Till not long ago, Kolkata, in the view of pro-reformers in the country was considered to be a gone case as it was largely seen as a city which believes in resting on its past laurels and is not eager to change.

But in last couple of years, enough has happened in this city to dispel the theory that the place is meant to lag behind.

In last couple of years, there has been an all out attempt to woo investors to make big time investments in city’s real estate and these attempts have been largely successful. Singapore-based Ascendas is planning to invest Rs 400 crore for a 2 million sq ft IT park in the city. Another 50-acre IT park in Rajarhat, Kolkata is coming up which will see investments to the tune of Rs. 3000 crore. Among the major real estate players that have made an entry into Rajarhat are DLF, the Unitech group, Keppel Land and Singapore-based Ascendas. These deals have helped Kolkata in its image makeover exercise and the spot is now seen as country’s eastern IT hub.   

Needless to say, it has also given a boost to other segments of the real estate in the city. About five malls are slated to start functioning this year and around a half dozen by the end of the next year. In the residential segment, the real action is centered around New Town.

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