realreal-- Kolkata

tiesKolkata’s only dedicated real estate magazine I Vol 10 I Issue 4 I April-June 2015

Single-room 16 apartments: Are they the next big thing? SECOND Srijan Midlands 24– The best completed project

Murshidabad: HOME 30 A photoessay The great new craze Spending 44Rs. 20 lac Get connected to more than 2,00,000 celebrated on a bathroom?! players from the city’s corporate, retail and real estate sectors. in Kolkata NEW LAUNCH

Land area: 6.6 acres Number of blocks: 15 Number of floors: 13 blocks of G+10 and 2 blocks of G+7 SPRINGFIELD Number of apartments: 797 Rajarhat six-lane expressway Open space: 60% (approximately) Completion time: End-2018 Location: On the Rajarhat six-lane THE DEVELOPER SPEAKS: “Having carved a niche for itself in the Kolkata real estate expressway space, the Unimark Group’s latest offering, Unimark Springfield, promises quality living Unit sizes: 923-983 sq. ft. (2-BHK); spaces blending convenience and comfort for customers in Rajarhat. It integrates smart 1,160-1,412 sq. ft. (3-BHK) design, contemporary living and sustainability. The six-lane expressway, upcoming metro-rail connectivity and minimal traffic will ensure the ease of life one always dreams of.” Developer: Unimark Group & MBPS

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

e, N. K. Realtors, are proud to announce that as part of our W expansion plan, we have spread our operations pan-India. We will continue to serve you in Eastern India and across all major Indian cities. Apart from Kolkata, we can now serve you in 15 cities through our partner offices in Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Ahmedabad, Surat, Gurgaon, Noida, Chandigarh, Indore, Jaipur, Patna and Lucknow. Our members are motivated, entrepreneurial and leaders in their respective fields. They engage in one-to- one relationships with major investors, property owners and corporates in their respective cities. This CIRIL network will make it possible to bring 523 professionals, with a cumulative experience of more than two decades in real estate marketing, under one umbrella. We endeavour to continue serving our customers with priority and loyalty.

Land area: 5.61 acres Barrackpore

Number of blocks: 10 THE DEVELOPER SPEAKS: “In today’s fast-paced world, which is full of deadlines and Number of floors: G+4 dwindling work-life balance, it is difficult to find ‘me’ time. Rameswara Riverview, a one- of-a-kind residential project on the banks of the River Ganga at Barrackpore, equipped Number of apartments: 360 with all the modern and world-class facilities, offers a place to discover a new lifestyle. Open space: 55% Spread over 5.61 acres, Rameswara Riverview is the only project in Barrackpore, which comes with an everlasting view of the river. Rameswara Riverview reconciles Unit sizes: 865-965 sq. ft. (2-BHK); a comfortable existence with a convenient commute. It is well-connected through 1,140-1,305 sq. ft. (3-BHK) roadways, railways and waterways to Kolkata and other populated neighbourhoods like Location: 34, SN Banerjee Road, Shyamnagar, Naihati, Khardah, Sodepur, Titagarh, Konnagar and Sheoraphuli. With Monirampur, Barrackpore 700120 many educational institutes, hospitals and transportation facilities in its vicinity, the site enjoys a unique locational advantage of being close to the city while being nestled in an Developer: Rameswara Group arbour of peace and harmony.”

Contact: 033 4040 1010/6620 1010 Email: [email protected]  COVER STORY  INSIDE

N. K. Realtors (P) Ltd. 9, Elgin Road (4th Floor), Kolkata 700020, India Tel: 033 6638 1030 Web: www.nkrealtors.com For feedback, write to us at [email protected]

Network Partner of

Quality Assessment Partner

Home Loan Partner 8 30 SECOND HOME! IN SEARCH OF LOST TIME There is an increased number of Kolkatans selecting to live in two homes, one Mudar Patherya takes the road during a busy week and other during a relaxed weekend. This reality promises to less travelled through the alleys of transform the face of Kolkata’s real estate industry. Shweta Prakash analyses the Murshidabad to uncover the remains of Editor: Biplab Kumar phenomenon a glorious 300-year-old past. Coordinator: Sanjay Adhikary Proof reader: Sandip Das Distribution: Abhijit Kar and Bandhu Sundar Ghosh Database management: Sonti Nag Advertising: Anuraj Dhar (+91 9674107979) Editorial support and design:

Photographer: Roman Chakravorty

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 14 16 24 1010 / 6620 1010 anytime between 8 DO YOU REALLY KNOW SINGLE-ROOM APARTMENTS SRIJAN MIDLANDS THE BEST a.m. to 10 p.m. (IST), 7 days a week. SIDHARTH PANSARI? ARE THEY THE NEXT BIG THING? COMPLETED PROJECT Content published in real-ties is an Sidharth Pansari engages in a candid Siddharth Sethia and Rana Gupta A conversation with R.N. Agarwal, exclusive intellectual property of the Department of Public Relations and conversation that showcases the simple discuss this growing trend Director, Srijan Group Corporate Communications – man behind the corporate honcho N. K. Realtors Pvt. Ltd.

N.B. For private circulation only, not for sale.

April-June 2015 /real-ties Kolkata /4  EDITORIAL

There used to be a time when the In this issue we go back in time to aspirational thing to do was buy a new AC, Murshidabad where Bengal’s terracotta audio speakers or a car. The big aspirational heritage is being preserved. We explain how thing now is to buy a second home. a number of prominent outstation architects are bringing a fresh perspective into Why? Because an increasing number of Kolkata’s architecture. Our story on Mivan people need to unwind – without going to a technology explains how forward-looking resort. Because an increasing number of builders are accelerating their construction people need to enjoy without engaging in with this cutting-edge technology. long-distance travel. Because people have disposable surplus incomes and feel that Enjoy! it would be better having an appreciating asset on their books. TEAM NK

GATED COMMUNITY LIVING KOLKATA’S RIVERFRONT WHAT MAKES UDITA ONE OF “SPENDING RS. 20 LAC ON A FOR THE ELDERLY KOLKATA’S BEST-MAINTAINED BATHROOM?!” One of the biggest improvement in COMPLEXES? A growing need to create safe public spaces to have transpired in In the good old days, you bought a Jayanta Kumar Dey explains communities for the elderly with Kolkata is along the riverfront – on home for Rs. 20 lac. These days, that is why Ambuja Neotia’s Udita is a proximate facilities...... 20 both sides...... 36 the kind of money that people spend 40 maintenance showpiece ...... on a bathroom...... 44

MIVAN GLOBAL MODEL FREEWHEELING Why is the engineered formwork There was a time when most real estate How NK Realtors helped the A tribute to that individual largely system, popularly known as MIVAN, promoters built one property quite like the established NGO Rural Health Care responsible for our success – the the latest buzz in the realty world?...34 other, but times have now changed...... 48 Foundation create an urban primary domestic assistant...... 56 healthcare model...... 52

April-June 2015 /real-ties Kolkata /5 CREDAI BengalRealty Awards 2015 CREDAI Bengal organised the second edition of the CREDAI Bengal Realty Awards 2015 on 19th March 2015 at ITC Sonar. Winners across 14 categories were felicitated by an independent five-member jury. WINNERS Best Budget Housing Project Best Mid-segment Housing Project Best Mid-segment Housing Project

4 lac 4 lac to 10 lac I lac to to 10 lac square 4 lac square feet and square feet and above feet above SUGAM SABUJ HILAND LAKE TOWN HILAND WILLOWS

Best Luxury Housing Project Best Boutique Housing Project Best Commercial Housing Project

50,000 50,000 above square to 1 lac 1.5 lac feet and square square above feet feet FORT LEGEND PS PROMENADE SYNTHESIS BUSINESS PARK

Best Brochure Best Commercial Project Outside Best Upcoming Budget North and South 24 Parganas Residential Project

ZEN CITY CENTRE, HALDIA SIDDHA WATERFRONT

Best Upcoming Mid-segment Best Upcoming Luxury Best Upcoming Commercial Project Residential Project Residential Project

PS–SRIJAN PANACHE SWARNAMANI MERLIN ACROPOLIS

Best Green Project Best Internet Portal ASTITVA SPACE GROUP

CREDAI Bengal is the West Bengal chapter of the Confederation of Real Estate Developer’s Association of India (CREDAI), the apex body for private real estate developers in India. In West Bengal, the organisation represents over 300 developers

April-June 2015 /real-ties Kolkata /6 MBPS Land area: 85 cottahs (approximately) Number of blocks: 4 Number of floors: G+4 WATERVIEW Number of apartments: 112 Malancha Bazar, Rajpur Open space: 60% (approximately) THE DEVELOPER SPEAKS: “For an affordable price, this is the place to discover a peaceful Unit sizes: 800-1,090 sq.ft lifestyle. The natural water body within the project makes it a one-of-a kind residential Completion time: December 2017 project coming up in the Malancha Bazar, Garia area. The project is developed by a reputed architect and experienced team, who are known for delivering landmark projects. With Location: 56, Satkari Banerjee Road, educational institutes, hospitals and transportation facilities in its vicinity, the site enjoys Malancha Bazar, Rajpur, Kolkata-700145 a unique locational advantage. MBPS projects has pioneered the construction of quality Developer: MBPS Projects LLP affordable apartments. The Group believes in efficient cutting-edge technology and aims to be a customer-oriented organisation.”

Contact: 033 4040 1010/6620 1010 Email: [email protected] COVER STORY Second home!

There was a time when Kolkatans bought one home and lived in it – for life. No longer. An increasing number of Kolkatans are selecting to live in two homes. One during a busy week. The other during a relaxed weekend. This reality promises to transform the face of Kolkata’s real estate industry. Shweta Prakash analyses the phenomenon Second home!

An evening view of individual villas at Raichak on Ganges

“A second home?!” A couple of decades ago, these three words would have evoked visions of a mistress tucked away somewhere that the man of the house would select to visit discreetly every few days. The times, however, are changing. Namit Seksaria stays in a – bungalow, golf course and 4,500 square feet apartment river – made the proposition off Southern Avenue but se- According to the National Council unbeatable.” lected to buy a sprawling sec- of Applied Economic Re­search, the Ramesh Ganeriwal, who stays ond home in Ideal Villas (Salt in North Kolkata, bought into Lake). “I did so because it was number of households categorised a mid-sized apartment at Un- an excellent excuse to get away as ‘rich’ is expected to rise from 3 imark Riviera off the River from the city with the wife, Hooghly in Uttarpara. “No, I not be disturbed by visitors, million in 2003 to11 million by 2015. didn’t intend to live in Uttar- do one’s own thing, enjoy the para, but this is a place that silence and return refreshed.” I would like to keep going to Saibal Das stays in a 2,350 (Batanagar). “I bought into because there is a rarity value because it will provide an ex- square feet apartment in this property despite having about owning a property on a pansive river view, making it South Kolkata but invested in a large apartment overlook- golf course flanked by the Riv- the perfect getaway.” a Golf Villa at Hiland Greens ing the Dhakuria Lakes only er Hooghly. This combination

April-June 2015 /real-ties Kolkata /10 What factors will drive the market for Qsecond homes? A The most important draw of such projects is easily the location. It is important that such homes be less than an hour’s drive away and reasonably distant from the city’s noise. For instance, South City Retreat on the Basanti Highway is ideally located; it might take 40 minutes to cover 11 kilometres from Science City to Salt Lake but only 20 minutes to travel 16.5 kilometres from Science City to our property because of low traffic. The amenities will be innovative, especially because luxury would be a given. There is a growing preference for experiential features like fishing, especially if the property comprises a water body.

