Kolkata Economy and Real Estate Thread

[devendra1]

Originally Posted by avishar

Abhishek Thats a nice find!

As expected Kolkata's per capita income is still low compared to other metros,and there is large room for growth.

These GDP numbers i am sure are not based on PPP.

Mumbai's GDP less than Delhi can be attributed to the fact that they have considered NCR and for Mumbai its just the city and not Thane,Virar,Kalyani etc?

I also think so. Population wise they may have taken correct figure however GDP figure it looks like they missed Thane and Raigad etc.

Originally Posted by Indiadreams

Unlike Delhi, which houses almost 75-80% of population of NCR, Mumbai houses only 60% of population of MMR. MMR covers almost 80% population of Thane district and parts of Raigad district. It would contribute to around 35% of Mahrashtra's GSDP.

Here is the district wise GDP (at current prices) of Maharshtra in 2010-11.

District 2009-10 (2010-2011)
Mumbai# district 1,91,555 (2,28,228)
Thane district 1,12,189 (1,34,921)
Pune district 1,00,786 (1,21,033)
Nashik district 43,063 (54,512)
Nagpur district 43,791 (51,336)
Total of five 491384 (590030)
Maharashtra 867866 (1068327)

Delhi state nominal GSDP is approx 24% of that of Maharashtra as per Planning Commission presentation in the link below
http://planningcommission.nic.in/pla...sent/Delhi.pdf

More discussions on this in the same thread few pages back.

http://www.skyscrapercity.com/showth...=#post91085117

[Rajarshi77]

West Bengal chief minister Mamata Banerjee's unpredictability quotient hit a new benchmark on Wednesday when she simply refused to meet Reserve Bank of India governor Duvvuri Subbarao to discuss the state's financial situation and borrowings.

Her refusal could make the road ahead for this beleaguered state very uncertain indeed and that too at a time when it is saddled with outstanding dues of over Rs 2 lakh crore.

It is customary for RBI governors to meet chief ministers whenever one visits a particular state. Subbarao was expected to meet Mamata Banerjee a day before the RBI central board meet in Kolkata on Thursday, and apprise her about inflation and growth, besides discussing the state financial situation.

A host of top industrialists from across India are also expected as board members. Surprisingly, Mamata Banerjee did not meet the RBI governor. Apparently, she didn't find the time to do so.

Incidentally, the RBI as banker to the West Bengal government extends overdraft facilities on a regular basis to bail it out. Whatever happened, nobody knows. But obviously, it must have left RBI a bit redfaced.

An official of the apex bank told ET that the meeting had got cancelled, because the CM had gone out for something and could not reach her office on time. However, sources in the chief minister's office said there was no meeting in the first place.

Strangely, the RBI website had slotted the meeting at 5.30 pm on Wednesday evening. "This will send a wrong signal to the financial and business community," a senior executive in a public sector bank said.

"How do you expect investors and industrialists to show interest in Bengal when the government is not even ready to give due importance to high-profile people like the RBI governor?" The likes of Kumar Mangalam Birla, chairman of Aditya Birla Group of companies; Azim Premji, chairman of Wipro; GM Rao, chairman of GMRBSE -0.50 % Group are expected to fly down to Kolkata to attend the RBI board meeting on Thursday as members.

What impression will they get from such incident? asked a very dejected local businessmen. RBI's attempt to invite Mamata to attend a special bankers' meet on Thursday also proved futile. The RBI wanted the chief minister to take interest in the affairs of banking in West Bengal.

[NiladriG]

She is a unique specimen, better to ignore such madcaps. More attention you give them, more crazy things they do.

[soumalya747]

Originally Posted by Rajarshi77

West Bengal chief minister Mamata Banerjee's unpredictability quotient hit a new benchmark on Wednesday when she simply refused to meet Reserve Bank of India governor Duvvuri Subbarao to discuss the state's financial situation and borrowings.

Her refusal could make the road ahead for this beleaguered state very uncertain indeed and that too at a time when it is saddled with outstanding dues of over Rs 2 lakh crore.

It is customary for RBI governors to meet chief ministers whenever one visits a particular state. Subbarao was expected to meet Mamata Banerjee a day before the RBI central board meet in Kolkata on Thursday, and apprise her about inflation and growth, besides discussing the state financial situation.

A host of top industrialists from across India are also expected as board members. Surprisingly, Mamata Banerjee did not meet the RBI governor. Apparently, she didn't find the time to do so.

