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ASANSOL MARKET OVERVIEW

May-2010

CORPORATE SERVICES

RETAIL

RESIDENTIAL

LAND

HOSPITALITY

WAREHOUSE

INVESTMENT


A MEGA CITY IN THE MAKING AREA

NAME OF THE URBAN AREA

Asansol is a sub-division of district Burdwan and the third largest city in West Bengal, after Kolkata and Howrah.

(in Sq. Ft.)

ASANSOL U.A. (a) Asansol (b) Kulti (c) Bhanowara (d) Jamuria (I) Charanpur (e) Jemari (J. K. Nagar Township) (f) Raniganj (I) Sahebganj (II) Egara (III) Nimeha (g) Amkula (h)Murgathaul (i) Raghunathpur (j) Ballavpur

361.93 127.87 99.67 4.11 73.23 2.63 4.24 23.44 1.66 3.66 3.85 3.01 2.12 0.87 1.67

Asansol is a divisional headquarters of the Eastern Railways. The city has very good road and railway connectivity with Kolkata, and lies near the border of the state of Jharkhand. Asansol Urban Agglomeration area population is over one million and its area is over 360 sq.km. The city's economy is based on primarily the coal and steel industries

POPULATION

NAME OF THE URBAN AREA PERSON

MALE

FEMALE

10,67,369 5,64,837 5,02,532 ASANSOL U.A. 4,75,439 2,50,886 2,24,553 (a) Asansol (b) Kulti 2,89,903 1,52,821 1,37,082 (c) Bhanowara 7,732 4,097 3,635 (d) Jamuria 1,29,484 68,695 60,789 (I) Charanpur 3,301 1,609 1,611 (e) Jemari (J. K. Nagar Township) 14,074 7,757 6,317 (f) Raniganj 1,11,116 59,270 51,846 (I) Sahebganj 4,159 2,203 1,956 (II) Egara 5,712 2,883 2,829 (III) Nimeha 1,794 930 864 (g) Amkula 5,934 3,478 2,456 (h)Murgathaul 7,850 4,342 3,508 (i) Raghunathpur 5,480 2,955 2,525 (j) Ballavpur 5,391 2,830 2,561 Source: Census Report - 2001 St. Vincent’s High & Technical School, Asansol

CORPORATE SERVICES

RETAIL

RESIDENTIAL

Eastern Coalfields Ltd. (ECL) has its headquarter at Sanctoria, near Asansol. The largest employers of Asansol are Eastern Coalfields and IISCO (Indian Iron & Steel Co.) with its integrated steel plant at Burnpur. Other major industries are Chittaranjan Locomotive Works, Hindustan Cables, Disergarh Power Supply, Damodar valley Corporation (DVC), Burn Standard, Reckitt and Coleman, McNally Bharat, couple of cement plants and quite a few refractories. Asansol is the main educational hub for the entire population of the coal belt from Dhanbad to Ranigunj. The Eastern Railway School, St. Vincent's High and Technical School, St. Patrick's Higher Secondary School, Assembly of God Church School, Ramakrishna Mission, Loreto Convent and Burnpur Riverside School are amongst the oldest and most respected schools in eastern India. There are four colleges, an engineering college and two polytechnics in Asansol. LAND

HOSPITALITY

WAREHOUSE

INVESTMENT

9, Elgin Road, Kolkata 700020 Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : Sales@nkrealtors.com Web : www.nkrealtors.com


STEPPING INTO A BRIGHT FUTURE HOUSEHOLD INCOME & EXPENDITURE Asansol and Durgapur are going to be upgraded as a mega city after Kolkata in West Bengal.

Rs/Household.

6000 5000

5518 5063

4906

4000 3247

3000

4955

3820

3570

3526

2668

2671

2442

4722

4852

2031

2808

2629

2000 1000 0 DMC

Kulti

AMC

Raniganj Jamuria

Average Household Income (in Rs.)

NMU

Rural

ADPA

Average Household Expenditure (in Rs.)

POPULATION DENSITY-ADPA (PPSQKM) 1592

ADPA RANIGANJ

4740

JAMURIA

1768

DURGAPUR

3200

ASANSOL

3718 2912

KULTI

In the next five years, about Rs.55,000 crore will be invested in various projects like giant industries, integrated townships, airports etc. in Asansol and Durgapur Planning Area .

