is ‘space, space and committees (Purchase, Maintenance, personnel, house-keeping staff and more space.’ Security, Arts and Culture, Sports and maids. Moreover, a specialist company Housekeeping). assumed control of the gas connections,

October-December 2014 /real-ties Kolkata /18 security force comprises 28 trained maintenance; the result is when our personnel, translating into one guard residents sit near the water bodies (in for every 72 residents, which is lower the garden) with their laptops or books, (so better) than other communities. We they are completely unwound and have made a provision of one female immersed in nature. guard to check women visitors and maids. Supplementing all this are 32 Our sustainability agenda CCTV cameras installed strategically We have replaced our lighting system through the premises with live feeds (common and public areas) with LED displayed on television screens in lights resulting in an energy efficiency the security room, entrance and exit of 80%-90% over traditional bulbs. gates. Each maid entering and leaving Our rainwater harvesting system the premises is checked by a woman recharges water bodies and the ground security member. If the maid is found water table. We plan to use recycled carrying extra cash, the concerned flat water to wash 400 vehicles parked owners are immediately informed. If within our complex. anybody has gifted something to the We approached Bengal Engineering maid, a written confirmation of the and Science University to help us install same is expected. The premises is fully solar panels on our building roofs with illuminated till 9 PM following which corresponding requests to the KMC and we moderate it to 50% coverage. government departments for relevant concessions to facilitate the installation. Our hygiene factor We believe in ‘Prevention is better Senior citizen initiatives than cure’. We feel that there is just no Our complex is young – in age and utility in hanging banners and sticking heart. Our oldest citizens belong to the posters on walls that preach not to litter 45-50 age bracket. We have a senior or spit. Household garbage is collected citizens’ club that organises recreational by housekeeping at 8:30 AM. Once activities (picnics and education tours), this garbage is collected, inorganic among others. We also have a dramatics and organic waste, solid waste, broken group, which arranges skits and plays bottles and glasses and plastic items during Poila Boisakh, Durga Pujo and are segregated in the garbage room, fire systems, alarms, generators and Kali Pujo. after which they are transported in water pumps with the objective of completely covered vehicles to the Our growth agenda minimising downtime. Municipal Corporation van. We have We intend to build a bigger club house Measurement culture a staff strength (housekeeping) of 18 with a swimming pool that should One of the things that West Wind boys and one supervisor. The cost for enhance delight among the large believes in is a culture of measurement. keeping the premises completely clean number of residents staying at our The committee documents a variety at all times is around Rs. 1.25-1.5 lac facility. of things which leads to proactive per month. maintenance. Each fortnight the Our landscaping standard committee meets once to resolve The Agri Horticultural Society of India issues. One of these resulted in the “WE INTEND TO BUILD declared West Wind’s garden as the best volunteering by committee members to in Kolkata for nine straight years. Our A BIGGER CLUB HOUSE engage in supplementary night patrol, three gardeners (skilled and trained) are WITH A SWIMMING POOL which immediately raised night patrol continuously engaged in maintaining THAT SHOULD ENHANCE standards. the garden under the direct supervision DELIGHT AMONG THE Our security standards of three executive committee members. LARGE NUMBER OF ODD One of the things that we have ensured What will surprise most people is that RESIDENTS STAYING AT our members devote about three hours is security supervisors familiarising OUR FACILITY.” with each resident by name across seven a day in rotation to achieve a high blocks comprising 360 apartments and gardening standard. We invest around 1,200 residents to screen strangers. Our Rs. 20,000 each month on the garden’s

October-December 2014 /real-ties Kolkata /19 NEW TOWN, RAJARHAT WHAT MAKES THIS THE FASTEST GROWING INTEGRATED TOWNSHIP OF EASTERN INDIA?

Will Rajarhat take off? Why should people shift there? Who would want to live so far? The questions are explored by Shweta Prakash on Eastern India’s biggest real estate play

HERE WERE A NUMBER of reasons they said why TRajarhat would never take off. The location was too far in a city where people liked to live close. The The increased infrastructural development speaks about the growth of New Town place would never attract commercial investors because no one would travel 20 kilometers from the city centre to buy anything. The location would never get connected to the city for easy travel. Seems like the cynics got it hopelessly wrong. Because New Town, Rajarhat, is emerging as one of the fast-growing realty destinations in Eastern India. Need proof? Look no further than the appreciation in capital values. Even as recently as 2008 residential space in New Town was available for no more than Rs. 2,500-3,500 per square feet; in exactly six years, the average benchmark for new property is no less than Rs. 4,000-5,500 per square feet. Evidently, people are willing to place higher bets on space in New Town – most plots in Action Areas I and II have

been sold, commercial space is getting New Town when seen from the air

October-December 2014 /real-ties Kolkata /20 based amenities being provided in RAJARHAT PROJECTS Rajarhat were not being provided anywhere in Kolkata. There was also DEVELOPER MOUNTHILL a recognition that the location was REALTY attracting social infrastructure, which THE RAINFOREST usually precedes residents. Transport Near Chowmatha • 1,850 apartments convenience will be improved through with a retail wing • 80% open • 10-lane major arterial road to be built Target audience includes NRIs, IT up. The Airport – Garia metro railway professionals, upper middle-class and is also under construction. Similarly, middle-class families • 2, 3 and 4-BHK the monorail connectivity with rail apartments and road terminals, pollutant free last mile connectivity, best street art and THE PYRAMID furniture, original sculptures dotted Near New Expressway (Rajarhat) • along the major arterial road are also Branded homes • Target audience being planned. The growth of IT and includes upper MIG families • 1,000 ITeS offices gradually translated into a apartments • G+10 flat with 20-22 willingness to stay close which created towers a critical mass of residents. And lastly, the construction of the metro rail to pass DEVELOPER SALARPURIA through New Town was the kicker that GROUP the pocket needed.” SILVER OAK ESTATE PRIVE Mr. Apurva Salarpuria, Founder Behind City Centre 2 • Three acre Director of the Salarpuria Group, agrees. property • 50 exclusive row houses “The fact that this was the first planned • More than 65% open space • area being offered in Kolkata after Salt 4-BHK homes only • Awaiting LEED Lake immediately attracted attention,” certification • Target audience he says. “Besides, what people often includes HIG families overlook is that New Town has been planned around robust infrastructure, SILVER OAK ESTATE 2 which is really the foundation of a G+12 towers • 2,3,4-BHK apartments leased and people are actually moving mini city. In view of this, the long-term • Multiple towers; best-in-class in to live in what was once even recently development potential of New Town is amenities being dismissed as another ‘ghost town’. assured.” Transformation INFRASTRUCTURE Planned infrastructure Just what was responsible for the CREATOR HIDCO Interestingly, one of the things that transformation of a space that few the government appears to have got Wi-Fi connectivity along the arterial wanted to look at into one of the fastest roads • Piped water intake from right is the planned overlay of social growing neighbourhoods of Eastern Hooghly River • Large solar canal-top infrastructure. “It would have been India’s largest city? projects with net meterings • Third simplistic for the government to Mr. Hemant Sikaria, Founder and bridge over Bagjola Canals • Market provide roads, water and electricity and complexes, convention centres, Chief Managing Director of Mounthill walked away,” explains Mr. Debasish iconic towers, gardens, central plaza, Realty, a realty company with extensive Sen, Chairman of HIDCO. “Today’s Museum of Modern Art, Wax Museum, interests in Rajarhat, feels a number environment is far more sophisticated. Metro and monorail and pedestrian of reasons converged at the right time As a result, we have built possibly the subways to catalyse the growth of the location. largest urban park in Eastern India in “First and foremost has been the New Town, which will take vistors more DEVELOPER SIDDHA arbitrage opportunity,” he explains. “The than a single day to cover. Additionally GROUP existing real estate prices in Alipore there are wide roads, metro connectivity, SIDDHA GALAXIA and Ballygunge Circular Road are parking space and a huge central grass considerably higher, so Rajarhat began lawn in the central area. There is a 24, G+14 towers • 2,500+ apartments • Total land area 11.37 lac square to appear considerably cheaper. Besides, convention centre with a guest enclave feet • Target audience includes upper there was a growing appreciation of the being constructed on a 10-acre plot; middle-class families fact that the complement of complex- the arterial roads will provide Wi-Fi

