Infrastructure is amongst the most important contributors to the economy of the State of West Bengal. Social and urban infrastructure are the subset of the sector and play a vital role in generating revenue for the economy. The growth in this sector has a direct correlation with the growth of the State.
As per the Census of 2011, the population of West Bengal has risen from 80.1 million in 2001 to 91.3 million in 2011. Further, urbanization in the State rose from 28 percent in 2001 to 32 percent in 2011. Real-estate sector along with the infrastructure sector has contributed significantly to cater to the growing population and urbanization of the State.
Also, West Bengal’s real-estate is growing at a rapid pace compared to the sector in other States like Karnataka, Kerala and Madhya Pradesh. However, in comparison with Maharashtra, Uttar Pradesh, Gujarat, Tamil Nadu and Andhra Pradesh the State’s real-estate sector needs to ramp up pace.
Studies reveal that the real-estate sector in West Bengal is the 5th largest contributor to the State’s Gross Domestic Product. The real-estate sector has observed an upsurge in growth with the second highest CAGR (among other sectors) of 19.6 percent during 2006-2011, hence depicting the absolute contribution of the sector in the overall development of the State.
North Kolkata, the heritage part of the city is now restructuring itself to keep in pace with the other parts of the State capital. To bring back the glory, there are various prestigious projects in this region by Merlin group, Ideal Group, Blue Chip Group etc. The resplendent, Rajmahal is a project that reflects the glory of royal legacy, a project never anticipated before in the city. Heritage of Rajmahal dates back to 1757, when Raja Nabakrishna Deb, the chief adviser of Lord Clive rebuilt a fort to a gorgeous palace, The Sovabazaar Rajbari.
Rajmahal is located at the heart of North Kolkata in Sutanuti. It is the ideal residing place for people craving for old Kolkata charm combined with the modern day luxury. This distinctive complex has all modern amenities and built on international standards. All the residents of Rajmahal will be honoured participators of the legendary and prestigious Sova Bazaar Rajbari Durga Puja, which started way back in 1757. At Rajmahal, one can live the legacy in the heart of heritage, amidst the creation of Royal art with the depiction of 300 years of Kolkata.
Infrastructure sector (construction and real-estate) has been instrumental in curtailing the unemployment rate in the State. The sector is highly labour intensive and helps in generating employment especially in the semiskilled and low-skilled category. Further, activities involved are neither cyclic nor seasonal; therefore, the sectors provide employment on a permanent basis. According to studies, in 2008 these sectors employed approximately 0.84 (thousands) people and this ratio is expected to grow to 1.40 (thousands) people by 2015.
NRI’s are willing to invest in Kolkata’s booming real estate especially at places like North Kolkata due to the old Kolkata charm and as well as the appreciation of dollar. Real-estate sector is expected to play a paramount role in developing urban and social and urban infrastructure in the coming years.
(Ritwick Das, MD & CEO, Bluechip Projects Limited is keen about his legacy and wants to restore the heritage of the Kolkata that was in its pristine glory. For More Information contact: www.bluechipprojects.com)