Source: Census Report - 2001

UP COMING GALAXY MALL-ASANSOL

ADDA has prepared a report to introduce chartered flight from IISCO’s airstrip in Burnpur to various destinations like New Delhi, Kolkata, Ranchi and Siliguri. The merger of IISCO and SAIL, with an estimated investment of Rs.8000 crores, has uplifted the economical face of Burnpur and Asansol. Burnpur itself is a town of rich culture and educational development. New developments in the form of Videocon’s Steel plant at Jamuria (10 kms from Asansol), Bhushan Steels new plant at Salanpur (10 kms from Asansol), upcoming 3500 acres airport along with township at Andal. (20 kms from Asansol) are also in the pipeline. Integrated new townships, shopping Mall & Multiplexes and star category hotels all are coming up at Asansol. The mall and multiplex mania is going to catch Asansol within a couple of months with the opening of huge 3 lacs sq.ft. Galaxy Mall on Burnpur Road near Chitra Cinema.

CORPORATE SERVICES

RETAIL

RESIDENTIAL

LAND

HOSPITALITY

WAREHOUSE

INVESTMENT

9, Elgin Road, Kolkata 700020 Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : Sales@nkrealtors.com Web : www.nkrealtors.com


ADDA IS SPEARHEADING THE DEVELOPMENT Major on-going Projects (Real Estate)

AS AN

SO LU

RB

A residential township called “SHRISTI NAGAR”, a joint venture project of ADDA with Shristi Infrastructure Development Corporation Limited is currently under construction at Kanyapur with modern apartments, bungalows, shopping mall, multiplex and IT centre on over 90 acres of land.

AN

AG GL OM ER AT ION

ADDA (Asansol Durgapur Development Authority) a statutory body of the state government which is responsible for systematic urban development of ADPA (Asansol Durgapur Planning Area) has been spearheading development activities under its jurisdiction which extends from Panagarh to Barakar with a total area of 1615.90 sq. km. covering about 30 lakhs of both rural and urban population. ADDA has selected Asansol and other neighbouring four municipal towns such as Kulti, Jamuria, Raniganj and Durgapur which constitutes “Asansol Urban Agglomeration” as “Mission City” under Jwaharlal Nehru National Urban Renewal Mission. In order to transform the planning area into a world class urban center, IIT-Kharagpur (Indian Institute of Technology) has prepared the “Perspective Plan2025” for Asansol Durgapur Planning area.

Sugam Homes is developing the biggest residential project at Kalyanpur satellite township in Asansol comprising of plots and 1000 flats with all modern amenities. It spread over an area of 30 acres land. The first and largest shopping mall (3 lac sq.ft. with multiplex) of Asansol is coming up on Burnpur Road near Chitra more. The mall is going to be ready for fitout very soon. Anchor and multiplex along with food court and lot of leading national and international brands are going to be present in the mall. The mall will also have a hotel integrated within itself.

Major on-going Projects (Infrastructure) Indoor Stadium at Asansol. Sen Raleigh-Dhadka Link Road – aiming to have a circular connectivity within Asansol. Widening and strengthening of some major road within ADDA area. CORPORATE SERVICES

RETAIL

RESIDENTIAL

LAND

HOSPITALITY

WAREHOUSE

INVESTMENT

9, Elgin Road, Kolkata 700020 Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : Sales@nkrealtors.com Web : www.nkrealtors.com


REAL ESTATE TREND (RESIDENTIAL) DWELLING UNIT REQUIRED BY 2025

Asansol Residential Market

( Major Urban Areas of Asansol Durgapur Planning Area) Present Population

Area

Projected Population -2025

Additional Population

Additional Household

Present Shortage

Total DU required by 2025

(4.5perspns/HH)

Jamuria (M)

1,29,484

2,50,000

1,20,516

26,781

5,695

32,477

Kulti (M)

2,89,903

4,00,000

1,12,097

24,466

10,345

34,811

Asansol (MC)

4,75,439

7,50,000

2,74,561

61,014

13,598

74,612

Raniganj (M)

1,11,116

50,000

61,116

13’581

4,841

18,422

Durgapur(MC) 4,93,405

10,00,000

5,06,595

1,12,577

33,457

1,46,034

Total ADPA

24,50,000

10,74,885

2,38,419

67,936

3,06,356

1,49,9347

With a good number of large industries and mining areas in its vicinity, Asansol, an important commercial and industrial urban centre of West Bengal is fast shaping up as a megacity. With a large workforce, moderate per capita income, good connectivity and a large number of residential, commercial and educational establishments, Asansol has the potential to be emerged as an modern urban centre. Asansol residential market has witnessed a considerable increase in construction activity over the last couple of years. The merger of IISCO and SAIL, with an estimated investment of Rs. 8000 crores along with the huge investments from the power, infrastructure and steel sectors in Asansol Durgapur region has uplifted the economical face of Asansol and opened up the floodgate of real estate opportunity in and around Asansol. In fact the high salaried employees of IISCO at Burnpur which is catering almost the half of the high income bracket salaried people of Asansol is driving the residential demand of the city.

