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Thursday, December 05, 2019

In Kolkata — co-living, co-working spaces for tech workers

Additional Chief Secretary of the state's IT department, Debashis Sen, said that the state government would tie-up with private companies and form joint ventures to come up such facilities.

Written by Santanu Chowdhury | Kolkata | Updated: November 11, 2019 6:55:48 am
Areal view of New Town near Kolkata. (Express photo by Partha Paul)

In an attempt to provide affordable and hassle-free shared housing facilities to Information Technology professionals working in the state, the West Bengal government is setting up “co-living spaces” in Rajarhat-New Town areas. Co-living spaces mean IT professionals from across the country working in the IT industry in New Town and Sector V in Kolkata will be able to go for shared housing facilities without having to part with a fortune. The concept of co-living space has already become quite popular in Pune, Delhi (National Capital Region) and Bengaluru, and soon, it will find takers in Kolkata as well.

Additional Chief Secretary of the state’s IT department, Debashis Sen, said that the state government would tie-up with private companies and form joint ventures to come up such facilities.

“We are trying to come up with co-living places along with co-working places close to the Silicon Valley project. It is for young entrepreneurs, start-ups and young innovators,” he said. The Silicon Valley project was launched in August 2018 to attract investments in the IT sector and to build a world-class ecosystem for cutting edge technologies and innovation. Companies such as Reliance Jio, TCS and First Source have already bought land in the Silicon Valley Hub, which will come up in New Town.

As Infosys and Wipro have already received permissions from the state government to open more campuses, demand for affordable and shared housing facilities will be on the rise.

President of the Bengal chapter of Confederation of Real Estate Developers’ Association of India (CREDAI), Nandu Belani said the initiative will provide a win-win for developers and young IT professionals.

“It is a good concept which not only provides beds but also offers other facilities such as restaurants, gym and internet services to young professionals. This brings down the cost for both real estate developers and IT professionals. If a real estate developer rents a property then his yearly return is 2 per cent. But in case of a shared housing facility with modern amenities, the yearly return is 8 to 10 per cent. So it is a win-win situation for both parties,” Belani told The Indian Express.

The satellite city of New Town in about 15 km from the city centre in Kolkata and about 5.5 km from Sector V in Salt Lake, which is the biggest IT hub in West Bengal. In 2016, it was selected in the Centre’s 100 smart city mission project. At present, one cottah land in New Town costs around Rs 30 lakh while the same area in Salt Lake will cost Rs 60 lakh, and could cost as much as Rs 1.2 crore in Kolkata.

“The demand is very high in New Town. This is an ideal time to invest in New Town,” said real estate consultant Anandarup Das.

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