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Latest Property News on "Kolkata"
Zuri Hotels & Resorts a multinational conglomerate promoted by a consortium of investors from West Asia is scouting for opportunities in Kolkata. The company is open to contract management opportunities as well as setting up its own hotel in the city. The Zuri Group is into real estate, floriculture and hospitality with resorts and hotels in Kenya, the UK and India.

The Zuri group sees tremendous potential in Kolkata and rest of the east. We are keen to be present in the hospitality sector here at the earliest. We are in talks with a couple of hotels on a possible management contract and use of the Zuri brand. If something does not work out within six months, we will look at a 1.5-2 acre plot in Kolkata proper to set up a 140-170 room business hotel. The investment will be around Rs 200-225 crore,” said Aditya Mata, general manager of the Zuri group’s flagship property in Kumarakom, Kerala
Kolkata Hotel Projects
If the city dreamt of emerging as a hospitality hub, that dream is fast turning ephemeral, with more than half the projects either delayed or close to being shelved. Of the 19 hotel projects that were to begin operations in 2011-12, adding over 5,000 star-category rooms, at least six have been delayed, five put on the backburner and one shelved following reversals that developers faced over the past year. The seven projects that are on track will add 1,365 rooms in the city and its surroundings. Though Confederation of Real Estate Developers Association of India (CREDAI) had warned of a 12- to 18-month delay in the hotel projects after tourist traffic dipped and corporate travel nose-dived towards the end of last year.
Kolkata has the Highest Purchasing Power among Metros
An ongoing study at Indian Statistical Institute, or ISI, has revealed that Kolkata has the highest per capita purchasing power among all metros. The reason: smaller population and low poverty compared with other metros. Household expenditure in Kolkata was found to be Rs1,822 per person per month on average, which is much higher than other metros such as Delhi, Mumbai, Chennai and Bangalore.

Chennai comes second, with a monthly per capita household expenditure of Rs1,570. Hyderabad comes third, followed by Mumbai, Bangalore and New Delhi. Data for the study was collected in 2004-05 by the National Sample Survey Organisation, or NSSO, under its so- called large sample survey of household consumer expenditure, which is conducted every five years. Under the survey, NSSO collects data on consumption of almost all household goods and services. For the first time, the data is being analysed separately for all rural and urban districts..
Bandra-Worli Sea Link is a Maharashtra state road development corporation.
Commercial Rentals
Commercial real estate rentals in Mumbai and New Delhi have seen a steep decline of 24 per cent in the January-March quarter over the previous quarter of the financial year 2008-09, according to a research report by Jones Lang LaSalle Meghraj (JLLM), a property consultancy firm. "The biggest decline in commercial rentals have been in Mumbai and Delhi, down 24 per cent in the January-March quarter, followed by Kolkata, Hyderabad, Chennai and Pune, which were down 10-15% from the previous quarter," the report said. Further, as inventory piles up, rentals for commercial property do not appear to be heading north anytime soon. According to the report.
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