Kolkata: Where Homes Are Now Expensive

The eastern metropolis, long an affordable market, now boasts of many premium and luxury housing projects

- Madhurima Nandy

In December, the iconic Howrah Bridge in Kolkata turned blue, as did the city's famous clock tower, a replica of London's Big Ben. The South City and Acropolis shopping malls got the same treatment, as did the conveyor belts at Netaji Subhas Chandra Bose airport.

The city hadn't turned blue because its denizens had a sudden hankering for the utopian world depicted in James Cameron's film Avatar; the eye-catching sights were simply part of a marketing campaign by Godrej Properties Ltd (GPL) for 'Godrej Blue', its newest project in Kolkata. Last month, India's best-selling developer launched the premium project, built around a pond in the New Alipore area, with three- and four-bedroom residences.

The 482 apartments, across seven towers, have a price range that would have been inconceivable a few years ago: ₹2.3-5 crore.

"The response to 'Godrej Blue' has been brilliant in terms of sales. It is mostly locals who are buying," said Subhasish Pattnaik, chief executive officer, west and east zone, at Godrej Properties. "The appetite for premium projects is strong in Kolkata. We want to do more, including both premium and plotted projects."

In November, GPL acquired 53 acres in suburban Joka, where it will launch a plotted development project this year.

Mumbai-headquartered GPL is one of the few national developers operating in Kolkata. The others include DLF Ltd, Shapoorji Pallonji Real Estate, Tata Realty, Phoenix Mills Ltd and Shriram Properties Ltd. But more may make a beeline for the eastern metropolis given how its property market is heating up.

Coming of Age