October-December 2014 /real-ties Kolkata /21 connectivity and hotspots; the optical The second wave of commercial of its proximity to the airport and the fibre cable ducts will facilitate high-speed properties is reflected in the growth in large open expanse. More than 5,000 internet; there will be a football ground, investment in Tata Memorial Centre, units have been sold and more under cricket stadium, tennis court, swimming the largest cancer treatment hospital in construction are ready to be delivered in pool and jogging paths for residents. This Eastern India. The launch of Kolkata’s three years. Sub-pockets like the Rajarhat will be the way a futuristic smart city in largest hotel Novotel in New Town has Main Road (211 bus route) and the major India will be.” been a wake-up call for all who had arterial road have emerged as the ideal written off the region. A proposed mall locations for real estate investment and The commercial surprise for automobiles in New Town makes appreciation.” One of the biggest surprises has been eminent sense in view of the fact that the entry of commercial realty. For long most city showrooms have limited space Democratisation of home it was assumed that even as people lived in which to showcase a growing range of ownership in Rajarhat, some of the biggest brands vehicles. The launch of the financial hub One of the big changes to have transpired would not shift to New Town in the (including prominent anchor tenants) is in the last few years has been the absence of a critical mass of revenues. expected to enhance the star-rating of the democratisation of home ownership in This is where the prophets of doom region, kickstarting the second phase of Rajarhat. What used to be considered as got it completely wrong. “One of the the location’s maturity. The addition of the preserve of a select few is gradually biggest advantages of Rajarhat for any government offices is expected to enhance turning into the fulfillment of the middle- commercial brand is the provision of the areas of visibility even further. class dream. “There has been a huge shift plug-and-play infrastructure,” says Mr. in demand,” says Mr. Hemant Sikaria, Debasish Sen, Chairman of HIDCO. Attractive appreciation Founder and Chief Managing Director, “Single window clearances for most One of the most visible manifestations of Mounthill Realty. “Some 50,000 units services and online business plans have the considerable interest in the region has have been put into construction or sale in significantly reduced the turnaround been in appreciation in real estate values just three years and while one would have time for commercial brands to move over the last few years. “In just three years, predicted that this would cause real estate in. Besides, commercial brand owners Rajarhat prices have appreciated by more enjoy a superior price-value proposition than 50%,” says Mr. Sanjay Jain, Managing in New Town on account of the lower Director of Siddha Group. “An apartment rentals on the one hand and the spillover that was selling at around Rs. 2,100 per The Airport – Garia metro of consumers coming in from Sector V square feet in February 2011 is now railway which is under and from Dum Dum. Suddenly, there is being offered at Rs. 3,400 per square feet construction will enhance a lot more interest in going to New Town even as most Kolkata real estate values transportation and connectivity. because the time to commute is lower on remain stable. What we have discovered account of traffic-free roads.” is that HNIs like this pocket on account

Must-visit places in New Town, Rajarhat

VEDIC VILLAGE Spa- cum-resort rivaling the world’s finest in luxury and holistic wellness. Shikharpur, P.O, Bagu, Rajarhat 700135.

AQUATICA 75,000 square feet water theme park. Kochpukur, Hathgachchia 700059 CITY CENTRE 2 5-lac square ECO PARK 480-acre feet. Shopping plaza, food court, park; 100-acre water entertainment arena, multiplex RABINDRA TIRTHA Housing Rabindranath Tagore’s body. Major Arterial and over 240 retail outlets. paintings, archives, research centre, auditorium and Road (South-East), IID/5, JL No.-11, Action Area, dormitories for students researching Tagore. Action Area-II, New Mouza Nowapara, Rajarhat, DG-17, Major Arterial Road (East-West), Action Town, Kolkata 700157. Kolkata 700157 Area-I, New Town, Kolkata 700156

October-December 2014 /real-ties Kolkata /22 values to decline, there has been a sharp increase PROPOSED COMMERCIAL PROJECTS from a 2010 benchmark of Rs.2,200-2,500 per square • Ecosuite Business Tower (Ambuja Realty) next to City Centre 2 feet to Rs. 4,200-4,700 per square feet in Rajarhat • Dream Excellency (Jain Group) near the 211 bus route today. Obviously, there is a huge pent-up demand • Shrachi EK Tower near City Centre 2 that most people probably missed.” Mr. Apurva Salarpuria, who launched Silver Estate Oak, echoes the feeling. “The pocket has become • The annual maximum average temperature is 38.5ºC and minimum average more affordable today in real terms due to the is 17.4ºC. New Town is comparatively cooler than the central part of the city where the maximum temperature can reach up to 43.9 degrees Celsius in transportation linkages being proposed even though summer and can drop to 5 degrees Celsius in the winter. The annual rainfall the capital values have appreciated,” he says. “So even of the study area is 1,029 mm. as three years ago it may not have been considered • The area is located 7 kilometres from Kolkata and only 2 kilometres from desirable to move into Rajarhat, the various options the Netaji Subhas Chandra Bose International Airport. and spots have made this a happening place.”

The ‘open’ factor TARGET PROFILE AVERAGE RENTALS So is Rajarhat doing well simply because it is addressing the growing appetite for real estate NRI investments in the area have gone up The average rental value in among Kolkatans? “Not really,” feels Hemant considerably in the past few years. “Around Rajarhat is between Rs. 30 and Sikaria. “The fact that almost 60 % of New 35 percent investors are not locals. Most Rs. 50 per square feet while the Town will remain open will always be its biggest of them want to invest because of the average capital value of residential recall. People will always feel that they have been potential this area has,” says Shveta Jain, property ranges between Rs. 4,000 Director, Residential Services, Cushman & and Rs. 5,000 per square feet invigourated in Rajarhat after a hard day’s work.” Wakefield India. (Source: Economic Times) (Source: Economic Times) Apurva Salarpuria is more realistic. “The growing popularity of Rajarhat is also a result of the gradual shift of commercial Kolkata – from BBD Bagh to Chowringee to Park Street to Rajarhat – with world- class amenities at considerably lower prices. The The monorail connectivity with rail and road terminals, place doesn’t just make aesthetic or logistic sense, it pollutant free last mile connectivity, best street art and makes commercial sense as well.” furniture, original sculptures dotted along the major arterial road are also being planned.

Appropriate zonal division of Major commercial establishments in New Town New Town area as on 31.05.2011 Hyatt Regency Sl.no. Action areas Land areas (Ac.) 1. Action Area-I 1,674

2. Action Area-II 3,237 Wipro office Delhi Public School 3. Action Area-III 1,935 IT companies (Wipro, Health (Sankar Nethralaya School, IISWBM and 4 Action area-IV 1,149 TCS and IBM) and Tata Medical Centre) Techno India) 5. CBD 449 Developers (DLF, Unitech Entertainment (Priya Research institutes (ISRO, Total 8,444 and Shapoorji‐Pallonji) Entertainment, INOX, Central Forensic Science Manufacturing City Centre 2 and Axis Laboratory, Variable 6. Water treatment 111 companies (Coal India) Mall) Energy Cyclotron Centre plant and DRDO) Telecom companies Hospitality (Swissotel, 7. Garbage disposal 222 (Ericsson, Vodafone and Hyatt Regency, Novotel Banking and finance centre Airtel) and The Pride) (ICICI Bank, CSE, Peerless Grand total 8,777 Education (Delhi Public and Allahabad Bank)

ALREADY DEVELOPED INFRASTRUCTURES

1 6‐lane Bridge over Krishnapur Canal 2 Major Arterial Road of 59 metres in width and 10.75 km long 3 Bridge over Bagjola Canal on existing MAR alignment 4 2nd bridge over Bagjola Canal on North – South Corridor 5 Fly over on the MAR and VIP Road junction 6 Bailey Bridge over Bagjola Canal 7 Three small bridges over Link Canal 8 Bridge over pass khal at Mission Bazar 9 Fly over on MAR in Action Area –I

October-December 2014 /real-ties Kolkata /23 SERVICED APARTMENTS TO MAKE THEIR DEBUT IN KOLKATA

The standing glory - Vivara

On the concept SUDARSHANA GANGULY Serviced apartments represent a prudent extension beyond the SENIOR GENERAL MANAGER - MARKETING usual five-star rooms in hotels. When business executives or couples come to a city for an extended stay, they often need the Sudarshana Ganguly explains why the proposed convenience of a kitchenette and other amenities that provide them JWMarriott Hotel on the EM Bypass will break new with a fully-contained quasi-residential experience within a hotel ground by becoming the city’s first hospitality offering – like infrastructure. In a number of business-driven cities, these to launch serviced apartments serviced apartments have come to play a distinctive role, which in turn has helped enhance the business-friendliness of those cities. This is something that we feel will do the same for Kolkata.

October-December 2014 /real-ties Kolkata /24 Magazine sponsor FLOORS: G+28 APARTMENTS PER FLOOR: Two APARTMENT TYPE: Two simplex The interior view of the serviced apartment apartments per floor (third to the 26th); two duplex apartments (27th and 28th floors) APARTMENT SIZE: Simplex apartments (7,752 – 8,455 square feet + triple height sky balcony); duplex apartments (14,576 square feet + sky balcony) USPs: Open on three sides, presence of a private lift-lobby, premium apartments with finished flooring, wall surfaces and false ceiling, fully-automated lighting controls, imported premium sanitary ware, CP fittings and shower cubicles in bathrooms, geysers in all bathrooms and fully- air-conditioned with imported VRV/VRF system with temperature control arrangement in each room SERVICES: Concierge, housekeeping (daily/weekly), laundry/dry cleaning, engineering (plumbing, electrical), room service and flower arrangement/touch-up On the need for serviced apartments optimistic that these twin towers will make painting, among others The Vivara luxury serviced apartments an indelible mark on the city’s Eastern CLUB: Aeon on the second floor being proposed at the JW Marriott Hotel skyline. They will be marked by planned podium level offers an exclusive are targeted at a premium niche of the spaces, best-in-class styling, world-class club experience to Vivara residents with a range of leisure (indoor and urban residential property market. These materials and inspired finishes. In view outdoor) and recreational facilities serviced apartments will be designed for of this, Vivara will emerge as a luxurious, the modern global citizen and discerning elegant and exclusive offering. A view of the glamourous ground floor lobby customers who not only desire to live a five-star luxury life, but can afford to do so On our prospects as well. This is then clearly an idea whose Vivara will be the first offering of its kind time has come. in Kolkata comprising apartments service- supported by a branded international On our offering hospitality major. The 56 room Vivara premium residential The two popular service apartments from tower will be a part of the campus that the house of JWMarriott are situated in will house the JW Marriott Hotel. We are China and Dubai.

