Assam govt seeks help from Bengal

The Assam government has sought help from West Bengal to replicate the Rajarhat-New Town development model in creating a satellite township called New Guwahati near the Assam capital. Additional Chief Secretary West Bengal government and Chairman-cum-Managing Director, WBHIDCO Ltd., Debashish Sen, Saturday said that Assam Chief Secretary V K Pipersenia after a tour of New Town on a recent visit had expressed interest in replicating the township in Assam. “Rajarhat-New Town is a wonderful example of how traditional model of town planning and real estate can make way for a futuristic and sustainable township. We have decided to tweak the rules governing the Rajarhat New Town CBD (central business district). The objective is to make the financial hub more attractive for players engaged in the commercial real estate sector. According to the new rules, banks and financial institutions can use 49 per cent of the area in the financial hub for residential and other purposes,’’ said Sen. According to the latest real estate report by Cushman and Wakefield on West Bengal, the state is poised for rapid growth. The report, “West Bengal: The Gateway to East India to New Growth for Corporate India’’ said: “Kolkata city, with an inventory of roughly 24 million square feet (msf), is an untapped market for large MNCs with availability of nearly 38 per cent of the existing vacancy. While the market is divided into five major submarkets — CBD, Park Circus Connector, Rashbehari Connector, Salt Lake and Rajarhat — the markets of Salt Lake and Rajarhat have approximately 90 per cent of the Grade-A office stock in the city.” “The current office space stock in the city, and a high vacancy of close to 40 per cent can be a boon for national and global companies looking at growth. Rajarhat and Salt Lake Sector V have been developed to be strong office destinations with supporting infrastructure. Further, West Bengal is home to many great educational institutes, which is a perfect setting for strong talent pool for the expanding corporations in India,” said Managing Director, Leasing Services, India, Cushman & Wakefield, Badal Yagnik on Saturday at a conference on sustainable real estate development. “The current infrastructure that exists in West Bengal (especially in Kolkata) can absorb 20 per cent of the anticipated growth of the sector in the next 2-3 years. As the Indian economy grows it will be the state’s endeavour to attract a fair share of investment. Already the government has taken strong steps to showcase the state through regular investor programmes and road shows. Real estate sector will play a crucial role in this growth and development,’’ he added.