20 Dec 2023

In Kolkata, 18 individuals were arrested for orchestrating an elaborate real estate fraud involving the sale of 14 flats within their criminal network. The fraud scheme included identity theft, forgery, and financial fraud, with the perpetrators not only manipulating property transactions but also securing substantial loans using fabricated documents. The complex operation was exposed when the genuine owner of one flat filed a complaint, leading to a thorough investigation that uncovered a web of deception within the real estate and banking sectors.Read more

08 Dec 2023

Starting in January, the Kolkata Municipal Corporation (KMC) will introduce a streamlined process allowing owners of small plots to commence house construction within a week of submitting building plans. This departure from the previous bureaucratic approach enables plot owners with small plots, not exceeding seven cottahs, to have their plans sanctioned by engaging an architect or licensed building surveyor (LBS) without direct intervention from KMC buildings department officials. The initiative, designed to expedite approvals and enhance transparency, involves online plan submissions, swift sanctions, and subsequent inspections to ensure adherence to the approved plans.Read more

06 Dec 2023

Peerless Hotels is set for a transformative journey, planning to double its room capacity in the next five years. Following the successful upgrade of the Peerless Kolkata property, the company eyes expansion through acquisitions or management contracts. With a focus on internal consolidation first, the 30-year-old company aims to rejuvenate existing properties over a two-year period. Collaborative ventures with partners are on the horizon to broaden market reach. Amid a post-Covid recovery and rebranding all city hotels as Peerless Hotels, the company anticipates a record-breaking fiscal year, with significant revenue growth underlining its success.Read more

05 Dec 2023

Knight Frank's recent analysis reveals a dynamic shift in Kolkata's real estate market. With 35,467 apartments registered in 2023, October stood out with 4,441 registrations, a 2% increase from the previous month. Despite this, there's a notable 35% YoY decline. This is attributed to a robust surge experienced in 2022. The report also reveals a change in the size preferences, with 501-1,000 sq ft units dominating. Micro-market dynamics show the South Zone claiming the top spot, marking a significant shift from last year. The extension of stamp duty rebates and RBI's unchanged repo rate add optimism for future trends.Read more

01 Dec 2023

The Mayor of Kolkata, Firhad Hakim, has recently directed the buildings department to collaborate with architects or licensed building surveyors for expedited approval of building plans on plots not exceeding three cottahs. This move aligns with a new regulation allowing citizens to apply for building sanction online for smaller plots, ensuring quick approval within 15 days if the submitted documents adhere to civic regulations. The initiative aims to address delays and simplify the building plan approval process, emphasizing the Kolkata Municipal Corporation's commitment to supporting citizens in construction endeavours on smaller plots.Read more

25 Nov 2023

CBRE South Asia Pvt. Ltd reports that Kolkata's Industrial and Logistics (I&L) sector is poised for a 5-year high supply in 2023, reaching approximately 5.2 million sq. ft. The completion of pent-up projects in the city and its peripheries contributed to this surge. Kolkata's strategic location as an entry point to the east and access to land-locked countries enhances the I&L sector, with leasing expected to reach 3.5 million sq. ft. in 2023. The city's potential for industrial and commercial development is concentrated in NH-2, NH-6, and Taratala regions, particularly in Dankuni, Singur, and evolving areas like Uluberia.Read more

24 Nov 2023

The National Company Law Tribunal (NCLT) in Kolkata has initiated insolvency proceedings against Fort Projects following a complaint from Emami Realty, with claims totalling Rs 91 crore. Emami Realty, a part of Emami Group, accused Fort Projects of defaulting on a principal amount of Rs 82 crore, plus over Rs 9 crore in interest. The decision underscores financial challenges in the real estate sector, appointing an interim resolution professional to oversee the Corporate Insolvency Resolution Process for Fort Projects.Read more

17 Nov 2023

The Kolkata Municipal Corporation's (KMC) water supply department has taken a significant step to address water wastage by implementing water meters in upcoming constructions. This initiative aims to gauge neighbourhood water consumption patterns and minimize the significant loss of treated water. Following a survey in the Dum Dum-Cossipore region, the program is being expanded to other parts of the city, starting with the Mukundapur area. The KMC plans to install water meters in all new constructions, including individual apartments and housing complexes. The move comes after alarming figures revealed high water consumption in certain households, prompting officials to take measures to curb wastage and promote responsible water use in Kolkata.Read more

16 Nov 2023

The Kolkata Municipal Corporation (KMC) has increased the cleaning fees for vacant plots by 75% to curb mosquito breeding and dengue spread. This decision, targeting all 144 city wards, aims to motivate property owners to maintain their plots. The move follows challenges faced by KMC in managing plot cleanliness, especially in dengue-prone areas. The increased fees are expected to reduce the reliance on KMC’s services, encouraging owners to take direct responsibility for their properties' upkeep, thus aiding in the city's public health efforts against dengue.Read more

