real-TM tiesKolkata’s only real estate magazine I Vol 9 I Issue 3 I October 2013 INTERVIEW WITH “KOLKATA WAS THE FIRST HARSH PATODIA GREAT MODERN CITY IN ASIA” ON INCLUSIVE GROWTH IN AMIT CHAUDHURI THE REAL ESTATE SECTOR SUCCESS STORY: MK JALAN ON HOW ALIPORE SOUTH CITY MALL IS BECOMING KOLKATA’S SAFEST PIN CODE! THE GREAT POTENTIAL OF SECTOR V TM real- tiesKolkata’s only real estate magazine Read by opinion makers. Big spenders. Prospective buyers. Let your popularity soar with Eastern India’s biggest and most powerful real estate magazine. To advertise: Call 033 4040 1010/6620 1010 | [email protected] Arihant Cavetto Jodhpur Park Land area: 33 cottahs Number of lats: 16 Completion time: April 2015 Number of blocks: Single tower Unit size: 4,377 – 4,815 sq. t Location: Jodhpur Park Number of loors: 17 Open space: 81 percent Developer: Arihant he developer speaks: “Cavetto was conceived in a rather unique way. Ater building the city’s various landmarks for years, perhaps, it was apt to ask ourselves, what was our dream abode? Cavetto is an expression of our shared vision. It ofers more than a contemporary lifestyle. It’s a diferent way of life! Eye for minute construction and quality details, and unique planning, are the two hallmarks of this project which makes it so special. Come, embrace the Cavetto life. We assure you, you will cherish the decision forever. A casual glance at the state-of-the-art elevation is sure to leave you spellbound. he well-researched and unique features spoil you for choices. here is a triple height sky deck with glass railing, yoga lawn, exclusive health club, air-conditioned banquet hall, executive lounge, beautiful landscaped gardens with jogging track, exquisitely decorated double height entrance lobby to name a few. he superior inishing and premium ittings leave nothing to be desired.” Contact: 033 4040 1010/6620 1010 | Email: [email protected] COVER STORY The great potential of Sector V N. K. Realtors (P) Ltd. Mudar Patherya 9, Elgin Road (4th Floor), Kolkata – 700020, India explains how Sector Tel: 033 4040 1030/6620 1010 V has emerged as a Web: www.nkrealtors.com home for IT and non- For feedback, write to us at [email protected] IT companies in the last decade. With real estate becoming more expensive, he enquires whether the location has a future. INSIDE Editor: Biplab Kumar Co-ordinator: Sanjay Adhikary Proof reader: Sandip Das Distribution: Abhijit Kar and Bandhu Sundar Ghosh Database management: Sonti Nag Advertising: Anuraj Dhar (+91 9674107979) Q&A Interior Designer of the Quarter Riverside Creative: President CREDAI Bengal Harsh Designer Swarup Dutta dissects Kirti Patodia explains why Unimark Cover photo: Roman Chakraborty Patodia ofers an inclusive idea on Jhaal Farezi, explaining how each Riviera is one of the most uniquely how to make the real estate’s growth corner celebrates a vibrant Indian conceived projects in Kolkata ......... 14 sustainable .......................................... 10 culture................................................. 12 DISCLAIMER he 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. he 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 exclusive intellectual property of the A Transforming pin code: Tangra he great Bhubaneswar emergence 80-year old turns green and young! Department of Public Relations and Raj Pasari explains how and why What makes Bhubaneswar the second How the heritage CESC House turned Corporate Communications – Tangra has emerged on the map for largest city in Eastern India? ............36 the clock back ninety years through a N. K. Realtors Pvt. Ltd. real estate developers ........................32 landmark green energy initiative ....42 N.B. For free circulation, not for sale. October 2013 /real-ties/02 EDITORIAL Dear reader, Indian city marrying diverse architectural inluences. Is there a room for these properties in a Kolkata that In Kolkata, there is always an ongoing struggle – needs modernisation? Writer Amit Chaudhuri makes between a heritage quietly asserting itself and a future an impassioned case for their preservation; in fact, he that is strongly emerging. goes to the extent to make a case for the preservation of his issue captures this reality faithfully. complete neighbourhoods. here is Sector V that was once the exclusive preserve Besides, CREDAI Bengal Chairman Harsh Patodia of IT companies that is now evolving into a multi- presents an argument related to sectoral sustainability. business commercial hub with exciting potential as here is a growing focus on Tangra as an emerging the region expects to get its irst metro link over the residential pin code which has been captured in next few years. he cover story of our issue not only this issue. Do write in if you have observations or addresses this evolving character but also positions suggestions at [email