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Create jobs to boost commercial real estate

16 Jul 2017

Realty consultants want the state to do whatever it takes to attract big names in the IT sector as that will create more job opportunities, which in turn, will boost the commerical realty.

Sources said despite Kolkata being ahead of Pune in civic and social infrastructure, the only reason it lagged behind in perception and job opportunities was it failed to attract the technology sector. "Kolkata looks cleaner and nicer than before. Water, electricity and roads are better than Benglore. A large number of tech workers are from Bengal. The only thing missing is commercial prospect. Rajarhat has great infrastructure but the lack of an enabling policy is holding the state back. It must look at policies afresh and offer SEZ-like sops to attract the likes of Infosys," said an analyst, adding the ripple effect of attracting players in the sector was so huge that the state must give up its conservative mindset as 5-10 acre was enough for an IT SEZ.
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Reliance Jio's move to buy 1,40,000 sq ft in Godrej Waterside IT Park has infused some excitement in a depressed commercial market. But consultants feel it doesn't reflect a turnaround of the market, which is so low in Kolkata it doesn't figure in industry analysis. "A national player with a 10,000 sq ft office in another city has taken only 2,200 sq ft in Kolkata. Unless the services and tech industry come, the bleak commercial sector scene won't change," an analyst said.

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