Incidentally, the RBI as banker to the West Bengal government extends overdraft facilities on a regular basis to bail it out. Whatever happened, nobody knows. But obviously, it must have left RBI a bit redfaced.

An official of the apex bank told ET that the meeting had got cancelled, because the CM had gone out for something and could not reach her office on time. However, sources in the chief minister's office said there was no meeting in the first place.

Strangely, the RBI website had slotted the meeting at 5.30 pm on Wednesday evening. "This will send a wrong signal to the financial and business community," a senior executive in a public sector bank said.

"How do you expect investors and industrialists to show interest in Bengal when the government is not even ready to give due importance to high-profile people like the RBI governor?" The likes of Kumar Mangalam Birla, chairman of Aditya Birla Group of companies; Azim Premji, chairman of Wipro; GM Rao, chairman of GMRBSE -0.50 % Group are expected to fly down to Kolkata to attend the RBI board meeting on Thursday as members.

What impression will they get from such incident? asked a very dejected local businessmen. RBI's attempt to invite Mamata to attend a special bankers' meet on Thursday also proved futile. The RBI wanted the chief minister to take interest in the affairs of banking in West Bengal.

I dont know the source of this news but it's another example of POOR journalism...

She went to meet RBI GOVERNOR Mr. Subba Rao today afternoon at RBI Office, kolkata. It was showing on ABP ANANDA. & CHannel 10.

[avishar]

Originally Posted by soumalya747

I dont know the source of this news but it's another example of POOR journalism...

She went to meet RBI GOVERNOR Mr. Subba Rao today afternoon at RBI Office, kolkata. It was showing on ABP ANANDA. & CHannel 10.

Thats not poor journalism but its true.The Governor was scheduled to meet Mamata on Wednesday,a day before the RBI board meeting which took place on Thursday.It was this meeting which was called off without any explanation at the last moment.There is a lot of speculation about the reasons,most have said she was engrossed in the retail FDI debate and its outcome.Eitherways its a non-issue anyway.Everyone's met and now everyone's happy.

[BengaliTiger]

If you are thinking of buying your own house in Kalyani and you belong to a middle class family, may be its time to get a shock. With 30-40 Lakhs in early 2011, you would have easily bought a new 10 cottah plot with house in Kalyani. In between October 2011 to May 2012, the plots in the same area were on sale for 50-65 Lakhs. And last week a plot of 10 cottah in B-10 was sold for a hooping Rs. 90 Lakhs. Gone are the days, when a new house in Kalyani meant huge bunglow duplexes with garden. Cooperative flats are the new thing, with a 3BHK flats costing anything between 22L-30 Lakhs. Atleast 6 flats are under various stages of construction in our lane which has 16 plots. The old charm of Kalyani is gone I guess.

[Sumanb]

That's the case in other locations as well. Govt can increase the value of land by allowing construction of flat or relaxing the FAR.

[anan355]

US Ambassador to India Nancy Powell on Friday said there were improvements in infrastructure in Kolkata and its fringes.

Addressing the Pan IIT Global Conference 2012 here, she said infrastructure at places like Rajarhat New Town and Salt Lake IT city has been improving. The US Ambassador said she has been observing the city ever since she served as the US Consul-General in Kolkata from 1992-93.

Powell pointed out that several US companies have operations in West Bengal and Cognizant is one of them (having its facility in Rajarhat and Salt Lake and other parts of Kolkata).
Education

Commenting on educational collaboration between US and India, Powell said, “Both India and the US recognise the importance of exchange of ideas and that is why we organise higher educational dialogues.” “India and the US have much to do to collaborate in future in the field of science and technology,” she added.

Stating that Indian companies are rich in human capital, Powell said, “I look at the Indian companies to collaborate with American companies to form joint venture. Indian companies have huge human capital and our products are technologically innovative.”


Source

[anan355]

The civic body is looking for corporate houses, both in public and private sectors, to hand over city's parks for beautification and maintenance. Mayor Sovan Chatterjee has taken up the matter with different chambers of commerce to expedite the matter - prominent among them being the Bengal Chamber of Commerce (BCC). This was disclosed at a seminar on 'Government policies and land use for public parks and gardens in big cities' at the American Center organised by USIS.

Speaking on the occasion, BCC director general P Roy said that after the mayor took up the matter with the chamber members, they showed interest in adopting city parks. "We have expressed our interest in adopting some of Kolkata's parks for better maintenance. Now it is up to the Kolkata Municipal Corporation (KMC) to give a concrete shape to the entire project. The civic top brass is really interested in the project and they should come up with foolproof plans," Roy said.


