New Hubs of Development in Kolkata

New Hubs of Development in Kolkata
Nov 2019 , by , in Interviews

Sanjay Jain, Managing Director, Siddha Group in conversation with Sreyasi Maity has enhanced the importance of New Town and Rajarhat in terms of long term growth. It is definitely coming up as the biggest destination for fully planned township

  1. What are some of the company projects coming up in New Town?

Our ongoing projects are Siddha Galaxia II and Siddha Happyville. We have mass housing and affordable villas coming up.

  1. The reasons for foraying in this region.

Airports have graduated as triggers of growth in cities worldwide. Similarly, Rajarhat being in close proximity to the airport, has got immense scope of development in the east of Kolkata rather than North or southwards.

Rajarhat is well-connected to the submarket making the place extremely viable for new home buyers. It’s close proximity to Sector V, Salt Lake, the IT hub of the East has always been an added advantage for targeting the IT professionals. Good road connectivity with the Eastern Metropolitan Bypass and Belgharia Expressway connects Rajarhat to the southern and northern parts of the city.

Currently, work on metro railway is progressing very fast which will connect Rajarhat to the airport as well as to the southern & northern parts of Kolkata. Work on another metro route is also in progress connecting Salt Lake with central Kolkata and Howrah.

The emphasis is on the neighbourhood concept, thereby leading to accessibility, the presence of parks, playgrounds, schools, local markets within walking distance, and a sense of community. Rajarhat is exclusive. Most of the open spaces are within the larger housing complexes. Generally In smaller developments, such open spaces do not exist. Rajarhat houses reputed educational institutes to IT hubs, retail malls to health centres. All these will be beneficial for the upliftment of real estate projects in the area.

  1. Which are some of the growth hubs in New Town and why?

The newest architectural innovation in Rajarhat as far as residential projects are concerned is the skywalk. Having skywalks in properties redefines the lifestyle quotients of aspirational middle-class buyers. In addition to being the first skywalk project in Rajarhat, Siddha Galaxia at Rajarhat will have the world’s longest rooftop skywalk! In order to address the shortage of open community spaces in and around the ground, having an open rooftop Skywalk is the value addition for residents who want to experience such open spaces which provide leisure and recreational facilities. Skywalks come equipped with an array of well-thought-out amenities at no extra cost. Be it jogging tracks or playing areas for children and water features to open air miniplexes; this elevated landscaped structure has it all. The response received for Siddha Galaxia has been so encouraging that it prompted us to introduce them in some of our other properties as well.

Some of the important attractions at Rajarhat New Town would be:-

  • The imposing Kolkata Gateway with a viewing gallery
  • 480-acre Eco Park, comprising water sports, extensive green areas, butterfly gardens, Tropical rain forest an island and excellent walkways and many more
  • Mother’s Wax Museum featuring wax statues of popular personalities
  • Rabindra Tirtha, a cultural center dedicated to Rabindranath Tagore
  • Nazrul Tirtha – 480 seater film theatre
  • Urban Eco Village- 100 acre completely organic green space
  • International Biswa Bangla Convention Centre with 7000 seating capacity
  • Arts Acre Foundation, Museum of Bengal Modern Art
  1. How do you foresee the real estate growth in New Town in the next 5 years?

This location will be the place Kolkatans will look up to; similar to the transition one saw when Kolkatans moved away from Burrabazar to Ballygunge and New Alipore, which have now saturated. Young buyers have moved to Rajarhat on account of vast open spaces, planned modern amenities and less congestion. I see this transition accelerating. So even as growth in the rest of Kolkata may continue to be modest, Rajarhat is fast becoming what Gurgaon and Noida is to NCR, and Navi Mumbai for Mumbai.

The mid-to-long-term residential investment potential in Rajarhat is good in terms of appreciation of capital values and resale purposes. Within a period of 3 – 5 years, social and civic infrastructure would also develop sufficiently to boost prices. Commercial properties, which are big ticket investments, would also be good over the long term of 5 years or more, with satisfactory appreciation of rents as well. Looking at the opportunities we are coming up with a coffee table book on Rajarhat which would serve as an important tool for people outside Kolkata to know the developments of this emerging smart city.

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