Marriott International, Inc. is an American diversified hospitality company that manages and franchises a broad portfolio of hotels and related lodging facilities. Founded by J. Willard Marriott, the company is now led by President and Chief Executive Officer Arne Sorenson and J. Willard Marriott’s son, J. W. Marriott, Jr. is the Executive Chairman. Marriott International is the largest hotel company with more than 4,087 properties in over 80 countries and territories around the world, over 697,000 rooms (as of July 2014), and additional 195,000 rooms in the development pipeline.

October-December 2014 /real-ties Kolkata /25 Greenfield City, Behala. What makes this an ideal investment?

The 3,500-apartment Greenfield City is Behala’s largest residential project and a virtual township in itself. Mr. Sanjay Ganguli, Senior Manager-Finance, Ashok Leyland, explains why he selected to buy an apartment in this facility

Q. Why did you choose to live in Behala offers excellent connectivity to ties – for a number of reasons. Gated Greenfield City from numerous important Kolkata locations and with facilities provide a considerably higher available options in Kolkata? the proposed metro coming up it will lifestyle standard (core and leisure) over A number of things appealed to me. be even more convenient to get to most the prevailing urban average; in a num- One, the large playground that would Kolkata locations. ber of cases, as we have seen in Green- field City, the standard is in line with be ideal for our child. In most Kolkata Q. What were some of the upsides buildings, we do not let our children what one would get abroad. Besides, of selecting to live in Greenfield there is a growing sense of community play in the streets for fear of their City? safety. Here, thankfully, we experience in such complexes, which is welcome Whenever anyone buys into an apart- the other kind of problem: of getting following the relative breakdown of ment complex, a lurking apprehension them indoors! Besides, having lived in the para culture. And lastly, planned is a probable increase in maintenance a standalone building, we quite looked complexes like Greenfield City provide costs beyond one may have calculated. forward to living within a commu- a better option for our children. We owe In this case, our fears were put to rest as nity of 3,500 residents. Our decision them a better life! we were required to deposit mainte- was vindicated; the entire acquisition nance fees for two years @ Rs. 2.5 per Q. This must have been an expen- process proved hassle-free without any square feet, which locked the costs for sive decision. third party involvement and everything this tenure, ensuring a complete peace was completed by the book. We were prepared to pay Rs. 35-45 lac of mind. for the 3-BHK apartment and eventu- Q. Why did you select to live out ally paid Rs. 50 lac (1,306 square feet @ Q. What is the message that you of Behala? Rs. 3,650 per square feet) all told. But would like to share with those the remarkable thing is that we were For one, Behala chowrasta is close to the living in standalone apartments? residences of a number of my relatives, able to get possession within just two The time has come for families to con- so the location made sense. Besides, months of paying! template moving into gated communi-

“Planned complexes like Greenfield City provide a better option for our children. We owe them a better life!”

Greenfield City is promoted by Bengal Greenfield Housing Development Company Limited and Srijan Realty Limited

October-December 2014 /real-ties Kolkata /26

GOSSIPWALLAH

housed the Metcalfe family. Mamata Banerjee’s favourite co- It is said that the spirit of a lour scheme will therefore make pernickety Lady Metcalfe it to private dwellings after sneaks up on unsuspecting transforming flyovers, bridges readers who don’t return and government buildings books to their proper shelves. across the city. The chief minis- The urban legend continues… ter believes the colour code will (Source: Business Line) lift the city’s spirits. The Kolkata mayor’s initiative ASHIANA HOUSING’S EX- has a precedent in far-off Alba- PANSION PLANS IN THE nia. When Edi Rama became SENIOR CITIZEN HOME mayor of Tirana in Alabania, SEGMENT he got shabby communist-era Realty player Ashiana Hous- buildings painted a vibrant ing is planning to expand its orange to provide citizens hope retirement housing segment for the future. (Source: The in three more cities – Bhiwa- Times of India) di, Chennai and Kolkata – in three years due to an upsurge UBER TAXI SERVICE in the housing demand for In its biggest launch spree, TOLLY’S NULLAH TO GET and maintenance costs for 15 senior citizens. Uber rolled out services in A MAKEOVER years. (Source: The Telegraph) According to property con- four Indian cities - Ahmed- The Tolly Nullah was ASSET-LIGHT MODEL FOR sultant Jones Lang La Salle, abad, Chandigarh, Jaipur and inspected by two World the number of elderly citi- Kolkata – marking 10 cities in Bank officials for a project to REAL ESTATE DEVELOP- ERS zens is expected to grow to the country on 19th August overhaul the waterway. The 173 million by 2025, which 2014. With the launch, India is Godrej Properties and Tata Kolkata Municipal Corpo- is now being looked at as a now the biggest market outside Housing, relatively new ration (KMC) will be the potential real estate market. of the United States in terms entrants into real estate, are implementing agency of the (Source: Business Line) of cities where the service is forging alliances with land- project. available. owners to reduce their capital CHOOSE CM’S FAVOUR- As part of the project to Like always, Uber has started cost and strengthen margins. ITE COLOUR CODE FOR revamp the 27 kilometer with a limited pilot launch with This asset light model re- HOUSE, GET PROPERTY long Tolly’s Nullah, which promotional fares. In Chandi- quires lower investment from TAX WAIVER has been approved in-prin- garh and Kolkata, the base fare developers and provides CM Mamata Banerji’s favou- ciple by the World Bank, the would be Rs 40 followed by Rs higher returns to landowners rite colour scheme will get authorities plan to dredge the 12 per kilometre and Re 1 per who get a part of the revenue. a property tax waiver. The canal, improve its water qual- minute. The minimum fare It helps developers de-risk proposal, which has mayor ity to ensure that aquatic life would be Rs 80. In Ahmedabad their portfolio, allowing them Sovan Chatterjee’s support, has can survive in it, stop dump- and Jaipur, the base fare would to grow faster with a lower been accepted in the may- ing solid waste and discharge be Rs 20 followed by Rs 11 per capital investment. or-in-council meeting. of untreated effluents into the kilometre, Re 1 per minute and water, beautify the banks and Currently, 60 per cent of convert the waterway into a Tata Housing’s projects are navigation channel. based on this model. (Source: The concept plan of the Business Standard) Nullah revamp — prepared URBAN LEGEND by the Kolkata Metropolitan The horror stories doing the Development Authority rounds at the famed National (KMDA) — has pegged the Library are an open secret. project cost at Rs. 632 crore, The 250-year old edifice which includes operation

October-December 2014 /real-ties Kolkata /30 Magazine sponsor

for Global Sustainable cities Taj Bengal and Gateway, ITC, Master’s degree has been Park, The Lalit Great Eastern developed to create vibrant and Oberoi Grand. urban centres with thriving Over the last 18 months, economies, rich cultures and three major hotels added 370 low environmental impact. It rooms. Another 170 keys will will focus on problem-solv- be readied in a phase-wise ing using real-world city sit- manner. (Source: Hindu Business uations. Richard Bellingham, Line) director of the University’s Institute for Future Cities, said, “with over half the THE GROWTH STORY world’s population in cities, Measures taken by the West we have an opportunity to Bengal Government to improve the quality of life usher urbanisation for people, and to achieve 1 Flyovers at Garden sustainable futures for cities. Reach, Chandannagar and This degree will help gradu- Siliguri ates to understand cities from 2 Extension of Kalyani, multiple perspectives and Raghunathpur and Barui- create solutions that tackle pur townships big urban sustainability chal- a minimum fare of Rs 80. In ture Development and Finan- lenges”. (Source: The Financial 3 Recent flyovers con- terms of cars, Uber will have a cial Corporation (WBIDFC), Express) necting EM Bypass to VIP mix of Toyota Innova, Honda Union Bank, Bank of Baroda, Road, the Vivekananda KOLKATA TURNS A BIG City, Skoda Rapid and Tata Bank of India, Corporation Road Flyover and Park DRAW FOR HOTEL MA- Aria among others. bank and Shriram Capital Circus Paroma Flyover, JORS have already accquired plots among others, aimed at Valued at $18.2 billion in its Hospitality giants compris- or are in the process of taking making people spend less last round of funding, Uber is ing names like the Carlson over plots in the financial hub time on roads growing at a rapid pace across Rezidor, Mariott Internation- of New Town. Besides, Alla- the country. (Source: The al, Accor and Starwood are 4 BBD Bag being habad Bank has also taken a Telegraph) seeking a foothold in Kolkata renovated with heritage plot in the hub area. conservation HIDCO LEASES OUT through brands like Radisson In the second phase, the Blu, Country Inns & Suites, PLOTS IN RAJARHAT authorities have invited 5 A Japan-assisted project FINANCIAL HUB JW Marriot, Courtyard by in Hooghly district is look- tenders for six plots covering Marriott, Novotel and Westin. The Housing Infrastructure 12.5 acres. Work is also on ing at scientific solid waste As per the industry sourc- Development Corporation to construct a multi-storied management es, at least 1,500 rooms at (HIDCO) will be leasing structure that will be one of 6 an expected investment of Under the National 23 plots covering 35 acres, the tallest buildings in the city. Rs. 2,250 crore are likely to be Ganga River Basin Author- aiming to further the develop- (Source: Times of India) added over the next three to ity (NGRBA), sewerage ment of the financial hub in networks are being laid in A DEGREE TO CREATE five years by four international Rajarhat-New Town. Bhatpara, Gayeshpur and LEADERS FOR SUSTAIN- chains. The expression of interest Kalyani (tender) for plots of varying ABLE CITIES. Kolkata has 2,100 upscale ho- sizes will be floated and leased The University of Strathclye tel rooms. This includes three 7 Drainage pumping for a period of 99 years. The has launched a Master’s international brands, 480 stations are being com- National Insurance Company Course to equip students rooms shared by Swissotel, missioned in water-log- (NIC), West Bengal Financial with the skills that will help Hyatt and Carlson Rezidor’s ging-prone areas Corporation (WBFC), UCO, shape and deliver the cities Park Plaza. The rest are owned (Source: The Times of India) UBI, West Bengal Infrastruc- of the future. The Leadership by Indian chains, Taj Group’s

October-December 2014 /real-ties Kolkata /31 CAN KOLKATA MAKE REAL ESTATE AFFORDABLE FOR ALL?