He added that getting corporate clients for the KMC to adopt the city's parks would not be a problem since the corporate houses now spend good amount on Corporate Social Responsibility (CSR) activities. Later, the mayor said that the KMC was preparing a list of some of the city's prominent parks that would be handed over to corporate houses for adoption. "We are drawing up a list of parks that will be handed over to the corporate houses for adoption. It will take some more time to finalise these parks," Chatterjee said on Wednesday.

Speaking at the seminar, Prof Robert RM Verchick, a professor of environmental law and land use of Loyola University, New Orleans, who was part of US president Barack Obama's administration, stressed the need for creating parks wherever it's possible in order to maintain ecosystem and promote public health. "In America, even obesity is linked with parks. More parks in a neighbourhood means less obesity," Verchick said.

Noted environment activist Subhas Datta felt that one of the most effective means of saving the city's old and major parks and the Maidan, which is considered as the city's lungs, is to accord heritage status to these green spaces. At the outset, Mallika Jalan, the moderator and a member of the Centre for Contemporary Communication (CCC), an NGO which jointly organised the seminar, showed deplorable pictures of some of the city's major parks and stressed on better maintenance of these and on the removal of encroachment. The NGO has been working on 700 parks across the city.


Source

[anan355]

Eyeing Rs.700 crore as the property tax target to be collected in the current financial year, the Kolkata Municipal Corporation (KMC) is all set to reintroduce the general revaluation (GR) system. The civic move clearly indicates that the implementation of Unit Area Assessment (UAA) is not going to take place soon. City Mayor Sovan Chatterjee on told the media at the KMC headquarters on Monday that the civic body has decided to introduce the GR system so that unassessed properties in the city are brought into the tax net.
Stating that 25 per cent of the city properties are unassessed, the Mayor said: “There are many unassessed properties in the added areas, especially areas along the EM Bypass and Jadavpur. Our motive behind reintroducing the GR system is to facilitate the city dwellers to register their property with the KMC and clear their property tax dues.”
Elaborating on the issue, the Mayor said that in many cases property mutations cannot be carried out, since the required No Objection Certificate (NOCs) from other concerned state departments are not there. Chatterjee added that the civic body has also started Lok Adalats to deal with legal issues related to property. According to a senior civic official, the last time the GR was carried out was in 2006. It was temporarily stopped to introduce the UAA system. However, even after prolonged discussions, the civic board has not been able to implement the UAA system.

Source

[Sumanb]

Why didn't they introduce UAA system? Its objective, scientific and there is no chance of corruption - and is followed in advanced countries as well.

[anan355]

Originally Posted by Sumanb

Why didn't they introduce UAA system? Its objective, scientific and there is no chance of corruption - and is followed in advanced countries as well.

Dont know the reason....I think they first want to bring the unassessed properties properties in tax net through GR and then switch over to UAA system.

May be GR provides some advantage in that.

[anan355]

Kolkata will play host to the 11th India International Mega Trade Fair (IIMTF), at the Science City Ground from Dec 14 to 24.


The fair will offer a wide range of products from India and abroad.

The IIMTF is being organized by G S Marketing Associates and the Bengal Chamber of Commerce and Industry.

Bangladesh Commerce Minister Ghulam Muhammed Quader will be the Chief Guest of the inaugural ceremony.

This year, the Partner Country is Bangladesh and the Focused Countries are Thailand and Pakistan.

This year, the fair will have nearly 700 stalls in 12 AC pavilions.

Kallol Datta, President of The Bengal Chamber, said: “The fair will be the best destination for B2B (Business to Business) and B2C (Business to Customer) activities.

"The per capita consumption expenditure in Kolkata is significantly higher than the national average. In short, Kolkata is a very strong market with the potential for tremendous growth.”

The IIMTF will have a wide variety of products from India and abroad – ranging from furniture, electronics, lifestyle and food, to decorative items, health, beauty and cosmetic products, fitness, interiors, electronics and appliances, toys, communications, finance, jute, products from the government departments and services, construction industry, kitchen, finance, décor, allied industries, stationery, gifts, handicrafts, textiles and processed food, among much more.

The IIMTF will also see the participation of countries like Bangladesh, Thailand, Pakistan, Nepal, Turkey, Egypt, Ghana, Iran, Myanmar and Kenya, with each country bringing its own specialties - readymade garments, Pashmina, handicrafts, woollen felt and cotton products from Nepal, ladies clothing, spices, onyx marble products from Pakistan, garments, cosmetics, jewellery, footwear, fruits, flowers and ladies’ products from Thailand, wood and handicrafts products from Ghana, to name a few.