NIKUNJ BAGRI Deputy General Manager – Sales & Operations, South City Mid-size villas at South City Retreat

Underlying optimism dividuals in India is growing There is a latent reason for ond home is being increasing- An underlying sense of opti- 20% annually, second only to the growth in second homes. ly seen as an upwardly mobile mism is catalysing this phe- Singapore. An explanation comes from phenomenon, which enhances nomenon. According to the Pawan Agarwal, Managing respect among peers. There is The result is that a number National Council of Applied Director, NK Realtors, East- a new ring around being able of attractive second homes Economic Research,­ the num- ern India’s largest real estate to say ‘We had some friends have mushroomed in the city, ber of households categorised marketing agency. “A second over at our weekend home a comprising South City Apart- as ‘rich’ is expected to rise home serves two objectives,” few days ago.’” ments, Raichak-on-Ganges, from 3 million in 2003 to 11 he says. “It serves as an excel- Unitech (Rajarhat), Udita (EM While almost all properties million by 2015; the num- lent inflation hedge because Bypass), upcoming properties are not positioning them- ber of mid­dle-class aspirers there are a number of urban skirting Mahisbathan behind selves as second homes but is predicted to grow from 46 neighbourhoods being re-rat- Sector V, the proposed South homes that people can stay mil­lion to 124 million during ed; a second home is one of City Retreat and a number of in through the week, the one this period. Interestingly, the the easiest ways to ride this large condominium facilities. property that selected to be number of high net worth in- appreciation. Besides, the sec- different was Ganga Awas,

April-June 2015 /real-ties Kolkata /11 Raichak-on-Ganges. This 80,000 square feet facility off the River Location: Located in the Rajarhat area of Kolkata, Vedic Village is just a 20-minute drive from the Kolkata International airport Hooghly in Raichak (around 51 ki- and 40 minutes from the centre of the city. lometres from downtown Kolkata) is Kind of units: Over 80 exclusive resort rooms and 120 positioned as an ideal getaway, com- bungalow rooms plemented by open greens, expansive Area covered: 250 acres of endless farmland, sparkling lakes, river view, bungalow environment as an amazing variety of birds, flowers and trees, clean air and well as a proximately located spa and clear star-studded night skies. Vedic Village offers its guests a recreational options. “Our proper- vast choice of villas, suites, studios, farm house rooms as well ty is being positioned at individuals as a host of health, wellness and fitness facilities. willing to climb the social ladder and Link: www.thevedicvillage.com priced around Rs. 40 lac for a single BHK while luxurious 4-BHK bun- galows with river views go up to ap- proximately Rs. 3 crore,” explains Mr. Vedic Village Prabhat Mishra, Senior Marketing Spa Resort Manager, Raichak-on-Ganges. The other property being increasing- ly fancied as a second home is South City Retreat off the Basanti Highway and only 16.5 kilometres from Sci- ence City. “This property is being fancied for a number of reasons,” ex- plains Nikunj Bagri, Deputy General Manager – Sales & Operations, South City. “We have provided only 25% built-up area, which means that a person buying a bungalow of around 12 cottahs, will get about 80% open space that can be used for garden- ing and landscaping. We are serious about our organic positioning; we intend to develop a weekly organ- ic vegetable market, handicraft and community centres, provide a spa, swimming pools, medication facility and plant around 20,000 trees along our campus. In short, a completely unwinding property.” Ibiza So is the outlook positive for such Merlin Green properties? “It definitely is,” empha- sises Bagri. “As the economy revives, there will be a premium on the need to unwind. No matter how upscale Location: Just an hour’s drive from Kolkata lies the one’s apartment may be, the bustle of exquisite Ibiza Resort and Spa in Amtala on Diamond the city will prove to be an impedi- Harbour Road. ment to complete relaxation, making Kind of units: Over 80 exclusive resort rooms and 120 bungalow rooms a home away from the city the perfect getaway. So the concept of a second Area covered: Merlin Greens is a 150-acre master planned township development in collaboration with home will never probably become ir- Ibiza, a 12-acre resort. relevant!” Link: www.resortibiza.com

April-June 2015 /real-ties Kolkata /12 Location: Located on the Eastern banks of the Location: Located in the pastoral hamlet of River Ganges. 51 kilometres from Kolkata. A Raichak, beside the mighty river, Ganges. It is breezy drive of a little more than an hour on just over 50 kilometres, about a 90-minute drive, Diamond Harbour Road. from Kolkata. Kind of units: Around 100 villas Kind of units: The resort has only 16 guest Area covered: The 1.5 acre river front property rooms, each offering an enticing and comprises 21,000 square feet of built-up area. sophisticated ambience. There are three kinds of rooms – Standard, Deluxe and the Suite. Link: www.gangaawas.com Area covered: Covers around 100 acres of lavish green landscape beside the Ganges. Link: www.gangakutir.com

Ganga Awas Ganga Kutir Spa Villa Resort & Spa

RATIONALE FOR PURCHASE So the big question: why are Kolkatans selecting to buy second homes when otherwise they keep complaining that they have less time to spare? One, the city is growing faster, creating investment opportunities. The result is that during the tenure of one’s ownership, one is most likely to fit the apartment with a few amenities that make it possible for it to be used productively while the owner waits to sell it at the right price. Two, Kolkata is also offering increasingly exotic locations and properties that compel one to escape every week or so even for as brief as a day. Three, as Kolkata becomes increasingly party- conscious, there is a demand for homes that provide owners with an excellent location where they may take their friends and unwind. Four, even the modern condominium is being positioned as a getaway to enjoy the benefits of community living for people who otherwise stay cooped in standalone buildings in Central Kolkata. State-of-the-art swimming pool at Raichak on Ganges

Palm Country Village Roads Resort

Location: Six kilometres from IIM Joka on the Location: Near the Kona Expressway is Panchla - a Diamond Harbour Road. picturesque settlement near Bauria on the NH 6. It Kind of units: 48 well-equipped rooms can be covered in 20 minutes from downtown Kolkata. Area covered: Serene atmosphere with a Kind of units: Suite rooms scintillating view of water enclosed in a grove of Area covered: 55 acres of bountiful nature, endless emerald green. vistas and silence broken only by whispers of the wind. Link: www.palmvillage.in Link: www.countryroads.co.in

April-June 2015 /real-ties Kolkata /13 FIVE MINUTES

Sidharth Pansari is the Director of Primarc Group, DO YOU REALLY KNOW a leading player in the retail and realty sectors in Eastern India. The Group enjoys a presence across diverse sectors (textiles and apparel stores, lifestyle Sidharth bookstores, distribution and logistics, shopping malls and real estate) with a realty portfolio of 13 Pansari? projects (constructed and under-construction). Lakshya: The film Three glorifies patriotism, Favourite perseverance and the films message that there can’t be success without holiday that inspire you failure. 3 Idiots: The film is an destination inspiration – the ability Goa and Mykonos (Greece). to convey something serious through comedy. The Shawshank Your Redemption: A moving story about two role prisoners who bond model over time, discovering redemption through Kishore Biyani, the founder acts of common of Future Group, for his decency. simplicity and leadership.

How do you de-stress? Whitehouse Park in Singapore, Raj Bhavan the Fortune Plaza in Beijing, the An architectural By watching movies. Observatory Shopping Centre in excellence created A project in Kolkata you wish London and the Alexandra House in the neoclassical you’d done in Hong Kong. architectural style. Bel Air. Four things you love Trump Tower Your proudest moment about Kolkata Developed by Starting the 15,000 square feet • Puchka and jhaal muri Donald Trump and Crossword bookstore with the • Friendliness • Art and culture the Equitable dream of making it the next • The great Kolkata club culture TWO Life Assurance Rhythm House (Bombay) or HMV PROPERTIES Company, store (Oxford Street, London). Three global structures YOU WISH YOU designed you admire OWNED by Der Scutt The one person you would • The Eiffel Tower in Paris, of Swanke, be willing to trade your place possibly the most visited paid Hayden Connell. for a week with monument in the world. A 68-storied mixed- Narendra Modi. • Leaning Tower of Pisa, a use (retail, office, remarkable building with an and residential) Your favourite architect extraordinary tilt! skyscraper in New Stephen Coates for his design York City. simplicity and conceptual • Taj Mahal, the twin symbol of clarity. I love his creations – the love and architectural excellence.

Your Your favourite book two The Da Vinci Code. I love the way Dan Brown weaves favourite historical fact around hangouts in Kolkata mystery and intrigue. • Story, our maiden retail bookstore accommodating more than 50,000 titles. • Nocturne, casual and chirpy by day, smooth and sophisticated by night. April-June 2015 /real-ties Kolkata /15 ANALYSIS SINGLE-ROOM APARTMENTS ARE THEY THE NEXT BIG THING?

SIDDHARTH SETHIA, JOINT MANAGING DIRECTOR, SIDDHA GROUP, AND RANA GUPTA, VICE PRESIDENT, SUKHOBRISHTI (SHAPOORJI PALLONJI GROUP) DISCUSS THE GROWING TREND OF SINGLE ROOM APARTMENTS.

With 31.2% of its population classified as ‘urban’, India is possibly the fastest urbanising nation in the world.

n 1901, only 10.8% of sation of families and increased more importantly, helping stone into the metropolis,” says India’s population was incomes. This, in turn, has them invest in an asset with an Mr. Rana Gupta, Vice Presi- classified as ‘urban’; created a large number of first- assured appreciation potential. dent, Sukhobrishti. Imore than a century time salaried buyers in their Migration has been the prin- later, this proportion has in- twenties and thirties, a market The migrant factor cipal driver of India’s urban creased to 31.2%, making India that did not exist even a couple “Perhaps the biggest factor expansion. Migration account- possibly the fastest urbanising of decades ago. helping the market grow for ed for 6.6% of India’s urban nation in the world. This segment comprises enthu- Kolkata’s single-room apart- growth of 30.3% (2001 Cen- This trend has generated an siastic buyers of single-room ments is the large migrant sus), widening opportunities unprecedented increase in the apartments priced within their population from neighbouring for real estate promoters. The demand for homes catalysed by earning capacities, providing states who see the ownership of preference for small apart- growing aspirations, nucleari- them with independence and, such a property as a stepping ments (1-BHK or studio) is so

April-June 2015 /real-ties Kolkata /16 Affordable residential projects in Kolkata Real estate group Project Location Price (Rs.) Unit size Floor area

Team Taurus The County Nepal Ganj Road, Joka, Pailan 15.69 lac 1 581 square feet

Abode Promoters Mamata Enclave 334 A, B.B.Chatterjee Road, Near 23.10 lac 1 420 square feet Ballygunge Railway Station

Shree Ganeshaya SGIL - Sureza Junglepur Road, Junction of Belghoria 24.72 lac 1 668 square feet Infraproject Expressway, Near Airport Gate No-2.6

Prudent Infrarealty Prudent Prana 272 Shripur Bagharghol A, Boral 14.39 lac 1 468 square feet

Sapnil Developers Sapnil Residency 10, B.L. Paul Street 14.04 lac 1 432 square feet evident that when Sukhobrish- mat in Kolkata,” says Siddharth by a growing aspiration to ex- ta. “These apartments are also ti, promoted by the Shapoorji Sethia, Joint Managing Direc- tend out of legacy homes and used as guest houses by compa- Pallonji Group, was launched, tor, Siddha Group. So even as move into futuristic communi- nies for their visiting executives it was flooded with 15,000 ap- the studio apartment format ties. The lifestyle of the urban for extended periods, making it plications. “This is a serious has been favourably received in young population is such that a possible to save the costs that buyers’ segment that made a Bangalore and Mumbai, it has maintenance-friendly property would otherwise have been non-refundable down payment not been preferred in Kolkata is always preferable with large paid to hotels,” felt Sethia. of Rs. 50,000 per application, for an evident reason. “A num- spaces being more cumber- indicating a large unmet de- ber of prospective buyers have some than desirable. Bottom of the pyramid mand that most have no in- told us that the 1-BHK with a Encouraged that this could kling about,” says Gupta. small study (which can double “A number of prospective indeed be the next big real up as a pujo room, storeroom buyers have told us that estate opportunity, there is a The 1-BHK preference or a small guest room) is more the 1-BHK with a small growing shift towards mid- Over the last few years, there flexible as a format while being study (which can dou- and low-priced opportunities. are two segments that have only marginally more expen- ble up as a pujo room, Sukhobrishti is an instance; emerged within this entry-level sive than a studio apartment. storeroom or a small guest the 20,000-apartment project format. So in terms of price-value-flexi- room) is more flexible as in New Town offered 500-650 One, the studio apartment, bility, the 1-BHK format is con- a format while being only square feet apartments for as which is just an open plan sidered superior, considering marginally more expensive low as Rs. 5 lac, possibly the one-room that suffices for the that such an apartment (600- than a studio apartment. most attractive price point by drawing room and bed room 650 square feet) in Rajarhat an organised builder anywhere adjoining an open kitchen. This would be priced in the Rs. 20- in Kolkata. “This was absolutely A growing clientele segment is intended for pro- 22 lac bracket,” says Sethia. unbeatable for its value propo- So what demographic profile spective owners who are single sition,” said Gupta, “because More affordable housing buys these apartments? and unlikely to entertain visi- we didn’t just offer a concrete tors at home. This format gen- projects “This is a varied profile com- shell – we offered a balcony The growing popularity of the erally comprises a carpet area prising junior government and other common amenities 1-BHK format rides the larg- of nearly 500 square feet. employees, young employees with the objective to graduate a er trend of affordable housing Two, the one bed- in the city’s IT sector and even consumer segment to an unbe- projects. For years, most or- room-hall-kitchen (BHK) for- drivers and peons, which is an lievable (and often considered ganised real estate promoters mat comprises separate provi- index of the maturing of the unattainable) life quality.” focused on the luxury end of sions for a bedroom, hall and sector. A couple of decades the market. Following the slow- The outlook appears to be op- kitchen. This format is usually ago, it would have been in- down and decline in the offtake timistic for this segment. The an entry-level apartment for conceivable that a driver or a of apartments in this segment, Indian Government has out- young couples, individuals like- peon would have been able to a number of promoters shifted lined the objective of providing ly to marry soon or those who afford such an apartment…the their attention to the mass af- homes for all by 2020; it has have moved into the city. This result is that nearly 60% of the fordable segment. made a beginning by investing format generally comprises a buyers of such apartments are Rs. 4,000 crore in the National carpet area of anywhere from This is an attractive space for a actual users. And yes, there is Housing Bank. 400 to 700 square feet. number of reasons: the space is the segment of people from the second largest in the coun- neighbouring states who wish “It is my experience that the It is perhaps time for the realty try’s realty pyramid (after the to have a Kolkata address where 1-BHK and 1 BHK+ study for- developers to take note of this low-income housing segment); they may be able to enjoy week- mats are generally preferred phenomenon and address this this segment has been touched ends or holidays,” added Gup- over the studio apartment for- aspirational segment.