Source: Perspective Plan for Asansol Durgapur Planning Area: VISION-2025

PRESENT HOUSING DISTRIBUTION-ASANSOL 100% 90%

20%

10%

10% 30%

80% 70% 60% 50%

85%

70% 70%

There are quite a good number of residential standalone as well as township projects are coming up in the areas like Apcar Garden, Hill View, Chelidanga, Burnpur Road, Kanyapur, Dhadka, Murgasol etc.

90%

40%

65%

30% 20% 10%

15%

10%

5%

0 Apcar Garden

Hill View

HIG

To meet the rising demand in the main residential areas, local developers are engaged in constructing of small stand alone apartment buildings on five to ten cottahs land. Burnpur Road, S.B. Gorai Road, Upper Chelidanga and Murgasol are the main hunting ground of these local developers. Apkar Garden and Hill View Is considered as the posh residential location in Asansol. Demand of apartments at Hill View has grown up over the years because the area is the home to most of the good schools like St. Vincent’s, St. Patrick's, Loreto Convent, Mary Gorethi etc.

20% Burnpur Road

Chelidanga

Murgasol

MIG

LIG

RESIDENTIAL SALE RATES Location Apcar Garden Hill View (S.B. Garai Road) Burnpur Road Hindustan Park (on G.T. Road) Upper Chelidanga Kanyapur Dhadka (on new bypass) Murgasol

Rs./sq.ft. 1200-1500 900-1400 1200-1600 1500-1800 1200-1400 1400-1650 900-1200 900-1200

Residential prices currently vary between Rs.900 and Rs.1800/sq.ft. in Asansol. The Anand Enclave on G.T. Road at Hindustan Park is selling at Rs.1800/sq.ft. which is currently the highest residential rate in Asansol. The selling rate of apartments in Shristinagar varies between Rs.1600 and Rs.1650/sq.ft.. Apartments in Sugam Park at Kalyanpur in Dhadka are selling at around Rs.1200/sq.ft.. More organised sectors are planning to tap into Asansol’s huge potential such as Paharpur Group.

Source: NAI NK Realtors Research CORPORATE SERVICES

RETAIL

RESIDENTIAL

LAND

HOSPITALITY

WAREHOUSE

INVESTMENT

9, Elgin Road, Kolkata 700020 Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : Sales@nkrealtors.com Web : www.nkrealtors.com


REAL ESTATE TREND (RESIDENTIAL) PRICE GROWTH TREND

Developer’s/Builder’s Activity Public Sector West Bengal Housing Board (WBHB) and Railway Welfare Organization (IRWO) is engaged in construction in this Region.

Rs. Per sq.ft. 1800 1600 1400 1200 1000

800 600 400

200

0

Apcar Garden

Hill View

Burnpur Rd. Hindustan Park

Kanyapur

Murgasol

2006

S. Dhadka

2010

The above graph indicates the highest residential rates.

Private Sector Around 50 builders are operating here. Around 8-10 A Type builders – Bengal Shristi, Sugam Homes etc. B Type and C Type builders are more in numbers and around 25-30 B type builders are operating here. Mishra Associates, A.K. Construction, NIIT Builders, Purosottam Developer Pvt. Ltd., Classic Construction are some well known builders in this categry.