01 Nov 2023

Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.Read more

25 Oct 2023

The Calcutta High Court has instructed the Bidhannagar Municipal Corporation to demolish an unauthorized construction in Shantinagar, Salt Lake Sector V, setting a 1 pm deadline for completion, alongside the disconnection of power and water supplies. The order, issued by Justice Abhijit Gangopadhyay, came after the builder failed to comply with a previous court summons. Residents were granted the right to approach the court for rehabilitation. While the demolition process began, it faced resistance from locals, echoing previous attempts to demolish illegal structures. The court's ruling signifies a critical step in addressing safety, infrastructure, and urban development concerns associated with unauthorized constructions.Read more

14 Oct 2023

Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.Read more

13 Oct 2023

Residents of Bidhannagar's wards 27, 28, 35, and 36 will start paying property tax to the Bidhannagar Municipal Corporation (BMC) from April 1, 2024. Previously, these areas paid 'khajna' or land revenue. While some express concerns about the disparity in civic services, others anticipate improvements with this change. The property tax structure for these wards will align with Rajarhat-Gopalpur, streamlining the system. Additionally, BMC has deferred penalties and interest on arrear property tax and will soon send tax bills for the third and fourth quarters. BMC continues to work towards uniform property tax structures for all wards.Read more

13 Oct 2023

Kolkata is set to expand after a decade, incorporating three areas to provide urban services to 60,000 residents lacking essential facilities. The Kolkata Municipal Corporation (KMC) plans to include Jagadipota and Mukundapur under its jurisdiction, addressing issues like waterlogging and poor roads. Rania mouja in south Kolkata will also be under KMC, benefiting 15,000 residents. The move aims to enhance civic amenities, generate revenue, and simplify property-related processes. Residents welcome the initiative, anticipating improved infrastructure and a better quality of life. KMC's expansion signifies a significant step toward enhancing living conditions and fostering community development.Read more

05 Oct 2023

Apeejay Real Estate is in talks with potential investors to secure funds ranging from Rs 400 crore to Rs 500 crore for expanding its logistics park operations. The company plans to utilize these funds primarily for acquiring land for warehouse development. The investment is expected to grant the new investor ownership of around 35-40 percent of the logistics park platform. Apeejay aims to expand its warehouse operations from 3 million square feet to 10 million square feet in the next 3-5 years. The company has identified potential land plots in various locations, and it manages logistics parks in four areas, with plans for expansion and diversification within the logistics sector.Read more

04 Oct 2023

Fortis Healthcare has seen a boost in its shares after the board approved acquiring Kolkata-based Artistery Properties for an enterprise value of Rs 32 crore. The acquisition involves a 99.9% stake purchase through a share agreement, granting Fortis Healthcare ownership of a building adjacent to Fortis Hospital in Kolkata. The acquired building could potentially house outpatient, diagnostic, and day care services. Fortis Healthcare, operating hospitals and diagnostic centers, reported an 11.35% YoY increase in Q1 revenue, reaching Rs 1,657 crore. The move reflects strategic expansion and diversification within the healthcare company's portfolio.Read more

30 Sep 2023

Apollo Multispeciality Hospitals Ltd, a subsidiary of Apollo Hospitals Enterprise Ltd, has acquired a partially built 325-bed hospital in Sonarpur, Kolkata, for Rs 102 crore. This marks Apollo's second hospital in Kolkata and the fifth in the eastern region, expanding its network to 1,800 beds across Kolkata, Bhubaneshwar, and Guwahati. The first phase of the multi speciality hospital, featuring 225 beds, will be commissioned in the next 12 months. Fully funded by Apollo Multi Speciality Hospitals, this strategic addition aligns with Apollo's planned capacity expansion, targeting an additional 700 beds in the eastern region over the next three years.Read more

30 Sep 2023

Knight Frank's recent report on the impact of the stamp duty rebate in the Kolkata Metropolitan Area (KMA) highlights that since its introduction in 2021, a total of 102,743 apartments have been registered, indicating the incentive's success in stimulating real estate transactions. The report notes that while there were three consecutive months of increased registration volumes from May to July, August 2023 witnessed an 11% month-on-month decline in registrations, along with a substantial 42% year-on-year drop compared to August 2022. Smaller unit sizes and the South Zone emerged as dominant factors in these transactions, reflecting evolving buyer preferences influenced by the ongoing pandemic.Read more

22 Sep 2023

Manipal Hospitals has acquired an 84 percent controlling stake in AMRI Hospitals, bolstering its presence in eastern India. This strategic move enhances Manipal's bed capacity, with plans to expand from 9,500 to 12,000 beds within three years. The deal, estimated at around Rs 2,300 crore, aligns with Manipal's goal of becoming the dominant healthcare chain in the region. For the Emami Group, divesting the majority of its AMRI Hospitals stake allows a sharper focus on core businesses. The deal faced complexities and legal disputes but underscored Manipal Hospitals' growth ambitions and commitment to addressing the healthcare needs of eastern India.Read more

22 Sep 2023

SEBI, the market regulator in India, has announced an auction of Saradha Group properties in West Bengal with a reserve price of over Rs 3 crore to recover funds raised through alleged illicit schemes. The auction, scheduled for October 17, 2023, follows a directive from the Calcutta High Court and aims to compensate depositors who suffered losses when the Saradha Group collapsed in 2013 after raising around Rs 4,000 crore from 1.7 million investors. Potential bidders are required to conduct independent due diligence, and the successful bidder will bear transfer charges and taxes associated with the property.Read more