April-June 2015 /real-ties Kolkata /17 SAME LOCATION. WHY THE UNION DIFFERENT PRICES. WHY? MR. BASANT PAREKH (DIRECTOR – ORBIT GROUP) AND MR. BUDGET 2015-16 ANUJ TULSYAN (HEAD SALES AND MARKETING - IDEAL GROUP) EXPLAIN A REAL ESTATE ODDITY: WHY REAL ESTATE PROJECTS IS ACTUALLY A WITHIN A NEIGHBOURHOOD OFTEN VARY HUGELY IN PRICES. BOOST FOR THE hat do you have to say s this a good thing or not a Wabout the reality that two Igood thing? REAL ESTATE proximate properties often vary Basant Parekh: There is a product for SECTOR greatly in price? every need. Those who do not have Basant Parekh: I have seen some cu- the resources to buy into an Alipore rious instances when a property on can always buy into a new age hous- the main road has been priced lower ing facility in Ekbalpore as one way of THE UNION BUDGET, 2015-16, than one inside a bylane! What makes moving closer to Alipore. PRESENTED BY ARUN JAITLEY, the difference is eventually the quality Anuj Tulsyan: The issue is a bit more GENERATED AN INITIALLY of the neighbourhood. complex. Mere discount pricing will LUKEWARM RESPONSE ACROSS Anuj Tulsyan: In two words... devel- not work. Promoters will need to pro- THE REAL ESTATE SECTOR. opers’ goodwill. In a number of cases, vide superior value-for-money. HOWEVER, THERE ARE SOME buyers associate realty projects with BRIGHT FEATURES THAT WERE o such projects built in the a developer’s track record (comple- INITIALLY OVERLOOKED. vicinity of the upmarket tion timeliness, maintenance and af- D neighbourhoods evolve? ter-sales service). Basant Parekh: What I will say is that hich are some of the places entire neighbourhoods evolve. To- Wwhere this is visible? day, an individual might have some THE DESPAIR Basant Parekh: This is most visible in reservations of about moving into irst, the increase in service and around New Alipore. On one side Ekbalpore but it has been my experi- tax from 12.36% to 14%. This of Diamond Harbour Road (Eastern ence that once a prominent promot- will increase the cost of con- side), the cost is Rs. 10,000 per square er moves in with a project followed Fstruction as developers will be feet. On the other side (Ekbalpore), by another, the critical mass of some forced to pass the burden to buyers, which the prevailing cost is around Rs. 7,000 700 apartments is good enough to will drive prices up. per square feet. I feel that this signifi- transform the look and feel of the Personal income tax deduction limits have cant discount of Rs. 3,000 per square neighbourhood. And that is when the not increased. Neither has there been any feet is not justified, creating an attrac- discount begins to narrow and the un- relief for home loan borrowers. This has tive buying proposition for a number acceptable of yesterday becomes the some serious implications for the mid- of people. fashionable of tomorrow. dle-class, already wary of home loans. Anuj Tulsyan: You will always find Anuj Tulsyan: Kankurgachi is a good Finally, the ‘Housing for All’ scheme for this at the fringe of affluent neigh- example. There was a time when this 2022 sounds good on paper, but no con- bourhoods. As soon as there is a need area was considered downmarket. But crete directions have been spelled out for for people to belong to a neighbour- once the EM Bypass phenomenon its achievement. hood or a pin code, pushing prices up transpired, people started looking at a bit unrealistically, you will always get an arbitrage opportunity with regard REASONS TO CHEER a fault line after which you get a steep to Kankurgachi. Interestingly what y allowing a pass-through of discount. This is something visible in started out as a mere arbitrage issue taxes for rental incomes, a Ballygunge (Palm Avenue being the gradually became the preferred desti- potential $96 billion can be discounted area) and Southern Ave- nation of all those wanting to graduate Brealised by listing occupied nue (Lake Market being the discount- out of Burrabazar. So there is hope of commercial real estate across offices and ed area). a number of such neighbourhoods in retail warehousing over the next few years. Kolkata! Listing commercial properties on REITs

April-June 2015 /real-ties Kolkata /18 HOW SECTION 14Y will allow builders to raise cheaper capi- EXEMPTION WILL BENEFIT tal. Usually countries do not tax payouts by REITs as long as 90% of the profits are TOWNSHIP PROJECTS returned. With the capital gains tax consid- To catalyse realty investments, the West Bengal Government erably eased, developers like DLF, Embassy granted exemption to township projects under Section 14Y of the Property Developments, RMZ Corp, K Ra- West Bengal Lands Reforms Act, 1955. This will enable projects to heja Corp and Unitech stand to benefit. acquire land in excess of the fixed limit of 24 acres. Further, by adding a surcharge of 2% on the super-rich with incomes of Rs. 1 crore and above, only the super-luxury homes will be taxed, which will be a big relief for the mid- This change in legislation will dle-class. The scrapping of the wealth tax help reverse the sluggish real will also be a relief for potential investors in estate sector growth in West high-end and luxury projects. Bengal. The amendment will Conclusion Recommending the establishment of an make it possible for developers expert committee for dealing with pre-ex- to complete projects within isting regulations is a big step. A sin- five years of land acquisition gle-window clearance system will expedite (compared to three years earlier); approvals for real estate development. besides, 25% of the approved Around 22 new township In general, there is a thrust on infrastruc- area for the residential projects proposals were received, ture and sustainable economic growth, may now be non-residential entailing an investment which will benefit the realty sector in the comprising socioeconomic in excess of Rs. 72,000 long run. The proposed investment of responsibilities and job creation. crore. “The amendment Rs. 7,060 crore in smart cities, for instance, will kickstart the state’s will generate huge investment. Increase in economic engine,” says infrastructure investment by Rs. 700 billion Harsh Patodia, Vice is expected to create vast opportunities for President, CREDAI. real estate growth. Benefits

Causes A rising demand for affordable housing and the Central Government’s National As per industry estimates, Gramin Awas Mission – 2022 about Rs. 65 lac crore of (wherein Rs. 3.45 lac crore investment is required will be invested) could have driven this exemption. The during the Twelfth Five Year Plan West Bengal Land Reforms (2012-2017) towards infrastructural (Amendment) Bill 2014 offered development of roads, ports and this relaxation to infrastructure highways. The intent is that REITs projects (transportation or 2.68 should provide the much-required terminal, township and logistics Estimated housing impetus to this sector. REITs therefore hubs) whereas it was earlier shortage (million are a collective investment vehicle for limited only to tea gardens, homes) in West mills, factories, workshops and a rapidly growing real estate sector in Bengal, by 2030 India.” livestock breeding firms.

D B Desai Founder and Chairman, DHC

April-June 2015 /real-ties Kolkata /19 April-June 2015 /real-ties Kolkata /20 GGATED COMMUNITY LIVING FOR THE ELDERLY

A study conducted by the Bureau of Police Research and Development, indicated that 67% of the respondents in Kolkata were not satisfied with protection and security provisions for senior citizens. Between 2003 and 2007, crimes against the elderly in Kolkata rose from 19.6% to 24.6%. The Pronam Initiative by the Kolkata Police addressed the problem through a helpline and database. However, the reality is evident: there’s a pressing need to create safe communities for the elderly.

April-June 2015 /real-ties Kolkata /21 HARSH JAIN (DIREC- areas, the elderly need a com- to stand the strain). In such TOR, ARRJAVV GROUP) munity hall to interact, the an environment, the family AND PRADIP CHOPRA elderly need staircase to have members need to be assured (DIRECTOR, PS GROUP) a lower elevation. The whole that their elderly will be safe TALK ABOUT HOW idea is not just to make minor while they are away. GERIATRIC ISSUES ARE architectural adjustments but PRADIP CHOPRA: A re- BEING ADDRESSED BY to approach the subject with liable safety system. This is KOLKATA’S REALTY new eyes. the biggest draw. The elderly SEGMENT. consider whether those in- Q. What proportion of your tending to enter the facility Q. Why is the realty seg- gated communities com- will be screened, whether the ment keen on addressing prises elderly individuals? CCTVs are recording every the needs of the elderly? HARSH JAIN: My estimate detail, whether there will be PRADIP CHOPRA: This is is that not more than 15% a documentation discipline for demographic and eco- of the apartments inside our for the domestic helps work- nomic reasons. Take the de- gated complexes are exclu- ing within the complex and mographic reason first. Even sively owned by senior cit- whether they can feel secure as the country’s population is izens (as opposed to those in the mind at all times. 5 becoming younger (average who live with their families). age 29), the sheer number of However, I am optimistic Q. What are the other fa- Five modifications to India’s population aged above that if one were to create an cilities that the elderly make an apartment 60 is probably one of the larg- exclusive property for the el- generally appraise? geriatric-friendly est in the world – estimated at derly, the response would be HARSH JAIN: The other 90 million. Second, with eco- encouraging. This is a trend draws comprise the open • Ramp-cum-stairs and a nomic and job opportunities that is here to stay. space within the gated com- lower elevation for stairs becoming more dispersed PRADIP CHOPRA: Around plex because it provides the • CCTVs facing the street than ever before, youngsters and inside 15-20% I would say. Senior elderly with the convenience are travelling out of the plac- • Garage lifts buyers are mostly attracted of taking their morning walk es where they spent their • Hand-rails in walking to smaller apartment siz- without needing to move childhood, leaving their par- areas es (1-BHK or 2-BHK). This out, as well as the incentive ents behind. These trends • Community hall for may seem to be an incon- of creating a like-minded interaction are opening up interesting sequential number but it is community. So we have dis- opportunities for real estate not when you consider that covered that if the gated com- developers in India and Kol- a number of buying decisions plex comprises green areas, kata. are influenced by whether walkways and sitting areas the needs of the elderly will (especially overlooking a wa- Q. What kind of opportu- be addressed by the complex ter body) then one has prac- nities? design or not. tically ‘sold’ the facility to the HARSH JAIN: Most peo- elderly. Q. What facilities would ple believe that the needs of PRADIP CHOPRA: What the elderly consider be- the elderly are the same as Harsh has indicated is right. fore they buy into a gated they are for the others. This The provisions for a large complex? is wrong. Over the last de- green area, common spaces cade, there is a growing rec- HARSH JAIN: Security – and well-marked pathways ognition of the specialised and for a good reason. To- work best for elderly citizens. needs of the elderly, which day’s nuclear family is usu- Parks with benches and can- is beginning to translate ally marked by extensive opies have also proved pop- into customised real estate travel for the breadwinner or ular. Developers are also properties. The elderly need at times for the entire fami- coming up with facilities like ramps-cum-stairs, the elder- ly, for a vacation, minus the trainers and physiotherapists ly need hand rails in walking parents (who may not be able in gyms who address geriat-

April-June 2015 /real-ties Kolkata /22 ric issues, film theatres, in-house doctors and medical stores, among others.