What does ‘affordable housing’ Rana Gupta (Vice President, tax breaks), which explains why a Sukhobrishti, Shapoorji Pallonji): In number of builders are selecting to connote? India, affordable housing is based on create low-cost apartments pitched at Amit Jhunjhunwala (Director, Atri incomes, apartment size and cost. If the middle-class. Group): In Kolkata it entails a floor area one takes the mid-income segment into Chaitali De: Here I have a slightly of 700 to 1,100 square feet comprising account, then a 600-1,200 square feet different opinion. I don’t think demand 2-BHK and 3-BHK apartments costing apartment addressing the needs of a has increased substantially. around Rs. 30 to 40 lac. target segment with incomes of Rs. 3 to Rana Gupta: In Kolkata, the demand Harsh Jain (Managing Director, 10 lac per annum would correspond to for affordable housing is considerably Arrjavv Group): I would have put it in apartment cost of Rs. 12-50 lac. higher than supply. For instance, during the range of Rs. 10-12 lac a couple of the launch of SP Shukhobrishti, around years ago, but would now be inclined What is driving the demand for 17,000 people applied for 409 MIG to revise it to about Rs. 20-25 lac per affordable housing in Kolkata? units and 11,000 people applied 1,100 apartment. Amit Jhunjhunwala: Clearly the LIG units. Chaitali De (Marketing Executive, escalating prices of prime properties Greenfield Projects): I would slot the and the easy availability of home What is the prevailing price range price range between Rs. 25-35 lac finance. for these apartments? targeted at the MIG and upper-MIG Harsh Jain: Easy home loan availability Amit Jhunjhunwala: I would put down segments. and affordable interest rates (following

October-December 2014 /real-ties Kolkata /32 Arrjaav Group - Sonar Kella

anything within Rs. 2,500 to Rs. 3,500 via metro rail, bus and train. per square feet as within the affordable segment. What are the basic requirements of most customers? Harsh Jain: We offer a living room- cum-dining room, three bedrooms, Amit Jhunjhunwala: Most customers two washrooms and a balcony (around look at adequate water availability 1,200 square feet) for around Rs. 25 lac coupled with security and community in the affordable segment. requirements (gym, swimming pool Rana Gupta: Our SP Shukhobrishti and community hall, among others). apartments were launched at the Harsh Jain: Easy connectivity, best- absolutely unbeatable Rs. 4.51 lac per in-class security, vibrant community, unit for the low income group and social infrastructure and long-term Rs. 10.12 lac per unit for the mid- appreciation potential. income group. Rana Gupta: To what the others have mentioned, I would add healthcare, and Which are preferred areas for educational institutions in proximity, affordable apartments? adequate landscaping and low Harsh Jain: Pockets like Baruipur, maintenance cost. BT Road and Diamond Harbour are becoming increasingly popular because What is the difference between land is still affordable. affordable housing apartments and those addressing HIG and Chaitali De: South Kolkata and MIG customers? Rajarhat are becoming popular in the affordable segment due to a growing IT Amit Jhunjhunwala: The quality of population. flooring material, bathroom fixtures, Rana Gupta: I would say that land electrical fittings, doors and windows. parcels on the city’s periphery are Harsh Jain: Generally, the difference attractively priced and well-connected has been in terms of the available space,

Shapoorji Pallonji - Sukhobrishti

October-December 2014 /real-ties Kolkata /33 which is lower than in HIG housing Harsh Jain: Even as cost optimisation Ongoing projects complexes. While high-end projects is a priority, we never compromise on offer Italian marble and cutting-edge material quality. Atri Green Residency fittings, affordable housing complexes Rana Gupta: Most developers are Location: Malancha, Rajpur offer vitrified tiles and CP bathroom developing projects on the outskirts Price: Rs. 19.23 lac to Rs. 26.77 lac fittings. While HIG housing complexes where the price of land is comparatively Unit details: 96 units offer sky decks, yachts and world-class low; besides, they restrict unit sizes. The Type: 2 and 3-BHK clubs, affordable housing complexes use of value engineering and modern Floor area: 840 Square feet to 1,120 offer upgraded clubs, swimming pools technologies are helping reduce time Square feet and community halls. Understandably, and construction cost. Possession: March 2017 high-end projects usually cost around a crore while affordable housing comes at What are the major challenges? BCT Sonar Sansar a fourth of that cost. Location: Sonarpur Amit Jhunjhunwala: Real estate players Price: Rs. 17.95 lac to Rs. 39.95 lac Chaitali De: HIG housing complexes have limited access to finance. Most Unit details: 143 units offer Italian marble and world-class environmental challenges have been Type: 1,2 and 3-BHK amenities, while MIG complexes offer overcome due to available technologies. vitrified tiles with common amenities. Floor area: 630 Square feet to 1,402 The present income tax and registration Square feet Rana Gupta: For the MIG section, tiles, laws with respect to market valuation Possession: July 2015 bathroom fixtures and other variable pose a threat. cost items are comparatively lower Harsh Jain: Land procurement, legal Dream Exotica priced when compared with the HIG clearances and pollution clearances are Location: Madhyamgram section’s use of branded marble, tiles, big challenges.. Price: Rs.11.45 lac to Rs. 33.41 lac bathroom fittings and wood. Chaitali De: I would put the challenges Unit details: 155 units Type: 1,2, and 3-BHK How are the major players down to land purchase as well as legal optimising their costs? and other clearances. Floor area: 425 Square feet to 1,240 Square feet Rana Gupta: The increase in Amit Jhunjhunwala: Since the cost of Possession: April 2015 construction costs by 40% in two years land and construction have increased, as well as an increase in government Greenfield Oasis margins have tended to moderate. taxes and premia. Location: Thakurpukur Price: Rs. 21.75 lac to Rs. 35.55 lac Unit details:144 units Type: 2 and 3-BHK Floor area: 888 Square feet to 1,451 Square feet Possession: September 2016

MBPS Waterview Location: Malancha, Rajpur Price: Rs. 17.98 lac to Rs. 31.84 lac Unit details: 112 units Type: 2 and 3-BHK Floor area: 799 Square feet to 1,355 Square feet Possession: June 2017

Primarc Sukriti Location: Harinavi Price: Rs. 20.75 lac to Rs. 30.76 lac Unit details: 67 units Type: 2 and 3-BHK Floor area: 830 Square feet to 1,183 Square feet Possession: April 2017

Atri - Green Residency

October-December 2014 /real-ties Kolkata /34 CORPORATE SOCIAL RESPONSIBILTY Taking people into another orbit

Transforming the local unemployed into formal construction support teams – the basic idea of CSR by the Orbit Group

HE ORBIT GROUP IS decided to make a difference in the at street corners and looking for the one of the most renowned following ways: next scuffle now live busy lives at real-estate project • We transformed the local unemployed construction sites, managing raw Tdevelopers in India with into formal construction support teams material or workflow.” a track record comprising more than • We spoke to each member one-to-one; “Similarly, when we moved into our 29 residential projects. The Group we gave them the broad picture of how office on 1 Garstin Place, we could is headed by Mr. Basant Parekh, an they could transform prospects for their have asked all adjacent stall owners to experienced real estate developer family through a positive work attitude shift; instead, we checked if they need engaged in the business since the early and refined speech assistance in evolving their professions.” Nineties. Mr. Parekh explains the Orbit “We had another instance in Keyatala Group’s social responsibility initiative: • We created a demolition team, settled on a fair remuneration package and where some families needed to be “You can give a poor man a fish for one incentivised quicker delivery relocated for the sanctioned project day but if you teach the person how to to begin. When we discovered that • We made ourselves available to any fish you liberate him for a lifetime. there were 15 families with children worker any time; they could call me This is the philosophy that inspired on the site, we took an internal call directly my company to play a meaningful and preferred to sell out rather than role in the area of corporate social • We treated every worker as equal, proceed.” which is unusual for a group of people responsibility.” “My learning across the years is that if that has for long been discriminated “When I entered the business of real you only as much as respect the dignity against estate development, we encountered of people and take an interest in their local residents who would be recruited The result is that all those who would lives, you can transform them and their for petty jobs and paid nominally. We while away their time playing cards families.”