There will also be stalls put up by the central and state governments to showcase their work.


Source

[DFan]

Hiring in Kolkata grows 16%: Index

http://www.indiablooms.com/BusinessD...ils121212h.php

[AbhishekDatta]

Hi-tech registration office may earn 100cr revenue
TNN | Dec 14, 2012, 03.44 AM IST


KOLKATA: The state government on Thursday opened a fully computerized property registration office with advance queue management system at Alipore in South 24-Parganas. We are expecting revenue of Rs 100 crore from the office due to the speedy registration process, state finance minister Amit Mitra said on the sidelines of inaugurating the office.

"The expected number of deeds during the financial year 2012-13 is 7,000," The advance queue management system installed perhaps for the first time in India in any property registration office,"

he said, adding that the system consisting of token dispenser unit, counter display units and supervision control will help manage the unorganized queues. Besides, receiving an SMS on completion of the deed, the registrant public will get the registration document on the same day, Mitra added.

The finance minister admitted that most of the registration offices were overburdened. Everyday around 500 people come to the Alipore office alone.

"Previously it was not possible to offer prompt and efficient service to such a large number of people. Now people will get efficient service based on cutting edge technology. There will be proper AC waiting room facility as well," he said.

http://timesofindia.indiatimes.com/c...w/17606568.cms

[anan355]

No matter how much we speculate about the importance of the institution called marriage, we hold it with massive pomp and fanfare. And Indian marriages bring with them a week-long celebration. There are a thousand rituals and customs to be arranged. But the preparations for this opulent extravaganza called marriage, starts with the buying of wedding cards.

Wedding cards are not only a means of inviting guests but they also form a major part of the wonderful memories that a bride and groom preserve for life. With the evolution and upgradation of every possible thing, wedding cards have also seen mammoth changes. In Kolkata, the hub for buying wedding cards is around the Sealdah-Amherst street-College Street stretch.

After visiting various card shops, Weekender found the hot-favourites of this wedding season. While some like to keep it simple, many tend to go overboard with the cards. Ranging from plain and simple-looking cards to very sleek and stylishly made ones, the market offers a plethora of options. “What is selling the most are box-cards or harmonium cards,” said Biswajit Manna of Baba Lokenath Paper House in Sealdah which has cards ranging from `3 to `30. These box cards come in a hard-cover envelope and open like the bellow of a harmonium. They generally come in rich and solid colours like red, maroon and golden.

Hand-made paper cards are also popular this year. Mostly available in bright colours like yellow, orange and blood-red, these cards are classy but inexpensive. Cut-out cards using the motifs of butterflies, kulo and fish still appeal to a section of customers. Shades like off-white, golden, red, orange, purple and yellow are most popular.

“Business booms this time of the year and it is in these six to seven months that we make maximum profit,” said Sapan Kumar Saha of Kalamandir, a card shop at the College Street junction. The shops make around `5,000 to `15,000 a day during the wedding season.


A quintessential wedding ceremony is incomplete without tattwa — or the gifts exchanged between the two families. These trays or daalaas full of goodies decide which side is the winner — the groom or the bride. In a typical Bengali marriage, the groom’s side sends tattwa to the bride’s house on the day of the wedding along with the stuff needed for the haldi ceremony. And on the evening of the reception, the bride’s side sends tattwa along with the special trays carrying the phoolshojja (wedding night/suhaag raat) essentials, generally comprising ornaments made of flowers.

These tattwa trays carry clothes, cosmetics, shoes, bags and mishti, like butterfly and fish-shaped sandesh, darbesh and definitely mishti doi. Nimki, gwaja and spices are also included. Houses made of biscuits and chocolates are regular features too.

A lot of thought and innovation goes into not only decorating a tray but also making the tray itself. They are designed after the usual heart, fish, butterflies, flowers, ghots as well as interesting ones like guitars, Ma Durga’s face, Ganesha, and even the Nano. “I can make any type of daala. It is the age of customisation and one has to live up to it,” says Sujoy Das, who owns a shop named Onkar Consultancy, specialising in tattwa goods at Sealdah market. He also decorates these trays for the families. During the wedding season, his shop makes a business of around `20,000 to `25,000 per day. “When a customer comes he/she takes around 50-60 trays in bulk. Not all of them are fancy ones. They tend to pick a few designer ones but mostly go for the plain ones as it is easier to decorate them,” he informs.