Q. How does living in a gated community enrich the social life of the elderly?

HARSH JAIN: Gated communi- ties are readymade communities woven around the common res- idents’ interests, ensuring that there is never a dearth for com- “One can live in a gated complex and not go pany. Since the residents are able out for days on end. It is like a cocoon…” to enrich their social life, they Dinesh Agarwal, senior citizen can overcome loneliness, which is one of the biggest challenges of urban living. “A gated complex makes it possible for adults to interface with people of all ages, Some modern complexes have which may not have been so easily possible 5 an active social calendar com- elsewhere.” prising the community celebra- Rajendra Poddar Five reasons why tion of festivals. In a lot of ways, the elderly are such active complexes help in buying into gated bringing back the magic of old “I am required to travel 15 days a month paras, not merely a cohesive but since my family stays in a gated complexes community, I am assured that they will be festive celebration but also daily • Best-in-class security safe at all times. In fact, residential security adda sessions. features; only authorised has become a non-issue inside a gated personnel permitted to PRADIP CHOPRA: Living in complex.” a gated community reduces the enter the area beyond the Milan Parkharia need to commute distances and gates. crossing roads. I have known of • Presence of familiar staff, providing peace-of-mind. a number of instances when ex- “Gated communities give you a feeling of • Access to various daily pat children have come and told togetherness. amenities inside the me how relieved they are to see Krishanu Naskar complex, reducing the their parents settled safely and “Since my mother is old and I live in New need to travel. securely in a modern condo- Jersey, I would have worried a lot. But since • Emergency support, minium environment. Besides, I know she is in a gated complex and has provided by the complex where else can the elderly en- ready access to things should there be an residents. joy the benefits of gated com- emergency, I can rest easy.” • Better lifestyle and plex picnics, sight-seeing trips Shiladitya Sen leisure options for the and film screenings? So if you elderly. ask about effective strategies to counter loneliness among the elderly, I would recommend liv- ing in a gated complex as a solu- tion! This is why NRIs and mo- bile workers prefer to buy these apartments for their own use or for that of their senior family members. tiesrealreal--

April-June 2015 /real-ties Kolkata /23 Srijan Realty has established itself as one of the youngest and the fastest- growing real estate companies in Eastern India within a mere five years of incorporation. The Company has a portfolio of about 25 projects (completed and ongoing) including residential, commercial developments and IT parks in and around Kolkata. In conversation with Mr. R.N. Agarwal, Director, Srijan Realty.

The 308–residential SRIJAN MIDLANDSapartment Midlands project on Jessore Road. THE BEST COMPLETED PROJECT

Srijan Midlands wasS considerably delayed. Why? The estimated timeline for the project was about 24 months but ultimately took a year more than that. Midway through the project we saw that the WBSEB (West Bengal State Electricity Board), which was responsible for providing electricity for the project, was not taking much of an initiative to do its bit. This severely impeded progress of the project.

How did you get over this setback? Rather than blame things beyond our control, we decided to take matters into our own hands. We laid a 4.6 kilometre-long power cable connected to the nearest WBSEB sub-station. This ensured 24x7 power availability for our residents. We also

April-June 2015 /real-ties Kolkata /24 At Srijan Midlands, the landscaping and infrastructural design was done by expert consultants. residential project in the vicinity. We appointed the best facility management company of Kolkata to optimise costs. We focused on keeping the maintenance charges at a minimum. We saved energy The basketball court is a preferred recreational area in the property through the efficient use of lights in common areas. installed four transformers structure norms. We left no infrastructural We engaged in effective with a loop-in – loop- stone unturned to ensure design initiated and equipment maintenance out system in case of a that those who owned homes executed? through an AMC, thereby transformer malfunction. at Midlands got a complete The landscaping and reducing energy costs. We peace of mind. This meant infrastructural design was followed compliances by What were the conducting tests like sieve done by expert consultants. different technologies adhering to minimum wages. analysis of aggregates, slum It was initiated from the The maintenance cost stood used to accelerate tests for concrete, cube tests, planning stage; the execution construction? at Rs. 2.10 per square feet per steel strength tests and brick took place right from the month, making ownership The Micro Bar Chart strength tests. Best-in-class start of the project. We viable over the long-term. contractor-wise (apartment- fire alarm systems were protected all the existing wise) was followed and back- installed in each block as trees and planted new ones. Why did you choose to-back activities carried well. The residential club Even the open parking areas this location? out in each apartment of was equipped with smoke were designed in a way to Madhyamgram was a each block. This project is detectors, heat detectors, enhance greenery. moderately developed suburb one of its kind in that area. sprinklers and a completely when Srijan launched the Appropriate technologies as automated hydrant system What about the 308–residential apartment per norms for constructing with the main, standby and maintenance cost? Midlands project on Jessore a G+4 building were used. jockey pumps. Have you taken Road. It was meant for those A focused monitoring of the measures to keep it who wanted to own space day-to-day work progress How was the lower than peers? of their own – an exclusive occured simultaneously landscaping and Ours is the best maintained living zone with peaceful alongside adequate surroundings equipped with manpower deployment. Srijan Midlands protected all existing trees quality infrastructure and and planted new ones From an infrastructural facilities. The fact that it perspective, what was located close to Netaji are the USPs of this Subhash Chandra Bose project? International Airport was a bonus. The property also We have ensured no boasts of one of the best compromise in terms residential clubs of North of materials used. We Kolkata. stringently followed guidelines laid down by Has your project won the Central Public Works any awards? Department. The entire The project won in the ‘Best construction was done in Budget Housing Project line with relevant NBC (1 lac to 4 lac square feet)’ codes compliant with all category at the CREDAI applicable RCC-framed Bengal Realty Awards, 2014.

April-June 2015 /real-ties Kolkata /26 Land area: 2.04 acres Number of blocks: 7 RIYA Number of floors: G+4 Number of apartments: 221 (proposed) Completion time: 36 months GITANJALI (aprroximately) Barrackpore-Barasat Road Location: Barrackpore- Barasat road, Mudi bari bus stop. THE DEVELOPER SPEAKS: “Home is where one’s heart is. Home is where Unit sizes: 1-BHK: 539-540 sq. ft., 2-BHK: we unwind and recharge. Come home to Riya Gitanjali and feel the positive 721-861 sq. ft., 3-BHK: 1,036-1,139 sq. ft. energy flow through you. This is a one-of-a-kind residential project in the historic town of Barrackpore, wrapped in the aura of Tagore. Breathe in his essence, Open space: 54% (aprroximately) experience his spirit, and enjoy the romantic charms of his creations. It is the Developer: Riya Green Valley LLP latest addition to the portfolio of Riya Projects. Savour the touch of culture in a haven of your dreams.”

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

in search of lost time MUDAR PATHERYA TAKES THE ROAD LESS TRAVELLED THROUGH THE ALLEYS OF MURSHIDABAD TO UNCOVER THE REMAINS OF A GLORIOUS 300-YEAR-OLD PAST.

April-June 2015 /real-ties Kolkata /30 1 2

An extension of the Char Bangla Temple, which used to function as a hallway. It was built by Rani Bhavani of Natore in the mid-1700s and is a marvelous example of the ornamental brickwork style of Bengal. Inset: 1 Chuna-surkhi mouldings, bring a different hue to the structure. 2 Intricate terracotta panels depicting scenes from Hindu mythology.

April-June 2015 /real-ties Kolkata /31 4

3 5 7

April-June 2015 /real-ties Kolkata /32 1 2

6

9

1 Terracotta moulding, Char Bangla Temple. The intricate carvings are moulded and not sculpted. 2 Domes of the Katra Mosque shattered by the 1897 earthquake. Built in 1723, the huge domes and high minarets display an important facet of the diverse architectural styles of Murshidabad. 3 Victorian pillar-head, Singhi Kothi. The riverfront palace, built in the 1800s, displays a fascinating mix of European and Rajasthani architecture. 4 The resonating bells of the temple spell the crack of dawn. 5 Entrance to Marble House, built in the 1800s. It is made entirely of Italian marble. 6 First floor, Kathgola Palace. Houses a collection of artwork from across the world. Entry is restricted. 7 Footprint engraving of Jin Datta Suri, one of four dada gurudevs, inside the Jain temple. 8 Dugar family portrait, Kathgola Palace. 9 Dochala hut-shaped domes at the Char Bangla Temple. The style is 8 typical of Bengal architecture.

April-June 2015 /real-ties Kolkata /33 Through Mivan “We utilised the engineered technology the next formwork system technology to build level can be created Urbana in Kolkata. The technology within seven or ten days, compared to 18 days is not cheap but the fixed cost can in the conventional be written off more effectively if method. the project is large and involves a number of repeatable units and designs.” Mr. Prateek Sureka, Developed Director, Sureka Group by a European construction company, the Mivan Company Limited of Malayasia began manufacturing them in in 1990.

These engineered formwork system panels ensure mivanWHY ENGINEERED FORMWORK SYSTEM, dimensional POPULARY KNOWN AS MIVAN, IS THE consistency. LATEST BUZZ IN REALTY WORLD?

Whenever you come across a realty formwork system formwork is used using room-size forms to construct promoter promising space in a multi- across the world. walls and slabs in one continuous storeyed building, two of the first pour of concrete. The basic element responses are ‘This will take a long Process of the engineered formwork system time to be completed’ and ‘This will be In formwork construction, monolithic is the panel, an extruded aluminium expensive’. in-situ concrete walls and floor slabs rail section welded to an aluminium provide the structural system, an This response is beginning to change, sheet. This produces a lightweight panel advantage in terms of structural stability courtesy a new technology - engineered with an excellent stiffness-to-weight when it comes to the impact of lateral formwork system - that is already ratio with minimal deflection under movements, seismic forces and wind helping promoters deliver larger projects concrete loading. These panels can be force on high rises. To facilitate quicker faster and cheaper. manufactured in any size and shape construction, the early removal of and, once assembled, are subject to trial Innovator forms can be achieved by removing erection to eliminate dimensional or on- The engineered formwork system is middle beam and keeping the prop and site problems. prophead in position. Large room- an aluminium formwork system in The frames for windows, doors and sized forms for walls and floor slabs which the frames are put in place before ducts for services are placed in the are erected at the site, which are sturdy, concrete is cast. It was developed by a form before concreting; staircases, fabricated accurately and easy-to-handle. European construction company and in facade panels, chhajjas, jaalis and other 1990, the Mivan Company Limited of Benefits pre-fabricated items are also integrated Malaysia began to manufacture them. The engineered formwork system into the structure, lending it a distinct More than two-and-a-half decades later, enables the construction of a large advantage over other construction more than 30,000 sq m of engineered number of houses in a short time techniques.