October-December 2014 /real-ties Kolkata /35 Magazine sponsor

West Bengal. The department redresses Consumer Grievance Redressal consumer grievances in line with the Cell’s awareness campaign provisions of the Consumer Protection Act, 1986, in various consumer courts including the National Consumer JAGO GRAHAK Dispute Redressal Cell. The big question: why is there a need for the Consumer Dispute Redressal Cell JAGO! when the Consumer Forum was already in existence? Simple. No long waiting. No locational boundaries. The CRC works There is a growing emphasis being laid on the protection of consumer around mutual understanding through rights facilitated by modern technological developments pre-litigation settlements, as a result of which cases related to a Rs. 10 cold drink to issues entailing Rs. 39 lac have been resolved - effectively and efficiently. So why a Consumer Redressal Cell for the real estate sector? There are a number of reasons for this. The housing sector contributes 5-6 per cent of GDP, is the second largest employer after agriculture and is slated to grow at 30 per cent over the decade. Following a large inflow of resources, there has been a growing incidence of forgery and embezzlement. A big reason for this has been low consumer awareness. The Consumer Redressal Forum assists customers in understanding basic realities with the objective to protect their interests.

The complainants There are three major parties in a real estate business comprise the following: the land owner, developer and purchaser. The Consumer Redressal Forum can be accessed by various parties: • A purchaser of an apartment under construction is a consumer, where the developer and the land owner are the he Consumer Redressal Cell savings into the purchase of a property. service providers. A purchaser may resort (Mirza Ghalib Street, Kolkata) The CRC is legally empowered, operating to the Consumer Protection Act (CP is one-stop service provider under the aegis of the Consumer Act), 1986 for dispute resolution. Tthat protects the interests Affairs Department, Government of • A land owner, who entered into of those who put in their hard-earned a development agreement with an

October-December 2014 /real-ties Kolkata /36 individual or a company, is a consumer • Read the ‘sale of agreement’ before A critical difference in words and that individual or the company is the signing. Sale agreement: What the buyer service provider. The land owner in case • Check for the updated payment of the will get after the construction of of any dispute can file a case under the CP property tax for your flat till the date of the the flat Act, 1986. ownership transfer. Deed of conveyance: What the The land owner and developer sign • Ask the developer to provide the buyer receives after the flat is a ‘development agreement’ while the ‘occupancy certificate’. This certificate is completed. developer and the purchaser sign a ‘sale issued by the municipal authority with agreement’ and ‘deed of conveyance’ The regard to the complete availability of sale of the property can be divided into power, water and sewage system in the flat. A complete no-no three parts - sale of vacant land yet to be developed, sale of under-construction flats/ Protecting against under- • Approving the registration before receiving the apartments and sale of completed flats. construction ‘completion certificate’ Since the sale of under-constructed flats Verification is an area where major defaults occur, • No verbal commitments to be accepted for the registration or If a comprehensive due diligence is made the protection safeguards comprise the at the initial stage, almost 50 per cent of the ‘completion certificates’ or any following: other legal deeds issues can be resolved. • Check the ‘developer’s agreement’ While selling vacant land, the land owner carefully. should verify the following: • Study the ‘sanctioned plan’ in the ‘titled • The development agreement should be deed’ and learn about the proposition of signed after scrutinising the developer’s the residential and commercial space to credibility protect oneself. • The land owner should check the • Verify the approval of the proposed authenticity of the ‘developer’s certificate’ construction/extension received from the issued by the Housing Department, competent authority. Government of West Bengal • ‘Non-encumbrance certificate’ or the While purchasing finished/ready flats, the ‘searching certificate’ has to be asked for to following documents need to be verified: be sure about the proprietor’s name. • The ‘title report’ needs to be verified • Order permitting the ‘land conversion’ in carefully to ascertain the proprietor’s name. case of conversion of agricultural or other • Occasionally, these deeds represent false land by any competent authority. ownership, a problem that can be solved • Up-to-date land tax receipts or building by asking for a ‘search certificate’, which is tax receipts issued by the competent issued by the municipal committee after a authority to be verified. ABOUT 40 PER CENT thorough check in any upgradation on the • Payment schedules along with proper sale or purchase of the land in 13 years. OF THE CONSUMER disclosure of total considerations and GRIEVANCES • Ask for the ‘completion certificate’ break-ups. before registering the flat. The completion REGISTERED ANNUALLY • Power of attorney issued by the land certificate is issued by the municipal ARE SOLVED THROUGH owner in favour of the developer. authority, assuring that the concerned PRE-LITIGATION • Asking for the ‘occupancy certificate’, property has been built in line with norms SETTLEMENTS. and rules issued in accordance with its which ensures that the flat is ready for geographical location. habitation.

October-December 2014 /real-ties Kolkata /37 REAL ESTATE MARKETING JUST GOT MORE PERSUASIVE! HIGHLIGHTING THE INNOVATIVE MARKETING STRATEGIES BY SUCCESSFUL REAL ESTATE PLAYERS IN KOLKATA

DEFERRED PAYMENT SCHEME successfully marketed under the Empower their installments. The revolutionary When real estate values become sluggish scheme. strategy generated a sale of more than 50 and a developer cannot be seen reducing apartments. prices for fear of antagonising those who HOMEGAIN might have already bought into a given When buyers move into an apartment RAIN FOREST property from the developer earlier, they experience a cash squeeze on account Mounthill Realty was positioned around the deferred payment scheme works of having paid a hefty sum to buy the the concept of a rain forest abounding with conveniently. The Kolkata trendsetter apartment, leaving them with precious trees that helped minimise noise levels. The was Eden City Maheshtala where it little to invest in the interior decor. To project is being designed to accommodate offered buyers the option to purchase address this issue, the management a canal surrounded by tall trees. The apartments based on 20 per cent down at Eden City Maheshtala proposed a central gate of the property will open to a payment, the rest to be paid by the bank differentiated idea: the EMI would be drive way skirted by trimmed royal palm to the developer. Following apartment paid by the developer for a year following trees leading to a Gothic fountain. The handover, the buyer begins to pay the apartment handover. This made it possible marketing proved effective; 55 per cent of rest of the installment. The result: 83 per for the owners to enhance their lifestyle 1,850 apartments were sold during the soft cent (700 apartments) of the property was quality and then gradually liquidate launch.

YACHT OWNERSHIP The Forum Group offered those who bought into Atmosphere the ownership and use of a 60-foot, three-bedroom yacht worth USD 3 DISNEY! million – at no extra cost. Kolkata enjoys the unique advantage of being situated Team Taurus positioned its The County residential project around on a river, permitting the use of the yacht Disney, complete with Disney-inspired bedrooms, clubhouse, Mickey through the year. The yacht ownership Mouse swimming pool, dancing musical fountain, Winnie the Pooh jungle will make it possible to host private gym and a wishing well. The project earned a four-star rating (out of five) from India celebrations or simply enjoy lazy Sunday Homes. evenings on the river.

October-December 2014 /real-ties Kolkata /38 DEYA, ‘THE JELLYBEAN’ Atmosphere’s principal attraction is its Deya, an engineering marvel suspended between two towers at a height of 400 feet. This 3,000-tonne club facility will house a modern club comprising a six- hole putting green, virtual golf simulator, basketball court, squash court, cinema hall, 250-seater banquet, kids’ crèche and a games pavilion coupled with seven-star spas, conference rooms, gyms, jogging tracks, swimming pools or hot tubs, party decks, private dining lounges and libraries. Phew.

SKY DECK SINGAPOREAN MEDITERRANEAN The Mounthill Essence THEME The Jain Group- THEME Dream Palazzo by the offers Kolkata residents promoted Dream Jain Group offers a their first taste of a sky Exotica offered Mediterranean-themed deck - a home with a private sky garden, Singaporean architecture comprising an property with landscaping reminiscent sky and turf. The sky deck catalysed island with a wooden deck, swimming of Italian - gardens with bold sculptures, project offtake; approximately 90 per cent pool, spa and pergola roof. The result gurgling fountains and a brick stone of the offering was sold in the first year was that Dream Exotica was awarded the pathway. The strategy worked; 85 per of launch. ‘Best Residential Project – Mid Segment’ cent of the 192 apartments were sold out in 2013 by CNBC Awaaz and was listed within a couple of months. among ‘India’s Top-100’ projects by CRISIL and Realty Plus.

BUY INTO MERLIN AND GET A FREE AUDI A6:

The Merlin Group has already made scenario involves an Audi A6 offered as a brand identity of the developers. The a name for themselves by effectively complimentary gift to those who intend developers expect this will increase the catering to the premium market to buy into Merlin, Tollygunj (price number of footfalls into the project site segment which constitutes the HIG and range of Rs. 4.0 and Rs.5.5 crore). and enhance visibility among the target prestigious individuals. audience. This for certain will make the project Its latest coup in the real estate market more lucrative and add value to the

October-December 2014 /real-ties Kolkata /39 INSPIRATION WHAT KOLKATA CAN LEARN FROM FRANCE

MUDAR PATHERYA SHOOTS PICTURES OF URBAN CONCEPTS IN FRANCE WAITING TO BE TRANSPLANTED IN KOLKATA

At first glance, this looks like an ordinary picture. But look closer. While the railings and some of the latticed doors are real, the others have been painted onto the building faćade. With the singular objective that the building’s architecture stays in sync with the adjacent buildings. So that it enhances heritage respect for the neighbourhood. Ah, another point. No billboards, no banners of commercial offices. This signage regulation in Nice (as in other French cities) is one reason why heritage is still such a big draw in France

October-December 2014 /real-ties Kolkata /40 Shot this in a small Provence village called Loumarin. The tree may have gone but its appeal remains and the location stays protected.

