Mr Sidharth Pansari, Director, Primarc Group
With its sights set on the horizon, India’s real estate sector stands at the cusp of unprecedented expansion. CREDAI’s recent projections have painted a compelling picture, envisioning a soaring trajectory that could see the sector burgeon into a staggering $1.3 trillion behemoth by fiscal year 2034, representing a formidable 13.8% slice of the projected GDP.
Amidst a promising landscape, Kolkata stands out for its impressive performance in both residential and office real estate sectors. According to the ANAROCK Residential Annual Report 2023 the city accounted for 5% of Pan-India residential sales and saw a remarkable 9% growth in sales compared to the preceding year. Moreover, Knight Frank India’s Residential and Office Market Report (H2 2023) highlighted a stellar year in office leasing transactions, with a staggering 1.4 million sq ft of office spaces transacted in 2023, marking a healthy 20% growth year-on-year. This underscores the Eastern market’s pivotal role, currently contributing a substantial percentage to the sector’s overarching narrative, which currently stands at 26 Lac Crores.
In recent years, the region has become a hotbed of development, fueled by a confluence of factors including rapid urbanization, infrastructural advancements, robust economic momentum, and proactive government initiatives. Cities across Eastern India are witnessing a metamorphosis, characterized by a surge in demand for residential, commercial, and retail spaces.
Building Homes for All
In response to the evolving dynamics of the sectoral landscape, particularly in Eastern India, developers are strategically recalibrating their offerings to cater to a broader spectrum of homebuyers. The real estate affordability landscape in the country saw a slight decline, driven by rising prices (up 7-11% on average year-on-year) and persistently high interest rates, as per JLL Research Home Purchase Affordability Index, 2023. Escalating land and construction costs in the cities in the east have propelled property prices, necessitating a shift towards smaller units to ensure pocket-friendly housing options. Moreover, purchasers in this region tend to favour residences situated in centrally located and easily accessible prime areas over expansive and opulent accommodations in outlying regions. This preference may have influenced developers to prioritize the provision of compact units in prime locations rather than larger ones on the outskirts.
Embracing Sustainability and Technology
In the rapidly evolving real estate landscape of the Eastern market, sustainability and technological integration are becoming paramount. The region reveals that 60% as of now of prospective homebuyers are aware of sustainable housing options, a figure projected to increase substantially in the coming years. As environmental awareness burgeons, developers are responding by integrating green features and eco-friendly practices into their projects to meet evolving market demands. This includes the adoption of energy-efficient features and eco-friendly materials, alongside leveraging technological advancements such as virtual tours, 3D walkthroughs, and online property management systems. By seamlessly intertwining sustainability with technology, developers are not only promoting healthier living environments but also enhancing customer experiences and streamlining operations, reflecting a holistic commitment to efficiency and sustainability in the Eastern Indian real estate market.
Rapid Urbanization and Infrastructure Development
A dominant trend in Eastern India’s real estate market is the rapid pace of urbanization coupled with extensive infrastructure development. Cities like Kolkata, Bhubaneswar, and Ranchi are experiencing unprecedented population growth, fed by migration from rural areas and neighbouring states. This influx of urban dwellers has led to an increased demand for residential, commercial, and retail spaces, driving the expansion of the real estate sector.
Furthermore, infrastructure development initiatives are exerting a significant influence on the trajectory of Eastern India’s real estate market. Projects such as the expansion of metro rail networks, exemplified by the introduction of new lines like the Green, Orange, and Purple lines in the Kolkata metro, along with the Patna MRTS, the construction of vital highways and bridges such as Ranchi’s upcoming cable-stayed bridge, recognized as the third-longest extradosed bridge connecting Jharkhand and Bihar, and the development of expansive flyovers like the EM Bypass-New Town flyover, are not only enhancing connectivity but also catalyzing real estate growth along their pathways. Investors and builders are capitalising on these infrastructure upgrades to unveil fresh growth opportunities and create innovative urban environments tailored to the evolving needs of residents and businesses.
Primarc Group Projects: Shaping the Future of Eastern Indian Real Estate
The real estate market in Eastern India is undergoing a significant transformation, beckoning investors, developers, and enthusiasts alike with evolving consumer preferences, changing economic dynamics, and innovative industry trends from Kolkata’s bustling streets to the vibrant corridors of Bhubaneswar. As urbanization continues to shape the region’s landscape, builders are increasingly turning towards data-driven insights to navigate this dynamic environment effectively.
Among them, Primarc Group stands out for its commitment to excellence, strategically integrating trending insights into its projects. With a focus on affordability, exemplified initiatives in projects such as Southwinds and The Soul, sustainability showcased in projects like Primarc Square, and customer-centricity evident in retail spaces like Story, Primarc Projects is poised to redefine the real estate landscape in Eastern India, one innovative project at a time.