April-June 2015 /real-ties Kolkata /34 Quality which is why we can use the same The engineered formwork system formwork about 80-100 times in India. panels ensure dimensional consistency. This is a superior alternative when On the removal of the formwork the raw material (especially bricks) Urbana (Sureka Group), Kolkata – a fine mould, a quality concrete finish available has quality constraints,” says example of the engineered formwork is produced in line with accurate Sureka. system technology. tolerances and verticality, which Inset: Specimen of a engineered “The efficient use of this technology formwork system. means that no additional plastering is depends largely on contractors required. and architects. If done correctly, construction time can be significantly The current scenario shortened. In the conventional system, “We utilised engineered formwork a level can be built only when the system technology for building Urbana earlier level’s concrete has dried (18 Did you in Kolkata. The technology is not cheap days) whereas in engineered formwork know? but the fixed cost can be written off system the next level can be created more effectively if the project is large The Mivan framework within seven or 10 days. The future and involves a number of repetitive can be re-used nearly of this technology is bright. Forum units and designs,” says Mr. Prateek Group and Ideal Group incorporated 250 times. Sureka, Director, Sureka Group. this technology and I am sure more “The formwork is created by instances will emerge”, concludes technicians using high-end technology, Sureka. IMPROVEMENT riverfront ONE OF THE BIGGEST IMPROVEMENTS IN PUBLIC SPACES TO HAVE TRANSPIRED IN KOLKATA IS ALONG THE HOOGHLY RIVERFRONT – ON BOTH SIDES.

he riverfront is one of the Along the walk is the Gwalior Fairlie Jetty to Armenian Ghat most precious strips of Monument (built around 1850 in This is the prettiest stretch of Kolkata’s natural realty in an urban memory of British victory in the riverfront. Tenvironment. Gwalior War, 1843). Also referred to The pathway stands on pillars and juts Such a property enhances footfalls, as the Pepperpot, this monument was 10 metres into the river, which enables attracted partly by the scenic beauty- designed by Colonel H Goodwyn of the walkers to reach within 500 metres of cum-spaciousness and partly by Bengal Engineers and constructed by the Howrah Bridge. commercial attractions built in the Jessop and Company. A single storied vicinity. white marble base has a spiral staircase Howrah riverfront which goes up to a marble cenotaph, This riverfront stretch is, as the name Over the last few years, the West Bengal crowned with a bronze dome cast from indicates, on the other side of the river. Government renovated the Hooghly guns captured from the Marathas. The This stretch is like the Fairlie Jetty- riverbank with the objective to provide Hooghly River can be seen from here Armenian Ghat walkway on pillars citizens with an alternative getaway. with a full view of the Howrah Bridge along the Grand Foreshore Road, Prinsep Ghat to Babughat and the Vidyasagar Setu. However, entry extending from the Burn Standard and The walkway along Strand Road from is restricted. Co. factory to the Ramkrishnapur Ghat. Prinsep Ghat to Babughat was the There is the enduring Gay Restaurant, The Kolkata Metropolitan Development first to be restored by the West Bengal perhaps the only organised (and hence, Authority transformed a dilapidated Government in June 2012, hereby presentable) eatery on the stretch. dyke along Foreshore Road, about a making it possible to stroll, laze on the The best part of the stretch is obscured; minute from Howrah station, into a garden benches or lean on the white one needs to walk down eroded (hence promenade in 2012 with a balustrade, balustrade while watching the sun go slippery) brick steps to catch a half-hour black-and-white chequered floor and down behind the imposing Vidyasagar boat ride for a non-negotiable Rs. 200. granite benches. You can catch the sight Setu. of Eden Gardens, the High Court, SBI The best thing about Prinsep Ghat In an international design and Fort William from the opaar. is the view it offers of the second workshop, 11 students from Outram Ghat Hooghly Bridge. Besides, there is the Sapienza University, Rome Outram Ghat is a unique spot. On one quaint eponymous railway station, and 23 students from IIEST side is Howrah Bridge; on the other, which appears largely deserted (except brainstormed on how to Vidyasagar Setu; the river in between. It when a train is kind enough to stop redesign the riverfront in is the place to soak the evening breeze. there). There is the proximate Prinsep January, 2015. Ideas involved Memorial, erected in the honour of having gates identifying Along the east is the gigantic stretch of James Prinsep, one of the greatest each ghat, building bridges the Kolkata Circular Railway. Musical indologists). Restored by INTACH a over the circular railways for fountains dot the landscape, rabindra- few decades ago, it makes a compelling pedestrians and rehabilitating sangeet being the sole strain that you spectacle when lit at night. slum dwellers. can hear.

April-June 2015 /real-ties Kolkata /36 Tiled walkways, street lamps, musical fountain and numerous plants and trees have raised the beauty of the ghats to a whole new level. goSSipwallah...

‘RURAL FARM’ 50 FEET inaugurated. It is expected to more in store. The water body mal power plant concep- OFF THE GROUND cut down the travel time for has been decorated with side- tualised and implemented Bang in the middle of the airport-bound vehicles by walks with statues and other indigenously was inaugu- concrete maze of neigh- about 20 minutes by bypass- figurines, a hanging bridge rated at Rajarhat. This first bouring New Town, a lush ing three busy intersections in the middle, fountains and floating solar power plant in patch of green has sprung up. in Baguiati, according to aesthetically pleasant lighting. India was promoted by the Welcome to the 5,000 square the state PWD officials. The (Source: The Times of India) Union Ministry of Renewable feet terrace of Block 30 at four-lane flyover was initially Energy and conceptualised projected to cost Rs. 206 by city-based Arka Renew- Siddha Garden in Rajar- BUILDINGS CAN’T BE crore but escalated to Rs. 313 able Energy College. The hat, about five kilometres FINED TO BE LEGALISED from City Centre-II. With a crore. Three underpasses will power generated would be As per a High Court ruling, cumilative produce of more assist pedestrian movement supplied to the West Bengal the Kolkata Municipal than 70 kilograms of more below the flyover. (Source: State Electricity Development Corporation does not have than 35 kinds of organic The Times of India) Corporation Limited. The the authority to legalise vegetables since it came into plant has been set up at a unauthorised construction in existence last October, the A SLICE OF PARIS ON water body provided by the exchange for a fine. The Court terrace garden is no less than BANGUR AVENUE New Town Kolkata Develop- added that any construction an efficient rural farm. We ment Authority. (Source: The If it was all about litters and declared illegal should be are going to run the farm on Hindu) potholes along VIP Road from pulled down within four our own for at least the next Ultadanga to Bangur Avenue weeks. The Court added: two-three years. Residents even a few months back, the “This Act and the KMC GLOBAL SEARCH FOR will get the produce for free,” two-kilometre stretch has now Building Rules, 2009, do not MONORAIL PARTNERS said Sanjay Jain, Managing become a treat for the eyes. authorise the civic authority The West Bengal Government Director, Siddha Group. The beautification drive that to regularise an unauthorised is looking at joint ventures (Source: The Times of India) started off with renovation of construction against payment with foreign partners for the a water body between Lake of a retention fee fixed by it.” monorail project in Rajarhat. VIP ROAD FLYOVER – THE Town and Bangur Avenue (Source: The Telegraph) The proposed alignment WAIT IS OVER has now changed gears. Tiled is from Ultadanga to VIP pavements, classy streetlights Three years in the mak- Road, passing through Salt and parks have come up in no FLOATING SOLAR PANEL ing, the VIP Road flyover, Lake, Karunamoyee, Sector time and the South Dum Dum AT RAJARHAT connecting Joramandir to V and covering New Town. Municipality promises there’s A floating 10 kw solar ther Kestopur, has been finally New Town is a perfect area

Terrace garden at Sidhha Town The VIP Road flyover, connecting Joramandir to Kestopur The ECBC’s new energy saving standard A slice of Paris on Bangur Avenue Floating solar panel at Rajarhat Global search for monorail partners in WB Meru flags off in Kolkata

for the development of the preparing a mega housing an ECBC-compliant building township energy-efficient. monorail linked to the Metro. scheme to offer affordable will use anywhere between India has only one monorail homes to over five crore 40% and 60% less energy WEST BENGAL PLANS — in Mumbai – which is a subscribers of the retirement than its counterpart. State SIX-LANE BRIDGE OVER four-coach train, with 140 fund body EPFO, in the Governments are now adopt- HOOGHLY passengers per coach but can backdrop of the Central Gov- ing this code in their building carry 10,000 passengers per ernment’s mission, ‘Housing permissions - Odisha and A six-lane bridge over River hour one way. (Source: The for All by 2022’. The Ministry Rajasthan have already made Hooghly? The proposal Times of India) intends to collaborate with it mandatory. (Source: Busi- sounds exciting because PSU banks, housing finance ness Standard) none of the existing bridges MERU FLAGS OFF IN companies, state-owned con- — Howrah Bridge, Nivedita struction firms like the NBCC KOLKATA RAJARHAT TO FOLLOW Setu or Vidyasagar Setu — and authorities like the DDA, India’s largest radio taxi oper- KOREAN ‘WASTE’ DISPOS- are wide enough. The State the PUDA and the HUDA to ator Meru rolled into Kolkata, AL MODEL build houses at a price fixed Government has planned the third cab service to arrive by the Central Government. Around 60,000 people visit a cable-stayed bridge using in the city. Meru Cabs CEO The EPFO currently manages New Town every day but advanced technology that is Siddhartha Pahwa, who a huge corpus of Rs. 6.5 lac touted to be the widest river launched 100 taxis branded there’s no concrete waste crore and its annual incre- bridge in the country and MeruFlexi in Kolkata, expects disposal arrangement in the mental deposit is in excess an architectural wonder that the fleet to grow to 1,000 in a area. New Town has been of Rs. 70,000 crore. (Source: year and predicts that in five disposing its waste at Mollar will connect two districts — Business Standard) years, half the cab service in Bheri, which is getting Nadia and Hooghly — from Kolkata and other metros will clogged every day. The Kalyani to Dankuni. It will be controlled by professional THE ECBC DRIVING A NEW Bidhannagar Municipality also cut commuting time firms like Meru Cabs. (Source: STANDARD disposes around 80-85 to Kolkata by decongesting The Times of India) The Bureau of Energy Effi- tonnes of waste every day large parts of NH-34, BT ciency (BEE) has issued the at the site. Officials said the Road and Dum Dum Road. AFFORDABLE HOUSING Energy Conservation Build- plan to convert waste into (Source: Times of India) SCHEME FOR EPFO SUB- ing Code (ECBC) to improve energy will help HIDCO SCRIBERS IN THE OFFING the energy performance of authorities dispose the waste realreal-- buildings. It is expected that The Labour Ministry is but will also help make the ties

Affordable housing scheme for EPFO subscribers West Bengal plans a six-lane bridge over Hooghly River High Court order to KMC regarding illegal housing WWATER TREATMENT PLANT GGARBAGE ELEVATORS Udita’s water treatment plant processes about 500,000 Each Udita tower houses two garbage elevators to carry litres every day, outsourced to a vendor who set up garbage from the apartments to the community garbage the plant for the housing complex. Plant uptime is centre, which disposes garbage daily into municipality maintained through component replacement every 18 trucks. Each apartment owner purchases micron months; the water treatment plant is always attended garbage bags to deposit household garbage. The lifts to by a maintenance professional. run thrice a day, transporting these to the ground floor. What makes Udita one of Kolkata’s

Q. What is that one feature that The concept of condominium safety makes Udita different from most gat- reconciles the use of hardware and soft- ed complexes of Kolkata? ware (human responsiveness). At Udita, Mr. Jayanta Kumar Dey, we bring a presence of mind to our ob- A: To compare apples with apples, which Manager, Security and jective to keep the facility secure at all means that for Kolkata’s first new-age times. And we feel that this can be done Administration, explains condominium project to be compared best through a combination of electron- why AmbujaNeotia’s with a new-age facility, it would be im- ic peripherals (CCTVs) and human portant to use a common base of refer- Udita property on the EM alertness. Subsequently, Udita invested ence. In this case, the common base has Bypass is a maintenance in four CCTVs at the gate, thereby be- to be something intangible and what ing able to pick up virtually anything of showpiece better intangible element can one use note. Besides, it is not only enough to than the safety and security across dif- use this technology; it is also important ferent complexes?