This was one of the most endearing features of French streets. The bouquet of foliage and flowers across most electrical poles in central city areas is something that can be so easily replicated in Kolkata

Each window sill, however, humble, is adorned by a box or tray that hosts colourful flowers. Reflects the owner’s pride.

This door in the backstreets of Marseilles was an interesting instance of how residents prided in keeping things old rather than send for the painters and polishers. The door seems to be holding out a message: there’s beauty in decay!

This pole close to the Maritime Museum Not just another street in Marséilles has become a magnet for the signboard. Attitude and museum’s used tickets. What could have aesthetics make all the difference. been a litter headache has now become a tradition – and a location for pictures!

October-December 2014 /real-ties Kolkata /41 Where have all the great fountains of Kolkata gone? And more importantly, where has the good old tradition of keeping fountains and parks accessible to the public – without forbidding grills – vanished? Shot this in Paris at one end of the Champs de Elysees.

The Grand Casino, Monte Carlo. See through the reflection of the iconic convex mirror. Not the kind of investment that is going to bleed a government department dry. But think of the number of tourists who kept clicking pics! Best part: the stainless steel mirror was designed by someone of Indian origin. Anish Kapoor!

October-December 2014 /real-ties Kolkata /42 Kolkata is often referred to as India’s cultural capital but try finding someone with a musical instrument trying to earn a living on the streets… the musician in Paris must have hauled his piano from home!

Simple motif of Marseilles. A block ‘M’. Why not a block ‘K’ across ten locations in Kolkata?

Modern France has recognised that one of the most effective drivers of its economy is tourism; heritage lies at the heart of its tourist attraction. One of the easy ways in which the French have protected their heritage is through the use of cobbled streets, signifying that the location enjoys a sense of history. In Kolkata’s Rabindra Sarani we replaced smooth black bricks – witness to the street’s rich century-old history - with anonymous concrete!

Centre of Nice. Vast open space. Pedestrian-friendly. Differently- patterned floor. No hawkers! October-December 2014 /real-ties Kolkata /43 IS IT POSSIBLE TO KEEP AN ENTIRE NEIGHBOURHOOD CRIME-FREE?

William Barno, Managing Director of ASI Services, a prominent Kolkata security-cum-facility management company, explains how the concept of security in Kolkata needs to extend from standalone buildings to comprehensive neighbourhoods

The need: There is a broader consensus warrants patrol guards and a control control room monitoring and manned that one security guard (or two) at room. One of the things that we are patrolling (two men on a bicycle or the entrance of a standalone complex now insisting is the use of CCTVs motorbike). It is recommended that cannot suffice any longer. Most lack placed at street intersections, which each guard be equipped with a mobile adequate training and presence of mind. can be monitored from a centralised phone. The technologies could depend The time has come for a comprehensive location. The question is not whether on the level of security required and the neighbourhood security solution the CCTV will be effective enough; investment capacity of the residents. I comprising a radius of, say, 5-10 the reality is that the very presence of a feel that basic hand equipment (lathis, kilometers in addition to a building- CCTV network acts as the most effective batons and flashlights) should be centered solution. This multi-tiered deterrent to criminal activity because available at all times. A mandatory solution will make security tighter and once detected the criminal knows that check of all building guards by the deter criminal activity. sooner or later he will be apprehended. neighbourhood guards could serve What this warrants: The The process: Neighbourhood security as a check-and-balance bonus at no neighbourhood security solution warrants a combination of 24x7 extra cost. The system does not make

October-December 2014 /real-ties Kolkata /44 conventional building security redundant but provides collaborative vigilance solution. Emergency preparedness: In the event of an apartment break-in, our alarm system can alert every guard in the neighbourhood. Besides, those manning the CCTV screen can alert those closest to the scene of the break-in. A single guard may not be adequate to apprehend a thief but a well- knit group can make the difference. It is our conviction that a neighbourhood security can effectively minimise the incidence of crime simply by the virtue of being there! Ideal neighbourhoods: I can easily think of Lake Gardens, Ballygunge, Lake Market, Mudiali, Alipore and Bhowanipore as ideal upmarket locations where such a solution can be implemented. The cost: This could be one of the most cost-effective urban security solutions simply because neighbou rhood security is not as people-intensive as building security is and when you spread the cost across a large number of buildings, the trickle-down cost per resident can be really negligible.

THIS COULD BE ONE OF THE MOST COST-EFFECTIVE URBAN SECURITY SOLUTIONS SIMPLY BECAUSE NEIGHBOURHOOD SECURITY IS NOT AS PEOPLE-INTENSIVE AS BUILDING SECURITY.

Crime rates in Kolkata (in percentage)

87.50

73.21 66.67 63.89 59.82 56.25 54.63 53.57

42.86 40.18

Level of Crime Breaking Car theft Cases when Drug Vandalism Assault Walking Walking crime increasing in and entering things were peddling and theft and armed alone during alone during three years stolen from robbery daylight night cars

If the value is 0, it means it is perceived as very low, and (Source:http://www.numbeo.com/crime/city_result.jsp?country=India&city=Kolkata) if the value is 100, it means it is perceived as very high

October-December 2014 /real-ties Kolkata /45 Magazine sponsor

Jog down to the fitness studio. Walk up to a leisurely dinner. Run 15 steps down to reach your office. Commercial space in residential buildings

This real-ties brings to you an emerging Kolkata trend – commercial spaces inside residential buildings. We speak to owners, tenants and residents about the joys and inconveniences.

NEERAJ SURANA communication consultancy on the Tenant first floor of our building is knowledge- driven with respectable gentry. Besides, I got space off Southern Avenue for a we have different entrances into the fitness studio but had to be screened actual building for the office employees by the residents first. These are some and residents. Our other advantage of the points that I communicated is that the owners of the company to them: One, gym timings (early live in the adjacent building and are morning and late evening) are during approachable. Interestingly, we enjoy the non‑rush hours so they minimise comfort of knowing that at any given resident inconvenience. Two, gyms cater time a number of people are working to a niche clientele and not the locals, within the building and can be called to minimising potential objection. Three, assist in an emergency. rented, the promoters contribute to the much of the interiors of a gym are like maintenance of our premises. that of a residence so not many changes GEETI SEKSARIA have to be effected. Four, residents can Tenant AMITAVA DUTTA use the gym within the building to lead Tenant healthier lives. Five, the gym can help When a restaurant was established on enhance building aesthetics, enhancing the ground and first floors, residents There was a commercial office on the capital-appreciation prospects. Six, had major concerns about safety. first floor of our residential building the building maintenance costs can be However, the promoters had advocated and while they did not pose any major shared by the commercial property. The the use of state-of-the-art fire-fighting inconvenience since their visitors result: within 10 minutes, I received and hazard management systems in did not use our building lifts, the their approval! compliance with all regulatory norms residents decided that to prevent this and guidelines. Moreover, the building phenomenon from proliferating, the KAVITA SINGHANIA is equipped with close-circuit cameras office should be asked to vacate. If we Owner to prevent safety breaches with guards had not taken a stance on this, we would manning the premises 24x7 at individual have had offices on the fourth, seventh Generally when there is an office on entry and exit points for the restaurant or tenth floors of our building, as a result the first floor of a residential building, and building. Since this upscale of which the security of the building it can be painful. There could be all restaurant caters to well-to-do patrons could have been compromised. The kinds of visitors coming at odd hours. there is no possibility of trespassing. office vacated and found a commercial However, we have been fortunate; the While the restaurant space has been facility close by to shift into.

October-December 2014 /real-ties Kolkata /46 Neotia Medi Plus Multi- specialty Clinic: HUSAIN SIDDIQUI Near 228 Bus Tenant Stand, Garia Main Road I live in what used to be a fine residential building in Central Kolkata. Over time, residents began to shift to South Kolkata, vacating their rented premises in favour of offices belonging to chartered accountants and transporters. In the space of just a few Habib’s Salon – Diamond years, the character of the building was Park, Joka Samsung Service Centre – Salt Lake City completely altered. During the day, you have various unknown faces walking into our building (which could have Neeraj Surana is owner and trainer at Fortius Strength Studio that operated out of an implication for the security of our a residential building in South Kolkata. Geeti Seksaria is a resident in a prominent building considering that most menfolk lake-facing building of South Kolkata which comprises a multi-cuisine restaurant on are away at work). In the evenings, the the ground floor. Kavita Singhania is the resident of posh South Kolkata residential building becomes deserted. There are building with a knowledge-driven communication business on the first floor. Amitava no faces left to talk to. In a few months, Dutta is the president of a residential high-rise in South Kolkata. Husain Siddiqui lives we will be shifting out of the building as on the sixth floor of a Central Kolkata residential building well.