protected]. Sector V as an economic driver of the future of the city. Wish you all a prosperous Diwali. Happy reading! here is a rich heritage presenting a case for heritage properties, which is helping make Kolkata a distinctive Team NK Leena Kejriwal’s old Kolkata Fire safety in high rises Celebration time Community Responsibility Ace photographer Leena Kejriwal How global building codes endure ire N K Realtors honours its corporate MK Jalan talks about how electronic delves into the past and emerged with safety in high-rises ............................20 family members who have been a part surveillance has made Alipore Kolkata’s beautiful images of a Calcutta long of its organisation over the last decade .. safest pin code ....................................28 forgotten ............................................ 16 ...............................................................22 Transforming neighbourhoods Success Story: South City Mall Gossipwallah Freewheeling Celebrated writer Amit Chaudhuri Man Mohan Bagree explains how What’s the grapevine in Kolkata’s real Mudar Patherya ofers an interesting explains how Kolkata is fast losing its South City mall became the single estate sector? he proverbial ly on the choice for getting some excitement rich architectural heritage ...............44 biggest Kolkata retail success story in wall picks up interesting stuf ..........50 back to life – active participation in the last ive years ...............................46 your building committee! ................54 October 2013 /real-ties/03 THE GREAT POTENTIAL OF SECTOR V October 2013 /real-ties/06 IN THE LAST DECADE, SECTOR V IN KOLKATA HAS EMERGED AS A HOME FOR IT AND NON-IT COMPANIES. WITH REAL ESTATE BECOMING MORE EXPENSIVE, hen a pebble drops in DOES THE POCKET HAVE A FUTURE, Sector V, the ripples are felt across Kolkata. ASKS MUDAR PATHERYA For years, real estate pundits have Wused this term to describe the inter-connectedness of Kolkata with its principal sotware exporting pocket. With good reason: it is estimated that 60 percent of all real estate purchases in Kolkata are made by those directly or indirectly associated with information technology. Which means that as soon as a young techie inds a job in Sector V or has been promoted, the time has come to look for one’s own home. And sure enough, the techie inds a mortgage inance company to fund a large part of the purchase, a house (blueprint really) is identiied, instalments addressed, construction progressively completed and soon the techie has a home. Over the last decade, a majority of some 70,000 such professionals who have come to work in Sector V have found themselves homes within this 432-acre pocket on the Eastern fringe of Kolkata, creating a base for realty in and around Sector V as well as across the city. Something interesting has begun to transpire in the last couple of years in Sector V. Realty prices have risen signiicantly. Will this mean the gradual decline of Sector V as a competitive export destination, gradually slowing the realty sector? Will this mean an inlux of more promoters keen to develop larger properties to service the growing needs of the IT industry? Read on. Appreciation overdue Sector V realty was priced at around ` 2,500 sq. t for ownership and ` 25 a sq. t for renting about a decade ago. By 2013, these rates had moved to ` 5,000 and ` 50 respectively. hen came two triggers – the across-the-board increase in realty prices in Kolkata, which made Sector V look relatively cheap; the announcement that inally Sector V would be connected by the proposed East-West Metro. Suddenly, all those companies who had stayed away from Sector V – on the grounds that the place was too far – now began to consider this as the best emerging place to work out of. “Sector V is already a mature tech- town. In the next two years, the metro construction should be complete, then it will deinitely be preferred by companies for oices and the youngsters working October 2013 /real-ties/07 in Sector V for their residence,” says Sushil Mohta, the availability of realty for IT and ITeS businesses? Will Managing Director of Merlin Group of Companies. the provision of 20 percent of realty space for non-IT businesses be exceeded and consequently erode the IT In the last couple of years, there has been a convergence character of this Kolkata geography? of social and physical infrastructure in Sector V, which has inevitably led to its reappraisal as a compelling Two factors could protect the competitiveness of Sector commercial destination. “here is an increasing V, according to Ravindra Chamaria, the man credited for having put Sector V on the map following his preference to work out of locations that provide places landmark Ininity Tower One which was built in the to eat, relax and socialise, which has begun to happen year 2000.