April-June 2015 /real-ties Kolkata /40 WWATER AND FIRE PUMPS PPEST CONTROL Three water pumps are operated round-the-clock Pest control is conducted bi-monthly and feeding the water reservoirs inside the nine occasionally more frequently during specific towers, managed by dedicated personnel from the seasons. Pest control treatment for the common outsourced agency. The jockey pumps and fire pumps areas is looked after by the maintenance are test-run daily. The water tanks are cleaned every association while for individual apartments, the six months. responsibility lies with the owner. best-maintained complexes?

to be able to highlight that we are doing agencies coupled with routine checks. Since Udita comprises approximately so, which can be a deterrent to unac- The formula is pretty simple: install - use 750 apartments across nine towers, it ceptable activity. Therefore, the utility of - check - service - check. Only if you do would be reasonable to believe that the our electronic surveillance is not that it this across every single item used with- facility offers employment to around 350 is equipped to pick up undesirable ac- in the complex, will you get a complex domestic assistants. It is not the number tivity; it serves to prevent it in the first where everything works. alone that makes this subject challeng- place. This is validated by the reality ing; a number of assistants leave work Q. How have you been able to blend that in the last three years of service at and are replaced by others. In view of the presence of electronic hardware Udita, we have never needed to scan our this, we need to have a dynamic sys- with human intervention? CCTV footage. And however boring this tem that knows precisely who works in sounds, the key to effective utilisation of A: The guards are equipped with hand- which apartment. our CCTV lies in its active maintenance held metal detectors used to check bag- Since it would be impossible to screen backed by contracts with third party gage brought by visitors. this army of domestic assistants on a

real-ties Kolkata /41 EELEVATORS BBUILDING The four Otis elevators per tower are Building repairs are carried out periodically maintained by Otis, checked, cleaned by carpenters, plumbers and electricians. The and overhauled monthly, reducing building exteriors are painted every five years. downtime. These elevators are equipped No resident may carry out modifications in the with automatic rescue devices. common building space or the façade.

daily basis, the Udita management approach has made Udita one of the did something interesting. It institut- best-maintained facilities in Kolkata. ed a biometric screening device that Earlier, record keeping was largely is fed relevant details of the domes- manual; today everything is computer- tic assistants and validates the thumb ised for easy access. impression, making it possible to en- Q. The efficiency index at any gated ter and leave the premises seamlessly. complex is the responsiveness with This electronic record does something which complaints are addressed. “The maintenance of the more: it is able to record the entry and How does this match up at Udita? complex has been outsourced exit time, which can be used by us to to a local vendor (Potex) who check for deviations from the mean. A: There are a number of initiatives is in charge of managing the For instance, if our data indicates that that we have invested in to strengthen housekeeping staff as well as a particular domestic assistant exited responsiveness. It would be reasonable several technicians. at an odd hour on a particular day, it to believe that in a 16-17 year-old com- There is a multi-level security gives us an opportunity to call the con- plex some things will malfunction. It check before you can step cerned employer with relevant ques- is how we respond to instances like into the apartment. At the tions. these that demonstrate the robustness gates we have guards and Since our electronic records are vir- of our resident-friendly system. We the cameras and below each tually tamper-proof, it sends out an have commissioned a dedicated help- tower, stand two guards. We important message to all parties: that desk number for complaint handling are informed and asked for acknowledgement at both the you cannot fool around or destroy ev- (electrical, plumbing, among others) levels via the intercom before idence, which is the first step towards forwarded to the respective depart- a person is allowed inside. maintaining harmony across our 25 ment for redressal, which takes up the acre premises. matter immediately. Every tower has its own staff and is well-managed. If I have Q. How has the prudent use of Q. How has this affected mainte- to lodge a complaint, I call the technology strengthened the facil- nance costs? maintenance authority and ity maintenance culture? the manager or whoever else A: For the kind of service that we pro- is at hand forwards the issue A: The magic word is ‘streamlined’. Ear- vide, the annual maintenance cost of to the respective technician lier, we would have our staff sign reg- Rs. 20,000 works out to Rs. 1.50 per who calls me seeking the isters to record their presence; the use square feet per month (on the basis of details that helps solve the of biometric attendance has enhanced the owned area), which is one of the problem on time.” a sense of discipline and seriousness. lowest in Kolkata. Kanchan Mukherjee, Earlier, our building maintenance func- Resident tion was addressed manually resulting tiesrealreal-- in operational slack; a systems-driven

April-June 2015 /real-ties Kolkata /42 IN THE MEDIA HOW DOES KOLKATA’S COST OF LIVING COMPARE WITH OTHER INDIAN CITIES?

more more more DELHI 40%expensive MUMBAI 55%expensive CHENNAI 10% expensive than Kolkata than Kolkata than Kolkata

BASE Cost of living BASE Cost of living BASE Cost of living (Kolkata compared (Kolkata compared (Kolkata compared with Delhi) with Mumbai) with Chennai) Food 38% (cheaper) Food 24% (cheaper) Food 2% (cheaper) Housing 21% (cheaper) Housing 113% (cheaper) Housing 8% (cheaper) Clothes 57% (cheaper) Clothes 27% (cheaper) Clothes 7% (expensive) Transportation 39% (cheaper) Transportation 18% (cheaper) Transportation 41% (cheaper) Personal care 3% (cheaper) Personal care 9% (expensive) Personal care 18% (expensive) Entertainment 96% (cheaper) Entertainment 75% (cheaper) Entertainment 5% (cheaper)

ö (Comparison is based on 11,661 prices ö (Comparison is based on 13,534 prices ö (Comparison is based on 4,988 prices entered by 1,206 different people). entered by 1,372 different people).* entered by 543 different people).** *Monthly rent for 85 m2 (900 Square feet) furnished accommodation in an expensive area in Kolkata is around Rs. 23,500 whereas the same costs around Rs. 68,076 in Mumbai. ** The rental value of property in Chennai (average) is around 27% more expensive over Kolkata. The housing base (mentioned in the chart) accommodates parameters like utility bills (approximately 33% more expensive in Chennai), internet connection, domestic assistance cost and other household expenses. WHAT THEY SAY

ven nationally, most of the attain a degree of exclusiveness seeing is going to be a short-term “Edemand for residential units and give customers a more holistic performance.” Hemindra Hazari, is between Rs. 15 and Rs. 35 lac. It experience.” Shubhranshu Pani, Head of Research, Nirmal Bang shows that more products in that Regional Director – Retail Services, Securities Pvt Ltd. category will create more demand. JLL India Everybody is hopeful that things will nce new routes of the pick up soon and there will be more hat we know is that there “Ometro railway become to look up to in Kolkata. Abhijit Das, “Wis huge inventory in the operational, new micro markets will Director (East), Cushman & Wakefield key metros even for residential be created around each station.” houses. Commercial real estate Harsh Patodia, Vice President, CREDAI all developers consider continues to remain depressed; so and Chairperson & Managing Director, “Mfine-dining restaurants very I do not see this huge inventory Unimark Group important to their overall tenant mix going away in a short period at all. because they help the establishment I think the performance that we are

CALCUTTA – TWO YEARS IN THE CITY BY AMIT CHAUDHURI

mit Chaudhuri has been for all the ways it has, and, perhaps vendors and domestic workers. recognised for the ways in more powerfully, has not changed. He Using the historic 2011 elections as Awhich he makes ‘places’ shows us a city relatively untouched by a canvas, Chaudhuri moves back as compelling as his characters. In globalisation but possessing a ‘self- in time (19th century) when the city this book he weaves a spellbinding renewing way of seeing, of inhabiting emerged with an incomparable vitality. amalgam of memoir, reportage and space, of apprehending life.’ By delving deep into the politics of the history to reveal an intimate portrait of Chaudhuri takes us along vibrant present, Chaudhuri excavates a city the city where he lives - Calcutta. avenues and derelict alleyways; ‘still not recovered from history’ and Chaudhuri guides us through the city Chaudhuri introduces us to yet characterised by modernity. he was born in, the home he loved as intellectuals, Marxists, members of Hardcover: 307 pages a child, a place he finds captivating the declining haute bourgeoisie, street (Source: Amazon)

April-June 2015 /real-ties Kolkata /43 3 most expensive bathrooms in the world n Swisshorn Gold Palace, Hong Kong – It’s a bathroom made of solid 24-carat gold! It cost £2.4 million and is in the Guiness Book of World Records. n Atlantis, The Palm, Dubai – In the Poseidon suite of the hotel, the bathroom is inside an aquarium. It cost £1.2 billion to make. n Cinderella Castle Suite, Disneyworld, Florida – The Royal Bathroom boasts of hand-hammered copper leaf sinks with silver leaves, a multi-jet jacuzzi with a waterfall style tap surrounded by mosaic made from 30,000 hand-cut Italian glass tiles.

April-June 2015 /real-ties Kolkata /44 “Spending Rs. 20 lac on a bathroom?!”

In the good old days, you bought a home for Rs. 20 lac. These days, that is the kind of money that gets spent on a bathroom.

n the good old days, bathrooms area; but occupy up to 20%. Bathrooms provides chromotherapy, saunas, were for ablutions, period. These are no longer positioned at the end of a aromatherapy and back massage days, bathrooms are for the list of unique selling propositions; they hydrotherapy. Iunwinding experience first and are now being featured prominently in Now that customers have got a flavour ablutions thereafter. apartment brochures. of the spa, they are not holding back. In the good old days, the Indian Concurrently, a large-ish market A number of people are investing in bathroom was merely a basin, cabinet, emerged for vanity bathroom products. original wooden cabinets, environment- commode and shower. These days, a The kind of fittings that one was friendly vegetable mosaic using bathroom is so many things that entire sheepish about earlier are now being vegetable ivory, a hard white endosperm companies have selected to focus only virtually flaunted. There are faucets obtained from Amazon palm trees. on bathroom products, giving rise to dipped in 24-carat gold (minimum Rs. 6 Someone went to the extreme; she the emergence of specialised bathroom lac), taps with crystal knobs (between imported treated moss from Norway! designers. Rs. 5 – Rs. 15 lac), mother-of-pearl “Customisation is the future in So what is that inflection point in the counter tops (Rs. 6,000 – Rs. 30,000 per bathroom fittings. The economic transformation of bathrooms? square feet). Then there are whirlpool slowdown is not impacting sales and tubs, heated floors, coffee machines, we are not seeing HNIs or UHNIs “Over the last couple of decades, mini-refrigerators and warming drawers even thinking twice about spending two things began to emerge in for towels. money on bathrooms,” says Ripu India – growing lifestyle stress and Daman Singh, Manager, Marketing and the introduction of lateral water And then there is Kohler’s Moxie shower Communication, FCML India. spouts which were distinct from the head plus wireless speaker that lets conventional overhead showers,” says you stream music in the shower! There The result is that against an average Abbas Bengali, a prominent Kolkata is a shower that makes it possible to cost of Rs. 6-10,000 per square feet in interior designer. “These two supposedly synchronise the shower with coloured Kolkata for apartments, doing up just unconnected realities emphasised the lights and rain curtains; there is a the bathroom costs around Rs. 4,000 point that the lateral water spout could shower that can be programmed to per square feet. “People renovate their be effectively used to de-stress without create a mist effect. Besides, the bath bathrooms every six or seven years, needing to visit a club or register for a space can transform into a spa that so they are willing to spend from a massage. The result is that a number minimum of Rs.15 lac (6 feet x 9 feet of people began to see their visit to the bathroom) to about Rs. 2 crore (25 feet “People renovate their bathrooms bathroom as a reason beyond functional x 8 feet),” says Megha Srinivasamurthy, every six or seven years, so they are needs. They began to see this as a Principal Architect, Drench Bathroom willing to spend from a minimum of therapeutic stress buster.” Spa Design. “Today people treat their Rs.15 lac (6 feet x 9 feet bathroom) bathrooms as specially as they treat This transformation in the end use of to about Rs. 2 crore (25 feet x 8 their bedroom, which is something that the bathroom into a lifestyle product has feet).” – Megha Srinivasamurthy, no one could have seen coming a few helped evolve the design of bathrooms Principal Architect, Drench years ago!” says Abbas Bengali, interior as well. Bathrooms are no longer the Bathroom Spa Design. designer . apologetic 10% of an apartment’s carpet

April-June 2015 /real-ties Kolkata /45 RETAIL REVIEW, KOLKATA Emerging trends

FEW RECENT SIGNIFICANT TRANSACTIONS IN RETAIL CLIENT LOCATION SIZE (in square feet) 1 CENTRAL (FUTURE GROUP) NEWTOWN (NEAR CITY CENTRE II) 1,00,000 2 BARBEQUE NATION RESTAURANT PARK STREET 10,000 3 MARKS & SPENCER WOODBURN PARK 16,000 4. BIG BAZAAR BARASAT 36,000 5. MAX FASHION HOWRAH 10,000 6. INDIAN GEMS & JEWELLERY ELGIN ROAD 5,500 7. TGIF RESTAURANT ELGIN ROAD 3,500 8. AND (ANITA DONGRE DESIGNER) RAJDANGA MAIN ROAD 4,000 9. TANISHQ JEWELLERY CAMAC STREET 8,000 10. SRINIKETAN GARIAHAT 5,000

11. RELIANCE TRENDS ESPLANADE 10,000

12. SPENCER’S RETAIL MADHYAMGRAM 33,000 Note: This is as per best of our market informations and subject to any subsequent cancellations.

