Is New Town Emerging as the New Business District of Kolkata?

When we think of the central business district of Kolkata, Dalhousie Square is the most iconic place that immediately comes to mind. A beautiful water body sits in the middle, hemmed in on all sides by serene trees with the archaic tramlines running along the perimeter. Beyond that stand a number of heritage buildings dating back to the era of colonial British Raj. These buildings house numerous offices and on any given working day, the place is absolutely bustling with activity and crowds.

However, as the City of Joy inches towards a more modern layout and looks to shake off its old-world shackles, it seems only justifiable given the circumstances that the central business hub of the city should shift from its heritage surroundings on to a place more befitting the modern times. New Town along the eastern fringes of the city seems to be the preferred hotspot for businesses to set up shop in if recent developments are anything to go by. New Town is fast emerging as the new business district of Kolkata with massive support infrastructure.

New Town to Be the First Ever Financial Services Hub in the Country

100 acres of land in the Commercial Business District Zone of New Town has been vested for setting up the first ever financial hub in the country. This financial hub is set to become the fastest growing center in the country if senior state government officials are to be believed. As many as 22 financial institutions have purchased plots in this hub with State Bank of India, Bank of Baroda, Punjab National Bank, Directorate of Revenue Intelligence, The Institute of Chartered Accountants of India, and West Bengal Financial Corporation being some prominent players to feature in this list.

Plans are also afoot for an iconic tower to be set up in this financial hub where strategic investors have been invited to participate in a process known as reverse e-auctioning. Involvement from a cluster of financial institutions is expected in this project while availability will also be there for additional plots.

Apart from this financial hub, there are plans for a commercial court to be made operational in the region. A Bench of the National Green Tribunal is already in operation alongside a business and arbitration center that aims to promote ease of doing business in the state.

Close by, work is in progress on a war footing to ensure timely completion of India’s largest Biswa Bangla Convention Center which is likely to begin operations sometimes towards the latter half of 2017. This convention center is close to the Eco Park which has emerged as one of the most popular tourist destinations in the city. Mother’s Wax Museum is another attraction that has caught the attention of Kolkata’s populace. New Town is also fast developing into an educational and medical hub with some elite names such as Presidency University and St. Xavier’s University preparing to start work on their second campuses in this area.

New Town has already become the next IT hub in the city following in the footsteps of Sector V in Salt Lake. There are already busy office buildings like DLF IT Park in New Town. Prominent names such as TCS and Cognizant have thriving business centers in the region while Wipro is expected to start construction on their second campus soon enough. It remains to be seen whether Infosys will make the long-awaited entry into West Bengal with a campus at New Town.

The New Town Advantage

New Town is still a long way off from taking over the moniker of Central Business Hub of Kolkata. The infrastructure of the region is still underdeveloped and steps need to be taken to improve amenities in the region. However, all the signs point towards a bright future for New Town as the next sought after commercial hub of the city and possibly of the eastern region of India.

While transportation is not the very best at present, work is in progress to get the metro railways service in the area up and running as soon as possible. This metro route will connect the Netaji Subhas Chandra Bose International Airport to Sector V from where one can change over on the route to Howrah Station. The roads in New Town are wide and well-maintained which allows for free and fast movement of vehicles along the stretch, unlike the crowded streets of central Kolkata. Residential properties have already come up with people moving in in droves. Proximity to the airport really works in favor of this area, making it easy for business delegates to move in and out of the business hub.

New Town has already quite a few shopping malls. Axis Mall, City Centre 2, Home Town and DLF Galleria are prominent among them and are attracting a substantial crowd.

To grow as a business hub it is essential to offer good educational and healthcare facilities nearby. New Town School, DPS Megacity, DPS New Town, Narayana School, Techno India College, Amity University, and Aliah University makes it easy for the residents to avail of the best quality education. Tata Hospital, Shankara Nethralaya, and  Ohio Hospital offer quality healthcare facilities too.

Also, luxury business hotels such as Novotel, Pride, and Swissotel have started operation here which makes it a favorable option for turning New Town into the touted commercial hub of the City of Joy.

New Town is fast developing the ecosystem of excellent infrastructure for its residents and is developing into a vibrant business hub. Investing in real estate  here is sure to fetch handsome returns in the long run.