India Broadband Forum

JamesPaul00

Kolkata which is witnessing resurgence in its economy after years of stagnation has emerged as a hottest real estate destination of Real Estate in India , offering high returns on property investment. Much of the credit for Kolkata’s makeover goes to the West Bengal government, which is promoting knowledge industry in a big way.

That IT is on a roll in Kolkata is clearly evident from the huge rush of IT companies to set up their base in the city. The 10,000 hectare Rajarhat is emerging as the next hot destination for the IT and ITES. It is IT parks rush in Kolkata with Ascendas, DLF, Videocon-Salarpuria, Bengal Intelligent Park, Technopolis, Infinity Benchmark, Infinity Waterside, Millennium and The Hub together set to create over 37 million square feet of space in Rajarhat and Sector V. Almost 9 million sq.ft of combined plug and play infrastructure is expected to be available to the IT companies in Sector V and Rajarhat by 2008. That West Bengal government is quite serious in making Kolkata a IT hub is clear from the substantial jump in software exports from Rs. 790 crore in 2002-2003 to Rs.1837 crore in 2004-05 and number of IT and ITES employees soaring from mere 6000 in 2002 to 4.1 lakh in 2010.

Riding high on the IT boom, Bangalore is maintaining its position as a prime destination for property investments. Bangalore has over the years transformed itself from being a ‘Pensioner’s Paradise’ to the ‘Silicon Valley’ of India. And it’s the booming IT sector that has fuelled real estate growth in the city emerging as one of Asia’s fastest growing cities with annual growth rate of 3.5 percent.

That this hi-tech city accounts for more than 35 percent of the software exports of our country with largest number of software companies, is the main driver of commercial property. That the commercial property has been on roll in Bangalore is fully supported by a global real estate consultant. Report that says that the transaction volume in 2004 exceeded 6.3 m sq. ft., the highest annual absorption of commercial real estate in the city. An additional 7 m sq. ft of Grade A office space is expected to be added to the existing stock this year.

just4kix

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