has been a As far as retailers are concerned, a Emerging high-street comparatively national giant like Future Group has destinations in Kolkata 2014 better year than modified standard placing for their Rajdanga Main Road the previous one in terms of overall hypermarket format, Big Bazaar, and retail segment in the real estate industry opted to place the same format from the EM Bypass (from Science City to in and around Kolkata. Some relevant second/third level in the shopping malls Prince Anwar Shah Road connector) areas are highlighted in the form of in places like Jessore Road and Barasat. NSC Bose Road boxes shown alongside. Generally, most of the hypermarket Rash Behari Avenue As there is hardly any ready upcoming formats prefer ground connectivity. supply of properly designed decent- Still, it is a challenge in Kolkata to get Organised retail sized shopping malls (except Acropolis larger floorplate retail properties of, development is spreading Mall by Merlin Group on Rajdanga say, more than 30,000 square feet or so across Kolkata outskirts Main Road near the Ruby connector, which, in turn, is delaying expansion expected to be operational by mid- plans for larger format brands like 1. Madhyamgram 2015) in Kolkata, the demand for Hypercity, Metro Cash & Carry, Spar – 2. Barasat the high-street properties has seen Hyper, among others. 3. Sodepur significant growth from all segments of The cinema industry is an unpredictable 4. Narendrapur retailers in the last year. business and both ill-managed 5. Sonarpur Some interesting avenues have been multiplexes and old single screen observed in the retail scenario in this cinema halls have borne the brunt of 6. Baruipur part of the country. it. Single screen cinema hall owners are 7. Barrackpore Shopping malls under construction in converting their halls to commercial 8. Kalyani complexes in the expectation of better demanding areas have seen a change 9. Kanchrapara of hands in terms of developers. These commercial realisation from the 10. Konnagar incidents emphasise the importance of concerned property. Procuring cinema proper strategic planning comprising license for multiplexes in upcoming 11. Sreerampore marketing, finance, construction, shopping malls is still a time-consuming 12. Chandannagar among others – from the inception activity and timely execution has 13. Rishra stage of a shopping mall. become important for multiplex

April-June 2015 /real-ties Kolkata /46 operators to enjoy the entertainment to change the cinema viewing Product lines with maximum tax benefit after starting commercial experience for Kolkatans. movement in retail expansion operations. Lastly, the commercial angle of Automobiles On a positive note, for the cinema retail transaction has also seen industry, there is a good potential few emerging trends. Most of Jewellery of budget miniplexes in strategic the large format retailers are Food and beverages locations in and around Kolkata. settling for revenue sharing with a Regional-level garment operators As far as a proper multiplex is minimum guarantee model with the concerned, the Mexican chain developers/owners. Trends reveal Cinepolis is emerging as a giant for that the investment transaction for Areas in demand for the industry and recently acquired a rented property in retail generate proper organised the Mumbai-based Fun Cinemas. average returns of 8%-10%, though shopping mall in Kolkata Kolkata is expected to see two of this may vary depending on Barrackpore Trunk Road (B.T. Road) them become operational in 2015 factors like the size of transaction, Diamond Harbour Road (D.H. Road) on Rajdanga Main Road and Rash reputation of the brand, among Behari Avenue. They promise others. Garia area tiesrealreal--

A THOUSAND WORDS HAPPY STREETS COMES TO KOLKATA ith a flurry of activities, The Times of India’s W‘Happy Streets’, in association with Kolkata Police, flagged off in style on Park Street. There were no cars zooming past or the occasional morning walkers. Instead, hundreds descended to play, sprint, cycle, perform, make the road their own. ‘Happy Street’ is an attempt to promote healthy living, create space on the streets for citizens to have fun, reduce pollution and enhance community bonding. This picture was clicked immediately after a Happy Streets event. It just goes to show that when you adorn something that nobody thought was adorable, amazing things can happen!

April-June 2015 /real-ties Kolkata /47 INTERNATIONAL CONCEPTS FOR KOLKATA PROJECTS Ideal Villas: Spanish theme Dream Palazzo: Mediterranean theme Dream Exotica: Singaporean theme The County: Disney theme The Rainforest: Tropical rainforest theme Ganga Awas: Mediterranean theme Ganga Kutir: Ashram community concept global

PROMINENT NON-KOLKATA ARCHITECTS WHO HAVE WORKED ON KOLKATA PROJECTS Hafeez Contractor: Ideal Heights n DLF IT Park n New Town Heights n 42 Kolkata n Ideal Exotica Charles Correa: Rabindranath Tagore Centre n City Centre Salt Lake Balkrishna Doshi: Udita Stephen Coates: Unimark Riviera Khoo Peng Beng and Belinda Huang (ARC Studios): Atmosphere Bimal Patel: Hiland Park Channa Daswatte: Ganga Kutir

April-June 2015 /real-ties Kolkata /48 City Centre, Salt Lake – a fine showcase of the architectural excellence of Charles Correa

There was a time when most real estate promoters built one property quite like the other, convinced that no differentiation was needed, and even if needed, no customer would be willing to pay incrementally for it.

lain vanilla offerings are a global citizen. Over the last couple “When we launched Ideal Villas, we history. An increasing of decades, the Kolkatan has travelled recognised that the Kolkata consumer number of properties are wider than before and been exposed to a had evolved and needed something Pthematic in nature in terms number of international influences. The that could be benchmarked around an of advertising and architecture. For Kolkatan needs a whiff of this in his or international standard in terms of design properties that are not themed, there her everyday Kolkata life. The real estate and delivery,” says Agarwal. “We wove is a growing demand for global design promoters of the city are only addressing Ideal Villas around Spanish elegance, perspectives. this relatively unmet need through extending this positioning into the size “The theming of properties around a distinctive positioning and customised of each villa (3,042 - 4,359 square feet) specific idea is more than just a stunt architecture.” and garden space. The positioning was to create a temporary wow and sell One of the earliest Kolkata properties to validated: we sold each of our 125 villa properties,” says Raj Agarwal, architect. be positioned and marketed around a homes, setting a benchmark for theme- “This is a conscious response to the theme was Ideal Villas in Rajarhat. This based homes in the city.” evolving nature of the Kolkatan into 8-acre property was launched in 2009. Over time, the global positioning

April-June 2015 /real-ties Kolkata /49 The Ganga Kutir resort designed by Channa Daswatte of realty projects extended to the is an ordered composition of cubist Coates was engaged to design Unimark engagement of outstation and volumes and cut-outs in the trademark Riviera, a 5.6 acre, 492-flat apartment international designers as well, bringing Correa style. complex on the River Hooghly in fresh architectural and lifestyle ideas More recently, Dream Palazzo, launched Uttarpara. “The general perception was into the city. For instance, the legendary by the Jain Group, created a 100-cottah that the suburban Kolkatan required Balkrishna Doshi (one-time understudy Mediterranean-themed residential a functional space where a sense of of the celebrated Le Corbusier) designed complex in Rajarhat. “The overall idea of aesthetics would be wasted on him Udita, possibly Kolkata’s first integrated the design,” explains Raj Agarwal, “was or her,” says Agarwal, who was also condominium complex on the EM to create an ambience – using fountains, the architect for the Unimark project. Bypass; the visionary architect Charles sculptures, brick pathway and garden “We countered that assumption; we Correa designed a differentiated modern – that would make the resident feel the introduced Stephen Coates into a bazaar called City Centre in Salt Lake; essence of the Mediterranean right here traditional suburban environment, the nationally prominent Hafeez in Kolkata.” validating the point that the suburban Contractor designed Ideal Heights, Kolkatan had evolved. We launched the The most remarkable dimension to the DLF IT Park and New Town Heights; project on February 2013. Almost 28 engagement of international architects and Bimal Patel was engaged to design percent of the total number flats were to design Kolkata properties transpired the Golf Villa bungalows in Hiland sold within the same year for a price when the globally-famous Stephen Batanagar. Correa’s design, for instance, range of Rs. 2,850-3,500 per square feet.”

PROMINENT KOLKATA LANDMARKS AND THEIR PROMINENT KOLKATA LANDMARKS AND STYLES INFLUENCES Shahid Minar: Egyptian base n Syrian column n Turkish cupola Raj Bhavan: Kedleston Hall, England St. John’s Church: Neoclassical Kolkata High Court: Cloth Hall, Ypres, Belgium Indian Museum: Italian Nakhoda Mosque: Akbar’s tomb in Sikandra St. Paul’s Cathedral: Indo-Gothic Ramakrishna Mission Institute of Culture: Ancient Hindu Writers’ Building: Gothic palace architecture of North-western India General Post Office: Corinthian columns Birla Planetarium: Sanchi Stupa CESC House: Italian Town Hall: Grecian with a Doric-Hellenic portico Victoria Memorial: Classical Western with Indo-Saracenic

April-June 2015 /real-ties Kolkata /50 EARTHSHIPS NUMBERS

Expected increase (in crore) in India’s 81 urban population by 2050.

Kolkata’s rank in the list of India’s 25 cleanest cities according to the National City Rating, 2010 (GoI estimates).

Air quality index of Kolkata 196 (unhealthy for respiration).

Budgetary allocation (in Rs. crore) towards ‘Housing for All’ scheme for implementing the government’s vision of providing a pucca house to every household by 2022.

n earthship is a thermal mass and naturally regulate passive solar house temperatures across seasons. The made of natural and internal non-load-bearing walls are 22,407 Arecycled materials often made of recycled cans joined (designed and marketed by by concrete, usually plastered with 7,060 1 Earthship Biotecture in USA). These adobe. These walls are also used on Earthships are designed to work as top of the tyre walls as an alternative autonomous buildings using thermal to wooden shoes. The roofs as well mass construction and natural cross- as the north-, east- and west-facing The investment (in Rs. (in million square feet) ventilation. Windows on sun-facing walls are insulated to prevent heat million) to be made by approximate new shopping the Indian Government to centre space that became walls admit light and heat while loss. India’s first earthship (Karuna establish 100 Smart Cities operational in 2014. buildings are horseshoe-shaped to Farms, Prakaspuram village) was across the country. maximise natural light and solar- built near Kodaikanal across 1,200 gain during winters. The dense square feet using 800 tyres and earth-rammed tyre walls provide truckloads of mud. INDIA’S MOST COMPETITIVE CITIES, 2014 Infrastructure Rank Rank City Overall Financial Physical Communication Administrative Human Innovation Rank Score 2014 2013 competitive capacity score 1 1 Delhi 73.13 67.29 64.95 68.46 46.86 77.13 67.12 2 64.12 2 2 Mumbai 70.06 72.03 60.97 68.55 61.27 74.21 63.59 1 66.36 3 6 Gurgaon 64.10 65.72 55.34 61.35 59.82 55.88 59.91 11 59.85 4 7 Noida 63.84 65.85 59.69 71.97 49.31 62.01 59.22 6 60.92 5 3 Chennai 63.23 62.68 60.05 62.08 63.45 59.93 70.41 3 62.84 6 4 Hyderabad 62.90 55.03 58.45 62.75 63.43 59.51 64.08 9 60.44 7 8 Bangalore 62.80 57.98 56.27 67.57 53.77 67.53 61.56 10 59.87 8 5 Kolkata 62.16 61.12 58.90 61.80 68.60 61.31 61.32 4 62.32 9 9 Pune 61.41 62.95 57.40 62.94 53.00 59.85 64.98 12 59.71 10 10 Ahmedabad 60.89 61.75 52.10 58.39 62.10 66.02 56.66 13 59.28 Source: www.businessworld.in

With the best human capacity and physical infrastructure, the best administrative infrastructure score and the 5th best Delhi has topped the list of the most competitive cities in the physical infrastructure in India. Chennai leads in innovation country. It had been the top contender in 2013 as well. Kolkata and Mumbai in financial infrastructure. The biggest jumps turned out to be the 8th most competitive city in India. It is a from the past year have been made by Gurgaon, from 6th to 3rd, step down the ladder from being 5th last year. However, it has and Noida, from 7th to 4th.

