Rentals in the commercial property in Salt Lake Sector V and New Town could come under pressure later this year with vacancy figures set to touch an all-time high following the addition of 1 lakh sq. ft. commercial property by this June.
The reason though could be short term if the arrival of Infosys triggers the kind of growth that Hyderabad and chennai has witnessed following the entry of the IT major to these cities.
According to Indian residential properties outlook for 2019 released by realty consultancy firm Ciril, Grade-A commercial space will increase from 3.2 lakh sq. ft. to over 4 lakh sq. ft. to over 4 lakh sq. ft. with in the next couple of months, leading to a glut in supply.
With 86 percent of the plug and play office space available in Salt Lake Sector V and New Town, the vacancy could shoot up from 36 percent to 46-51 percent.
JLL Kolkata managing director Surekha Bihani feels the problem might cause concern in the short term but all that could change very quickly if the entry of infosys inspires confidence in other IT companies who then makes a beeline for Kolkata property market.
"Kolkata has the best physical and social infrastructure development. Although it suffers from a preception problem. Not enough has been done to either change the perception of hard sell the real estate flats or commercial properties. TCS has the second largest facility in Kolkata after Chennai property market. Accenture is ramping up. If Infosys is able to create the kind of pull that has been witnessed elsewhere, the inventory will disappear in no time i think, they told.
NK Realtors Vice-president Biplab Kumar, too, told infosys was key to resolving the vacancy riddle. "Some of the stock that is added could be pre-lease paper work. But most of it will add to the inventory. This will keep rentals stagnant for the time being," he told.
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