Source: NAI NK Realtors Research

Accommodation Preference Preference of plots are higher. Demands for plot are in the range between Rs. (4 – 8) lacs per cottah. Demands for apartments are in the range of 900-1200 sq.ft. Pricing of Apartment Minimum Rs. 900 per square feet Maximum Rs. 1800 per square feet

Ongoing Large Residential Projects Shristinagar

Shristi Nagar at Kanyapur

Bengal Shristi, a leading real estate company is developing a township near the town at Kanyapur in joint venture with Asansol Durgapur Development Authority. The township is spread over 90 acres with a total development of 6 million square feet and will have lifestyle, Apartments, Group Housing, Bungalows and Row Houses, Shopping Mall, Multiplex, Business Hotel, Club-cum-Resort, Office space, IT Park, Amusement Park and Restaurant. Sugam Park

Sugam Park at Kalyanpur, South Dhadka CORPORATE SERVICES

RETAIL

RESIDENTIAL

Sugam Park is one of the biggest residential projects of Asansol with around 1100 flats and ploted developments is coming up at kalyanpur Satellite Township Project (KSTP), the planned zone of Asansol spread over an area of 30 acres. LAND

HOSPITALITY

WAREHOUSE

INVESTMENT

9, Elgin Road, Kolkata 700020 Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : Sales@nkrealtors.com Web : www.nkrealtors.com


REAL ESTATE TREND (RETAIL) Asansol Retail Market With a population of more than 1 million, located in the center place of surrounding coal mines and presence of various large and medium scale industries in the vicinity, Asansol is emerging as an attractive destination for the growing retail market. Asansol started catching up with the mall and multiplex mania. The first mall is going to hit Asansol within a couple of months with the opening of huge 3 lacs square feet. Galaxy Mall on the Burnpur Road near Chitra Cinema. Kolkata based Srijan Realty and Avani Group is developing the mall. Retail major BigBazaar and multiplex operator Eylex has already finalised deals to put their footholds in Asansol. The overall picture of retail in Asansol is mixed in nature. Central Bus Stand and its adjacent areas on G.T. Road are the main retail centre have different format retailing, consists of shopping centres and conventional shops. Shops in the main market area are mainly municipal authorities property and have developed along the G.T Road, however, majority of them are unorganised. Presence of branded stores are in Murgasol area on GT Road where local private developers have developed a good number of commercial buildings like P.C. Chatterjee Market and Chatterjee Plaza at Rambandhutala, Parvati Shopping Arcade at Ashram More, commercial buildings at BB College More, Ushagram etc. Commercial buildings are also present in the areas like Burnpur Road, Vivekananda Road formerly Sen-Religh Road etc. ADDA has developed few commercial buildings in the main market area. At present Retail business is on a high, large format stores as well as brand shops embellish the main market areas across the Asansol market. Commercial developments are mixed in nature. Ground floor and 1st floor are occupied by the retail brands, Banks & Restaurants and upper floors are occupied by the offices and dominated by mainly insurance companies, share trading firms and IT educational institutes. Asansol is already a home for various exclusive outlets of several leading retail brands like Raymond's, the Loot, Charlie Outlaw, Spykar, OYO, Bazar Kolkata, Citimart, Peter England, Levis, Gini & Jony, Liliput, Welhome, Kouton's, P.C Chandra, D'damas, Senco, Jawad Habib, Bata, Reebok, Khadim, Sree Leather's , VIP, LG Shoppe, Godrej and so on. Local retail brands like S. K. Ghanty & Sons, Mohan, Super Bazaar have some exclusive retail stores at Asansol. With two large outlets, Mohan is the well known family store in Asansol for quality branded garments. Current rental values in Asansol ranges between Rs 30 to Rs. 70 per square feet per month and capital values are in the range between Rs. 3000 to Rs. 10,000 per square feet. Considering the high disposable income of local and surrounding population along with the opening of Galaxy Mall in the next few months, Asansol retail market is going to be one of the booming markets in this region. CORPORATE SERVICES

RETAIL

RESIDENTIAL

LAND

HOSPITALITY

WAREHOUSE

INVESTMENT

9, Elgin Road, Kolkata 700020 Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : Sales@nkrealtors.com Web : www.nkrealtors.com


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NAI NK Realtors is a real estate service provider and provides real estate services to both local and global clientele. NAI NK Realtors services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, site searches, finance and investment services, demographic analysis, feasibility analysis, due diligence and related consulting and advisory services. For more information, visit NAI NK Realtors Web site at:

www.nkrealtors.com This report contains information available to the public and NAI NK Realtors accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein. The same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawals without notice.

9, Elgin Road Kolkata 700020, India Tel : 91 33 40401010 Fax : 91 33 40401040 E-mail : sales@nkrealtors.com Web : www.nkrealtors.com

Real Estate Market Overview  

Asansol is an important industrial and commercial center of West Bengal, India. With the growing per capita income and a huge number of inve...

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