April-June 2015 /real-ties Kolkata /51 CORPORATE SOCIAL RESPONSIBILITY

How NK Realtors helped the established he prevalent perception is that the primary NGO Rural Health Care Foundation create healthcare gap that exists an urban primary healthcare model Tin West Bengal is largely rural in nature. NK Realtors, Eastern India’s largest real estate marketing consultants, was the first to present an alternative opinion. The company was convinced the incidence of a primary healthcare gap in the state was as much urban as it was rural. The management at NK Realtors arrived at this conclusion through a simple understanding. Each time one of the junior members of its staff model fell ill, the treatment cost (travel to the doctor’s chamber, doctor’s fees, diagnostic costs and prescribed medicines) would account for a sizeable proportion of the individual’s monthly remuneration. That set the NK Realtors management thinking. Was there a way in which this impact could be moderated? If job holders in organised sectors were feeling the pinch of expensive medical treatment, what about the larger population? This simple perspective represented the basis for NK Realtors to create an urban primary healthcare model that would moderate treatment costs, provide personalised care and generally do so in proximity to their residence. The model wove in two principal players – NK Realtors as the thought leader and funding sponsor and Rural Health Care Foundation, a Kolkata-based NGO credited with having created a rural primary healthcare model in West Bengal. The partnership spelt out respective

April-June 2015 /real-ties Kolkata /52 responsibilities – NK Realtors would to include eye care, dentistry and identify Kolkata pockets with unmet homoeopathy. Five, in select cases the primary healthcare requirements, rent 200 unit arranged secondary healthcare square feet holdings in those areas and intervention through complementary mobilise the necessary funds to kickstart arrangements with other NGOs. and sustain it. RHCF, on the other hand, would appoint a paid competent doctor Spreading the movement and assistant in addition to supporting Encouraged by the success of its maiden the unit with a comprehensive stock of centre, NK Realtors embarked on medicines (approximately 160 SKUs) widening the movement. The company while leveraging its rich understanding of turned evangelist, encouraged other primary healthcare experience of working corporates to enter this field and inspired out of five rural Bengal locations and the launch of subsequent centres at having addressed the primary healthcare Mayapur, Namkhana, Swarupnagar, needs of more than a million patients Zakaria Street, Sundia, Benrec Club, during its existence. Siborampur and Bardhaman, among many others. The result is that more than The first centre 10 lac patients are being treated (direct The NK-RHCF partnership launched its and indirectly) through its pioneering first primary healthcare centre at Jyotish initiative. Roy Road (Behala) in August 2013. The centre was selected for a specific reason; The future being located next to Gobar Jhuri Math, NK-RHCF feels that the time has come to a 600-population slum, the NK-RHCF graduate this into a pan-Kolkata model. partnership concluded that there was “There are a number of options available a large resident population that would to us,” explains Pawan Agarwal, Managing benefit from an affordable service that Director, NK Realtors. “One is to work is also in proximity. The decision was with the Kolkata Municipal Corporation vindicated: what started with a daily and provide this service in every single patient throughput of 25 had climbed to Kolkata ward for the benefit of the city’s 45 by February 2015. Besides, in the space needy. The other option is to dovetail of 18 months, the centre had addressed the existence of this primary healthcare Sixty-year-old farmer Abdul Sattar the needs of 16,783 patients. model with a diagnostic model. We lives near RHCF’s centre in rural believe that the time has come to create Namkhana. Since childhood, he The rationale for success a subsidised diagnostic model that can neglected his teeth, preferring to The NK-RHCF primary healthcare make it possible for X-rays to be taken bear the pain instead of spending model brought a number of attractive for as low as Rs. 75. This can potentially from his paltry income. Finally, he realities together. One, its established unit extend access to responsible medical care visited RHCF’s health centre with comprised a professional doctor who to the last mile.” his son. A check-up indicated that provided personalised treatment. Two, some of his infected teeth needed the model provided a holistic solution – extraction. As a precaution, a blood diagnosis and medicines – that capped 1,350 sugar test was conducted, following the cost of medical intervention. Three, The average number of patients which an extraction post-curative this service was provided proximate whose medical needs are care followed. A number of people to a large needy residential catchment addressed by the Rural Health care like Abdul Sattar have found relief obviating the need for a long commute. Foundation every month. from dental and other problems at Four, the general service was widened the RHCF centres.

April-June 2015 /real-ties Kolkata /53 RESEARCH ANALYSIS

s per this research information based Zone-wise enquiry (July-Dec’14) on the entire Kolkata, we can see that South Kolkata is the preferred location Unit type Enquiry of the prospective property buyers. A 17.76% Speaking specifically about South Kolkata – Garia, North Kolkata Bansdroni, Naktala and Kasba are the major points Rajarhat/New town 17.94% of attraction. The availability of transportation facilities like buses and metro, marketplaces in South Kolkata 60.91% proximity, availability of renowned hospitals like Howrah/Hooghly 1.74% CMRI Hospital, Peerless Hospital, Thakurpukur Cancer Hospital and Woodlands Hospital, along Central Kolkata 1.65% with schools and colleges like IIM Joka, DAV Public School, B.D.M. International School, Akademia International School, among others, have fueled the lucrativeness of these sites. North Kolkata, along with a special reinforcement in development of Unit Type-wise enquiry (July-Dec’14) Rajarhat and New Town, has surged the enquiry level Entire Kolkata to 17.94% for the latter. The proposed metro station from Garia to the airport and the fast-developing IT sector in the region has increased residential property prices from Rs. 2,500-3,500 per square feet in 2008 to about Rs. 4,000-5,500 per square feet in Unit type Enquiry the past six years. 1.76% While comparing the unit-wise demand of 1 BHK apartments in Kolkata, the 3-BHK requirement 2 BHK 47.42% marks itself with about 49% approximately. 3-BHKs 3 BHK 49.02% are generally preferred by couples with children. The extra room can be converted into a guest house or a 4 BHK 1.80% study room according to the need. It also provides an extra room for the elderly parents if one wants to cater and live with its three generation under a single roof. These unit sizes (in the affordable housing South Kolkata segment) cover an area of about 1,000-1,500 square feet which are available at a price range of Rs. 25- 50 lac. Referring only to South Kolkata, we can see again that the 3-BHK demand is the highest followed by 2-BHKs. Among the apartments purchased in Unit type Enquiry these regions, a large number of them are from the 1.60% investment perspective. With a large number of 1 BHK people migrating from the nearby states and settling 2 BHK 56.99% down in these well established and linked areas, the 40.65% demand for purchase and rental property is huge. 3 BHK The demand for 1-BHK remains subdued due to the 4 BHK 0.76% increased cost of purchase as compared to a 2-BHK flat. The 4-BHK apartments are not very popular because mostly they exceed the budgets of most aspiring buyers with adequate disposable incomes.

April-June 2015 /real-ties Kolkata /54 After the announcement of the ‘Housing for All’ scheme by the Central Government last year, people are expecting the availability of affordable housing or apartments at prices lower than they have been over the past few years. At a price range of Rs. 20-30 lac, aspiring buyers can look for 2-BHK flats at various locations in the city. In the budget range of around Rs. 31-40 lac, people can avail better amenities provided by slightly better projects in term of facilities. Developers, sensing this huge surge in demand arising in the near future, have started constructing projects that would cater specifically to these customers. With the city being over-crowded in certain formerly- preferred localities like Alipore, Tollygunge, Ballygunge, among others, developers have tried to venture into this affordable range by foraying into the untouched pin codes where the cost of land acquisition would be comparatively lower. This would bring down the cost of projects and the price of apartments.

Budget-wise enquiry (July-Dec’14)

Entire Kolkata South Kolkata

A B C D E F G H A B C D E F G H

Budget Enquiry Budget Enquiry A 20 – 30 lac 27.98% A 20 – 30 lac 39.20% B 31 – 40 lac 23.93% B 31 – 40 lac 28.79% C 41 – 50 lac 16.53% C 41 – 50 lac 13.48% D 51 – 60 lac 10.22% D 51 – 60 lac 7.27% E 61 – 70 lac 7.03% E 61 – 70 lac 3.35% F 71 – 80 lac 6.53% F 71 – 80 lac 3.21% G 81 – 90 lac 5.53% G 81 – 90 lac 2.72% H 91 – 100 lac 2.25% H 91 – 100 lac 1.98%

Disclaimer: All the information provided in this article is collected from the organised real estate sector of Kolkata.

April-June 2015 /real-ties Kolkata /55 freewheeling A TRIBUTE TO THAT INDIVIDUAL LARGELY RESPONSIBLE FOR OUR SUCCESS – THE DOMESTIC ASSISTANT

HAT IS managing that one beam! precedent’ and ‘we don’t that one tenuous link that is often Three,we talk of ‘business want to spoil the market’ and factor the difference between de-risking’ and cover our ‘remember the way she spoke that our success and average lives three times over with to me last week and yet I makes achievement, we do so little. fancy insurance policies, but should give her a raise?’ Wit possible for us to be Just consider some of the when it comes to checking So how do our domestic successful? ways in which we treat the where the maid or maharaj assistants treat us in turn? The usual answers: school ‘most important member’ of hail from, we have no clue. They habitually take every education, peer network, the family. The answers we get are second Sunday off, they scoot work quality and motivation. One, we treat this critical ‘somewhere in Mednipur’ or without advance notice, My answer: The single recruitment with abandon. ‘Darbhanga jila.’ No formal they go on a fortnight’s leave most important factor that The gateman brings you a pictures taken, no address without arranging for a makes us successful is… the selection of five ladies from verification. We expect happy replacement (chhutta), they naukrani (or maharaj). his village and we select endings, bhagwaan bharose. watch TV on the sly, they If the naukrani went away to one who appears most Four, we call ourselves charge their mobile using our her mulook or kicked your job presentable; we ask the driver well-meaning, but when it bijli, they parcel food home, for a Rs. 100 raise next door, to recommend someone comes to allocating leaves they lie on our beds to get the wife (significant income from his gaaon and he for those who work for us, a feel of how we feel, they contributor in many cases) comes up with someone we we question every single take an advance every third would probably need to rise get ourselves to trust from naaga. If the maid has not month and work on negative earlier to cook breakfast and minute one because, after come because she says she working capital, they speak lunch, stress her way to office, all, he is driverji ka jaan- is unwell, we say, ‘Liar, she offhandishly to our kids, get ticked off by her boss, pehchaan. wants to do chutti!’; when it’s they don’t clean the place outsource the food from the Two, we discuss pagaar International Women’s Day, well enough (proof on our local takeaway and eventually alright but never the perks we send Whatsapps on how fingers), they said they would spend incrementally more that could transform a dull we respect women but won’t be going to the mulook for 14 in just a fortnight that would worker into a motivated give half a day off to the maid days but deliver the excuse have been the maid’s salary one. Years ago, when we (what does she know about that ‘tabiyat kharaab ho gaya’ for the month – and in recruited Ramesh (through IWD that she should get a on the fifteenth day and turn doing so, crib herself so silly driverji’s reference), we chutti?); besides, we have no up seven days later, they that eventually the man of discussed how much cash provision for PF, gratuity or forget to register an order for the house would fly into a he would get in hand, what DA for them. gas on time so we must now rage and shatter the fragile expenses we would bear Five, we have no qualms in cook on the damn kerosene domestic peace … all because (clothes, dant-manjan, soap, spending a few thousand ka chulha… the blooming naukrani left at shirt, pyjamas), his medical on a weekly restaurant We get what we deserve. an hour’s notice. expenditure, his periodic meal but when it comes Mudar Patherya It’s quite amazing that we train tickets to gaaon – and to giving a better raise to invest years in honing our the Sunday matinee film someone working for us, If you have interesting feedback, professional competencies shows each fortnight. It’s the we find remarkable excuses send them to mudar@trisyscom. but when it comes to last addition that made him – ‘we don’t want to start a com

April-June 2015 /real-ties Kolkata /56 NEW LAUNCH

Land area: 6.6 acres Number of blocks: 15 Number of floors: 13 blocks of G+10 and 2 blocks of G+7 SPRINGFIELD Number of apartments: 797 Rajarhat six-lane expressway Open space: 60% (approximately) Completion time: End-2018 Location: On the Rajarhat six-lane THE DEVELOPER SPEAKS: “Having carved a niche for itself in the Kolkata real estate expressway space, the Unimark Group’s latest offering, Unimark Springfield, promises quality living Unit sizes: 923-983 sq. ft. (2-BHK); spaces blending convenience and comfort for customers in Rajarhat. It integrates smart 1,160-1,412 sq. ft. (3-BHK) design, contemporary living and sustainability. The six-lane expressway, upcoming metro-rail connectivity and minimal traffic will ensure the ease of life one always dreams of.” Developer: Unimark Group & MBPS

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

tiesKolkata’s only dedicated real estate magazine I Vol 10 I Issue 4 I April-June 2015

Single-room 16 apartments: Are they the next big thing? SECOND Srijan Midlands 24– The best completed project

Murshidabad: HOME 30 A photoessay The great new craze Spending 44Rs. 20 lac Get connected to more than 2,00,000 celebrated on a bathroom?! players from the city’s corporate, retail and real estate sectors. in Kolkata