West Bengal emerges as eastern India's economic powerhouse, spearheading high growth
Kolkata is emerging one of the major real estate market in the country with growth across segments like Industrial and logistics and office space amongst others.
The city has emerged among top three cities for I&L leasing activity in April-June of this year accounting for 8-12% industrial leasing in the country. “The city's strategic location, transportation infrastructure, economic trends, and demand for warehousing contribute to this leasing trend.
The entry of international stakeholders has propelled globalisation in the sector, encompassing local real estate developers,” mentioned the report by CBRE.
Amid global challenges and an e-commerce leasing slowdown, Kolkata's industrial and logistics (I&L) space demonstrated resilience in the first half of the year (Jan-June 2023). Record supply additions occurred due to pending project completions.
The state's infrastructure enhancement, including roads and ports, is set to bolster the logistics sector. Kolkata recorded a significant 8-12% share in leasing activity in Apr-Jun 2023.
Presently, the city has a stock of nearly 10 million sq.
ft. of Grade A logistics developments situated along NH-2, NH-6, Taratala, and other micro markets.
Notably, NH-6 accounted for most of the supply at 57%, followed by NH-2 at 37%, Taratala at 4%, and other micro markets with a 2% supply share.
Ram Chandnani, Managing Director, Advisory & Transactions Services, India, CBRE, emphasized, «West Bengal shines as a growth leader in Eastern India, bolstered by a strong talent pool, transparent governance, and enhanced infrastructure. The real estate dynamics in the state, especially in Kolkata, is at a stage wherein the addition of quality supply is boosting absorption, further enabling the
