TOGETHER IS PROGRESS

MAHESH PANSARI, DIRECTOR, PRIMARC LEADS THE DESIGN AND CONSTRUCTION AND BELIEVES “GOOD DESIGN IS GOOD BUSINESS”. HE GIVES AN OVERVIEW OF KOLKATA REALTY SEGMENT’S CURRENT SCENARIO.  Kolkata’s leading real estate developer’ Primarc, journey began with a small step and blossomed into diverse ventures across real estate developments, retail stores, angel investing ventures and e-commerce distribution and logistics.   IS KOLKATA RESIDENTIAL REALTY WITNESSING PRICE CORRECTION OR PRICE RISE? I have never seen Kolkata residential real estate market ever witnessing any price correction apart from the Ultra HIG segment (20k psf & upwards) during last 7 - 8 years. However, price appreciation was stagnant or nominal during this period. January 2021 onwards we are seeing slight upward trend across most of the residential categories. At the same time the cost has also shot up for most of the major commodities - cement, steel, aluminium, PVC pipes, metals etc. So despite the nominal increase the margins have remained stagnant or have decreased. But I remain hopeful of the upward price trend continuing and margins increasing in the next financial year. HOW HAS BEEN THE RECOVERY OF COMMERCIAL REAL ESTATE IN KOLKATA? The recovery of office real estate is very slow or non-existent primarily because of the drop in business activities, increase in work from home, overall business margins under stress and lack of new large scale industries in West Bengal. Only small offices at select locations are moving. For Kolkata’s retail segment, given the current scenario and the upswing in Covid cases it is very difficult to predict when we will see pre-covid leasing activity and customer footfalls.     BRIEF ABOUT PRIMARC REAL ESTATE DEVELOPMENTS Encompassing, 26 realty projects. 7 million sq.ft of development with 9000 happy residents, Primarc is a dominant business group in Eastern India. With landmark projects like Astitva, Gangetica, Aangan, Southwinds, The Soul, and Junction Mall, we have constantly progressed by setting new benchmarks in West Bengal's real estate industry. Located at Durgapur’s commercial centre on National Highway 2, Junction mall is South Bengal’s largest retail and entertainment centre. It is co-developed by Primarc and Shrachi Group. The mall is home to over 200+ renowned national and international brands along with Cineplex, Multi-cuisine restaurant, expansive food court and children’s play zone. The refurbished design structure includes spacious corridors, airy walkways and 2 & 4 wheeler parking, baby care rooms, well maintained and easily accessible restrooms, dedicated sitting area for senior citizens and other necessary facilities.