October-December 2014 /real-ties Kolkata /47 NUMBERS BOOKS ON KOLKATA 1 Calcutta by Geoffrey Moorhouse The investment (Rs trillion) required to address 12.5 India’s housing needs – at current prices. 2 City of Joy by Dominique Lapierre 3 Calcutta: The Living City Volumes 1 & 2 by Sukanta Chaudhuri The percentage of Indians from economically 4 Calcutta - City of Palaces: A Survey of the City in the Days of the East weaker sections and low income group India Company 1690-1858 by Jeremiah P. Losty 95.6 households who cannot afford homes priced above Rs. 15 lac. 5 Calcutta 1981 by Jean Racine 6 City of the Dreadful Night and American Tales by Rudyard Kipling The estimated shortage (which mentions the Great Eastern Hotel) 2.68 of homes likely in West 80 million Bengal by 2030. STRANGELY BELOVED: The percentage WRITINGS ON CALCUTTA EDITED BY NILANJANA GUPTA Number of refugee decline in retail families in Bonhooghly space supply in alcutta’s wealth is not who will be given shopping malls in ancient monuments, apartments at Siddha in the first half of 800 Eden Lake Ville 2014 across seven medieval courtrooms or major cities to Cmodern skyscrapers. It is in its (comprising park, swimming pool and nearly 0.3 million stories. Perhaps no city in India has community hall). square feet. inspired the responses of love and disgust as sharply as Calcutta, now Kolkata, where the old and the new, the beautiful and the squalid coexist 35,000 side by side. Once a global city Units need to be built each day for a second only to London, it has often continuous eight years to address the housing been written off as a dying city. But shortage in India. (Source: KPMG Report) despite perhaps because of all its problems, Calcuttans love the city with the illogical passion of true love. In his 1971 book on the city, Geoffrey Moorhouse wondered why Calcutta is so strangely beloved. 90,000 This collection of writings brings out the essence of the attractions The estimated investment (in Rs crore) that Indian REITS can attract in the first year. this city has to offer its food, music, theatre, art, politics by weaving together history and personal experience, social commentary and political critique. Sharing the experiences of renowned writers and $ 43 billion is the worth of the real estate decisions taken as more and more Indian log poets, academics and historians, who have all loved the life of this online to seek information about real estate city, Strangely Beloved provides a rare and heart-warming glimpse 43 investments, with $ 31 billion for residential into the heart, mind and soul of one of the greatest cities in the world. and $ 12 billion for commercial. (Source: http:// (Courtesy: Amazon) timesofindia.indiatimes.com) Hardcover: 372 pages • Publisher: Rupa/Rainlight Publications (September 1, 2014) • Language: English The quantum of investment (in billion pounds) by Indian billionaires in buying luxury homes in 1 the heart of London in just 18 months (second only to Britain-based buyers). FUN ZONE

1 Which building occupies the largest number of address in the city? The quantum of proposed spending (Rs lac 3.45 crore) by the Finance Ministry under the 2 On which building would you see the inscription in Persian: “May National Gramin Awas Mission. your prosperity be perpetual”?

The number of million houses to be built for 3 What is the name of the bird market in New Market ? 30 the homeless under the National Gramin Awas Mission by 2022. 4 If the Museum is the jadu ghar, what is the Birla Planetarium? Send answers to [email protected] and we might just feature you in the next issue of real-ties.

October-December 2014 /real-ties Kolkata /48 IN THE MEDIA THE WORLD’S FIRST TEMPERATURE-CONTROLLED PEDESTRIAN CITY! WHAT THEY SAY ubai is all set to build the biggest mall despite soaring temperature in summer that can on the planet, complete with climate- reach nearly 50 degree Celsius. The shopping “ he price in most of the country’s controlled streets, a theme park, five mall itself will occupy eight million square feet, residential markets have touched Tthe bottom and are currently Dmiles of covered streets and 100 hotels and housed below a glass dome. In the cooler winter apartments spread across an area of 48 million months, the dome will open, allowing people stable. There is an excellent opportunity square feet. The mall will also contain health to shop in the fresh air, closing as the summer for buyers to lock in property deals.” - resorts, theatres, a celebration street modeled on heats up. Sanjay Dutta, Executive Managing Director, the Ramblas boulevard in Barcelona and ‘retail It is thought the huge construction will attract South Asia, Cushman &Wakefield streets network’ that will stretch over four-and-a 180 million visitors a year and developers hope ay heed to the economic drivers half miles. it will secure Dubai’s futures as a tourism hub. “ of growth in a locality. The place (Source: www.dailymail.co.uk) The grand project is a part of Dubai’s bid to Pthat witness job creation also see a become a year-round tourism destination, higher appreciation in real estate prices.” - Anshuman Magazine, CMD, CB Richard Ellis, South Asia ANCIENT ‘AIR-CONDITIONING’ COOLS BUILDING SUSTAINABLY “ hat you are seeing is the degrees cooler inside than out – by drawing on return of three confidences Rajasthan’s ancient architecture. W– consumer, corporate and While the exterior appears very much in keeping investor. These are the biggest drivers of with the trends of contemporary design, at the the market.” - Abhay Laijawala, Managing base of the building is a vast pool of water – a Director –Research, Deutsche Equities cooling concept taken directly from the step well he smallest patch of green to structures developed locally over 1,500 years ago “ arrest the monotony of asphalt to provide refuge from the desert heat. Tand concrete is as important to The whole building is raised above the ground the value of real estate as streets, sewers on pillars and the walls are made from a heat- and convenient shopping.” - James Felt, absorbing material that ensures that the warmth New York Times is released slowly at night when the temperature drops. Centuries ago, latticed screens or jaali eal estate is an imperishable filtered direct sunlight into the palaces helping “ asset, ever increasing in value. reduce heat. RIt is the most solid security that The success of the academy’s design has had a human ingenuity has devised. It is the t the height of summer, in the palpable impact. Regulations – based on these basis of all security and about the only sweltering industrial suburbs of Jaipur, passive cooling techniques – were introduced indestructible security.” - Russell Sage, Rajasthan in North Western India, last year for all new Indian government American Financier and Politician Athe Pearl Academy of Fashion remains 20 buildings. (Source: www.edition.cnn.com)

BOTTLE-UP NIRVANA!

he Wat Pa Maha Chedio Kaew temple. The bottle-collection-turned-building temple has found a way to bottle-up started in 1984, when the monks used them Nirvana, literally. The temple, which to decorate their shelters. The shiny building Tsits in Thailand’s Sisaket province, roughly material attracted more people to donate 370 miles northeast of Bangkok is made of more bottles, until eventually they had more than a million recycled glass bottles. enough to build the temple standing today. True to its nickname, ‘Wat Lan Kuad’ or Bottle caps are also integrated as decorative ‘Temple of Million Bottles’ features glass mosaic murals. Going beyond use of glass as a bottles throughout the premises of the temple, sustainable building material, the bottle bricks including the crematorium, surrounding don’t fade, let natural light into the space and shelters, even the toilets. There’s an estimated are surprisingly easy to maintain. (Source: 1.5 million recycled bottles built into the inhabitat.com)

October-December 2014 /real-ties Kolkata /49 PREVAILING PROPERTY RATES A COMPARATIVE STUDY ABOUT THE PAST AND PREVAILING RATES OF THE COMMERCIAL AND RESIDENTIAL SPACE

COMMERCIAL SPACE – KOLKATA COMMERCIAL SPACE – OTHER CITIES

150150 150 Cities Location Rate per square foot

75-140 April ’14 Sept ’14 Burdwan Burdwan Rs. 26 – 28 Rs. 26 – 28 Road 120120 120 Durgapur City Centre Rs. 32 – 40 Rs. 32 – 40

70-110 Asansol GT Road Nr Rs. 16 Rs. 16

85-100 80-100 Gopalpur GT Road, Rs. 30 Rs. 30 65-85 60-85 90 90 90 75-85 Murgasol 70-80 60-80 65-75 65-75

65-75 Rambandhu Rs. 90 Rs. 90 60-75 60-70 60-70 60-70 Talab Guwahati GS Road Rs. 200 - Rs. 200 - 60 60 60 230 230 Rate per square foot (in Rs.) foot per square Rate Zoo Road Rs. 180 - Rs. 180 - 30-42 40-42

28-38 200 200 28-35 30 30 30 THE CURRENT RATE LIST FOR HI-END RESIDENTIAL

Category Location Current Prices 0 0 0 CBD Category SBD Category Category Park Business Harish New Town, A+ Gurusaday Road, B.C.Road, Rs. 4 Mukherjee Rajarhat Mayfair Road, Ballygunge crore Mallick Road, Salt Lake Park Road, Ballygunge Park, and Hazra, Bazar Sector V Queens Park, Sunny Park, above Ballygunge Park Ironside, Alipore, Theatre Circus Road, Southern Avenue, Dalhousie, Park St., Gariahat Camac Street, Elgin road. Camac St., Elgin Kasba A Ballygunge Place, Palm Rs. 1.5 - Road, Minto Park, Ruby Avenue, Palm Place, 4 crore Lease rate in April 2014 Chowringhee, AJC Bose Topsia Ballygunge Phari, Gariahat, Road, Theatre Road Lease rate in September 2014 Mandeville Gardens, Bhowanipore, New Alipore, THE RATE COMPARISON LIST FOR AREA-WISE RESIDENTIAL PROJECTS. EM Bypass, Kankurgachi, Tollygunge, Prince Anwar Shah Road, Jodhpur Park, SOUTH KOLKATA Topsia Location Past Rate Present Rate (in (in April) September) NORTH KOLKATA Garia 4000-4800 4300-5200 Location Past Rate Present Rate (in Boral 2700-3100 2950-3250 (in April) September) Narendrapur 3500-4500 3400-4500 Khanna 6000-7000 6200-7200 Sonarpur 2200-2800 2200-2850 Hatibagan 6000-7000 6200-7200 Jagaddal 2400-2600 2500-2800 Laketown 5400-5800 6000-6500 Baruipur 2100-2300 2290-2650 VIP (near Haldiram) 5500-6500 5500-6500 Kamalgazi 4000-4300 4250-4900 Sealdah 6000-6500 6000-6700 EM Bypass, Kumrakhali 4800-5000 4900-5100 Barasat 2000-2400 2000-2700 Bansdroni 5500-6500 5500-6500 Keshtopur 3200-3400 3200-3500 Kudghat 5200-5700 5200-5900 Madhyamgram 2500-3200 2500-3300 Naktala 5500-6000 5500-6000 Kaikhali 3250-3350 3595-3800 Kasba 4500-6000 4500-6000 BT Road, Dunlop 3330-3600 3400-4000 Picnic Garden 4300-5100 4400-5200 Birati 3000-3200 3000-3200 Behala 3200-3700 3500-3900 Dumdum Nagerbazar 4500-5000 4700-5800 Thakurpukur 2400-3000 3000-3500 Baguiati 3000-4500 3500-5000 Joka 2300-2700 2800-3000 Khardah 2200-2300 2200-2500 Maheshtala 2650-3100 2600-3100 Barrackpore 3000-3200 3300-3400

October-December 2014 /real-ties Kolkata /50 SHIFT IN DEMAND FOR RESIDENTIAL THE RATE COMPARISON LIST FOR AREA-WISE UNITS OVER A SPAN OF ONE YEAR RESIDENTIAL PROJECTS.

