Kolkata Real Estate – From the City of Palaces to the City of Skyscrapers

Kolkata, famous as the City of Palaces, is rapidly shedding its image as a city of heritage buildings. Today it boasts of a dozen skyscrapers, no less than its metropolitan counterparts in Mumbai and Delhi.

The picture becomes especially interesting when these buildings are developed for the purpose of housing. “Real estate can be developed in two ways: vertically and horizontally. In view of high land prices, it is not feasible for developers to expand horizontally around the city. Therefore, vertical development makes sense for developers. and for users too, said a senior official at a Kolkata-based property group.

When it comes to building permits and approvals, the city authorities have not only expressed their willingness, but have also come out on their own to promote the concept. Recently, the Kolkata Municipal Corporation applied for an expression of interest for the construction of a 50-storey residential property on the East Metropolitan Ring Road. The proposed building would be the tallest in India.

By far the 40-storey Unitech Heights in South City is the tallest building in Kolkata’s residential real estate. Hiland Park and Akankha Krishnachura follow Unitech Heights with its 28-story residential skyscrapers. Ideal Heights near Sealdah and Sankalp in New Town are an ideal proposition for those seeking luxurious living. These buildings from 11 to 24 floors group up to 16 towers and offer facilities such as wi-fi, gyms, auditoriums, conference rooms and swimming pools surrounded by lush green parks.

Meanwhile, real estate developers are enthusiastic about the response high-rise buildings in Kolkata have generated. Tall buildings represent grandeur and attract high net worth individuals and investors. According to real estate brokers, investors who have global exposure are looking for properties that are comparable to those in the developed countries of the US and Europe.