Need for Quality Infrastructure
“Kolkatans are no more confined within certain prescribed parameters. The new generation has no inhibitions in trying out new ideas.” Ravi Todi, Managing Director, Shrachi Group
Kolkata real estate market has always been the most stable amongst all the metro realty markets as it is mostly driven by the actual end-users and the housing development is now spreading to city peripheral suburbs like Madhyamgram, Barasat, outer stretch of BT Road, Pailan, Joka, Sonarpur, Narendrapur and Baruipur.
Recently with the demonetization taking place and announcement of RERA and GST implementation, the real estate market has seen some decline, but once the policies are in place, the confidence of the buyers will definitely get boosted and we can hope to see a revival of the sector.
The Kolkata market is actually a mix of several cultures. Though majority are Bengalis, but there are sizeable communities of Marwaris and Biharis as well. There is a wide difference in the socio-cultural practises of these communities and their requirements also differ. This calls for innovations from time to time.
Today the digital movement in India has brought everything to our fingertips and as a result they are often more updated than even the developers, which was not there earlier.
We believe that the announcements of RERA, GST, affordable housing revisions will definitely have a positive impact on Kolkata realty. We had been requesting the Government for a long time to introduce a regulatory authority for the real estate sector as well and are quite happy that the industry wishes have been met. We look forward to the GST council easing the taxation on customers, so that buyers’ sentiments also get priority.
The revision in affordable housing definition parameters was much needed and could have a cascading effect on a host of industries related to real estate. The new status will help enhance resource allocation for the sector to meet the growing demand for housing. The various incentives, subsidies, tax benefits and institutional funding offered to developers will further boost the real-estate and construction industry across the country, benefitting the economy at large.
As the Industry in Kolkata is governed by the users and the investors are few and far in-between, the promoters need to pump in a lot of their own funds to create a project. This shoots down the ROI and also limits the number of projects into which a single developer can invest into simultaneously. But if funds can be channelled from various sources like FDI, REIT or PE investment, larger developments can be ventured into . This will help create faster and larger projects which can then cater to the larger population needs.
Creation of Green Buildings, use of new age materials like hollow bricks, eco- friendly paints, steel shuttering etc. for construction and fit outs are a couple of things that show that Kolkata real-estate is becoming conscious of providing eco-friendly construction as well as faster and sleeker delivery.
The focus on the affordable and low cost housing will ease the pressure on the metros and create new avenues for the people of the state. The Government should prioritize the building of quality infrastructure to connect the new developments.
The Company Operations and Projects
For more than five decades now, Shrachi Group has been into businesses as diverse as Realty, Agro equipment, Engineering & EPC and Stationery. In housing and infrastructure development, the company has constructed over 30 residential and commercial projects across Eastern India with a total developed area of over two crore square feet.. Shrachi Group has developments coming up in Baruipur, New Town and one project is soon going to be launched in Barasat.
Some of the landmark projects of the company include, Synthesis Business Park, Greenwood Sonata, Block by Block, Rosedale Garden Complex &Restello (first steel building in Eastern India) in Kolkata and Renaissance Township in Bardhaman and Junction Mall in Durgapur.