ZONE-WISE DEMAND CENTRAL KOLKATA HOWRAH AND HOOGHLY (%) OF ENQUIRIES 10.81 Howrah/Hooghly 5.9 17 3 15000 North Kolkata 9500-13000 8000 9500-12500

42 33 12000 7000 Rajarhat 18 5600-6300 15.8 5500-6100

8500-9500 8500-9500 6000 9000 4700-8700 South Kolkata 5000 3200-4550

4500-6600 29 4000 3000-4500 6000 Central Kolkata

3000 25.39 3000 2000

1000 Total sample size

0 0 Tangra Park Topsia Howrah Uttarpara Inner circle: 27,927 (April 2014 – September 2014) Circus Outer circle: 21,983 (October 2013 – March 2014)

EAST KOLKATA UNIT-WISE DEMAND

(%) OF ENQUIRIES 8000

4200-7500 2 B/R 49.71

42 1.81 7000 5500-6700 3 B/R 5400-6500 3975-6500 1

6000 4 B/R 4500-5100 5000 4300-4600 4200-4700 29 57 3800-4500 4100-4500 4000-4500 3650-4250 4000-4200 4000-4200

3800-4100 48.48

4000 2900-3750 2800-3500

2800-3300 2800-3300 Total sample size 3000 Inner circle: 27,927 (April 2014 – September 2014) Outer circle: 19,971 (October 2013 – March 2014)

2000

1000 BUDGET-WISE DEMAND

0 (%) OF ENQUIRIES New Town 13.74 Action Area III Between 5.9 5.9 14 New Town Rs. 50-75 lac 36 Action Area I 16.29

Below Rs. 23 New Town 30 lac Action Area II Mahishbathan Rs. 75 lac above (Near Sec V) 57 Kochpukur Between 211 Bus Route Rs. 30-50 lac 44.68 Rajarhat Chowmatha Total sample size 91 Bus Route Inner circle: 21,983 (April 2014 – September 2014) Chinar Park Outer circle: 26,473 (October 2013 – March 2014)

Rate in April 2014 Rate in September 2014 (Source: NK Realtors)

October-December 2014 /real-ties Kolkata /51 ANNUAL GET-TOGETHER, 2014

1 2 3

6 7 8

12 13 14 (1-11): The felicitation of the team members who have served the organisation for decade or more. (12-29): Recognising the contribution of the team members.

18 19 20

24 25 26

October-December 2014 /real-ties Kolkata /52 4 5

th September 2014 was a red-letter day at NK Realtors as members of the NK family got together to celebrate the annual get-together at 36 Chowringhee Road. What 19made the event special was that all the Directors were there to grace the occasion and their speeches launched the programme. This was followed by the members being felicitated for their good show during the year gone by.

9 10 11

15 16 17

21 22 23

27 28 29

October-December 2014 /real-ties Kolkata /53

freewheeling THIS COLUMN IS DEDICATED TO THE MOST GLOSSED-OVER MEMBER OF OUR EXTENDED FAMILY – THE DURWAN.

NY CHAIN agency. From the tried and be assured that our security is Why don’t we create teams is as strong as trusted ‘I have known his in safe hands only because the between guards of different the weakest of family for three generations’ person who stands at our gate (and proximate) buildings so its links and model to the ‘I don’t know who wears a uniform? that they don’t work in silos? the weakest of you are as long as I know your How do we assume that any Why don’t we pool funds Aour links is probably the man company’s owner’ approach. intending criminal would be and recruit just two guards to who is empowered to ensure There are pros and cons to daunted by a security guard patrol street-ends? our security. The durwan. both, but permit me to tell you who is aged and unfit? Why don’t we invest in a Over the last few decades, what I have seen over the last Why is that most of us recruit simple electronic surveillance the institution of the durwan number of years of living in security agencies without even system instead of buying jaali has undergone a change. In one building and working in checking the background of afterjaali to fortify our doors the good old days, durwans the adjacent one (lucky, no). those who will actually be and windows? were married to buildings The building where we have guarding our premises? Why don’t we put pre-emptive and generally lived out their direct multi-generation Do any of the guards have a notes outside our buildings existences in cramped rooms employees is far more secure provisional weapon with which – ‘beware of dog’ and ‘this allocated to them under a than the one in which we have they can defend themselves building is under electronic stairway (which inevitably our office. If one drives towards when threatened? surveillance’ – instead of the became the first point of call the residential building, the What is the guarantee that cynical ‘ei diye kichhu hobey for all those from his mulook, gateman (Shyam) is generally a security guard would not naa’? as a result of which 170 square up on his feet towards the be tempted to flee when Why don’t we pool info on feet became ‘home’ to eight collapsible gate and lock even intimidated (and then produce what goes missing in our people living rib-to-rib). before one has braked for the classic ‘Bhool holo’)? building instead of a resigned This institutionalised entry; in the office building, ‘How will that help get us durwan in our building in we have to draw close to the Why do we trust security things we have lost’? Sarat Chatterjee Avenue was gate as early as 11.30 pm, flash agencies that show us how someone whose name none the headlights on the face of duplicitious they can be Do any of us know the value of the residents knew, except the guard already asleep and while copying the uniforms of taking the security guards that we referred to him as thereafter interrupt his sleep of competing agencies but by surprise and thanking them ‘Raaaaambhajo’ because that with a brief honk. cannot even design something publicly for a job well done? remotely original? is the name he would utter Over the years, we have When was the last time you every 30 minutes on his reconciled ourselves to the fact Why don’t we even bother to had a party and told the nocturnal patrol to send out that there would be nothing acquaint ourselves with those durwans not to bring their the impression to intending worth robbing from our guarding our gates by asking lunch/dinner in advance so infiltrants that he was awake, office, but this is an escapist’s for their names and where they that you shared your food (not alert and well. response. The affluent residents come from? leftovers!) with them? Rambhajo expired; his dog of the building where we have Why don’t we have something How many of us have Friday followed him and since our office, appear as undaunted as simple as a familiarisation building residents who have then the building’s security (surprisingly), which is really meeting between our building been allocated the ‘security’ has been delegated to his sons why one is writing this piece. residents, our security guards portfolio so that the subject and nephews who live within These are the questions that and agency owner? gets more attention than just the building and who the I would like to ask all those How many of the demanding the usual administrative chores residents are comfortable with reading this column. building residents even bother that a building secretary must having around because there is address? How is it that we spend years to have a periodic training nothing better than a second and most of our waking time (or orientation) session for generation to trust with their on collecting a decent earning durwans and guards? well-being. but secure ourselves with Why don’t most of our Interestingly, over the decade, absolutely laughable means? buildings invest in a time-card If you have interesting feedback, a new manifestation has How it is that we are willing to punching system that ensures send them to mudar@trisyscom. emerged: the paid security that guards don’t doze on duty? com

October-December 2014 /real-ties Kolkata /56 Elita Garden Vista New Town, Action Area III

Land area: 24.70 acres Open space: 87 percent Location: New Town, Rajarhat Action Number of blocks: 16 Completion time: First phase ready, Area – III, Kolkata, West Bengal Number of floors: G+14, G+32 second phase – four years from the Unit sizes: 1,040 – 1,742 square feet Number of apartments: 1,549 date of commencement Developer: Sureka, Merlin, JB

The developer speaks: “Elita Garden Vista brings New York to New Town. Its 6.8 acre ‘Central Park’ is surrounded by 16 to 30-storey towers. The signature project is jointly developed by a consortium of respected developers - Sureka, Merlin and JB Group - who are known for their track record of landmark projects such as South City and Urbana, which have changed Kolkata’s skyline. Elita Garden Vista (lifestyle referred to as EGV) is a gift to New Town and set to become the ultimate benchmark.”

Contact: 033 4040 1010/6620 1010 Email: [email protected] Magazine sponsor

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tiesKolkata’s only dedicated real estate magazine I Vol 10 I Issue 3 I October-December 2014

THE MAGIC OF GATED COMMUNITY LIVING! What makes new home buyers want to move out of standalone buildings and stay in large gated residential complexes? What is the magic of living with hundreds of families in a large facility? real-ties explores….