The plain trays which are circular, oval or rectangular in shape are neatly covered by colourful paper and are mostly made of hardboard. To jazz up the look, a bit of zari is also used. These trays cost around `10 to 12. Another important detail is the tattwasuchi or the content list. The most popular ones are tabla sets, miniature bride and groom, kulo, chaal kouto and sindoor kouto. A small pad of paper is attached to them where the number of the tray and the person it is meant for is mentioned. Nowadays, dalaas are also accessorised with little flowers made out of ribbons, colourful thermocol balls and sequined stars.

Earlier, tattwas were mainly decorated by women of the family, but in this era of cut-throat competition and lack of time, families seek outside help. A standard tattwa-maker asks for around `100 per tray if he/she has to bring the raw-materials for decoration. Not only individuals but various wedding services also provide tattwa decoration as a part of their service package.

Weddings may undergo changes but the one thing that remains constant is food. A perfect buffet spread can make one forget every problem — from the groom arriving late to the bride losing her cell phone.

“The right menu is the key for a successful wedding bash. One can spend lakhs on the venue, decoration and the lighting but a wrong choice of dishes can really ruin the most special day of the couple’s life. It is imperative for families to come to a consensus while selecting food for the D-day,” says S Kamani, director of Savourites, one of the leading catering service providers in the city.

The quintessential Bengali bhadralok is not afraid to have his favourite bhetki maachh baked and not fried in the usual mustard oil and dip it in tartar sauce instead of kasundi (mustard sauce). While families still debate about the inclusion of certain typical items like luchi or begun bhaja, wedding food has metamorphosed into exotic sounding dishes like gandhoraj fried chicken and bhetki fish Florentine that perfectly mix the spices of Bengal with international flavours.

“Earlier, Indian dishes were the favourites when it came to weddings but, nowadays, people prefer to have an eclectic mix of cuisines ranging from Continental to Mughlai. In order to offer the best to our customers, we have various well-managed departments that take care of different cuisines. For example, we have specialised thakurs who prepare the best of Bengal’s delicacies like chitoll maachher muitha, and employ specially-trained chefs who make Chinese delicacies.




As champagne filled chandeliers, cocktail parties and lavish DJ-aided sangeet ceremonies slowly make their way into the wedding scene in Bengal people don’t seem to be reluctant to loosen their purse strings and ensure that guests get the best of world cuisines on their platter. “You have to understand that these days most families only have a single child. Parents only want the best for their son/daughter’s wedding and don’t want to settle for less. So they don’t mind shelling out `400 and more for a single plate,” says Chatterjee.

Kolkata has always been associated with mind-blowing theme pujas that transform the city. However, with the wedding season in full swing, theme weddings set outdoors are promising to take a little sheen off puja pandals. The well-heeled and elite are giving the regular ceremonial houses a miss and are heading out for open-air venues that range from 5,000 square feet to a whopping 30,000 square feet and turning them into designer sets.

“The entire wedding scenario in Kolkata has undergone a sea-change thanks to globalisation. Nowadays people venture out a lot more and exotic locales like Paris, Venice and Rome regularly feature on the travel itinerary of Kolkatans. They want to incorporate a slice of these places into weddings and therefore they need large and open areas to ensure that guests get treated to the exact ambience that they have conceptualised. The waterfall at Wet-O-Wild and multitude of pools are a hot favourite among people as they look amazing at night with lights adding to the effect,” says Avijit Sengupta, managing director and CEO of Nicco Park.

If trends are anything to go by, the lawns of Nalban Boating Complex, Nicco Park Wet-O-Wild and PC Chandra Greens are booked a year in advance. Normal shamianas are passé and, nowadays, the big, fat Kolkatan wedding is all about stunning décor, lighting and visual effects that offer the guests a slice of Rajasthan, Rome, Paris and Greece.

“This year, Rome tops the charts as a theme for wedding venues. In Nalban, the smallest open space that we let out is of 15,000 square feet while the biggest one measures approximately 30,000 square feet. We also have specialised decorators who help the clients to choose and create the setting that they want. The lights, coupled with the decorations and the water as a backdrop create a fairytale ambience that every bride dreams of,” says Pawan Mishra, the general manager of Nalban Boating Complex.


Source

[anan355]

They are made for the city’s growing number of rich. But, money alone cannot buy them. The buyer’s profile is equally important.

Spread over 3,500 sq. ft. and priced at crores of rupees, the ultra high-end apartments are the new destination for the city’s glitterati.

“You do see good demand for these properties in the city now. They are recession-proof because the buyer is hardly impacted by a slump. Moreover, it’s a niche market,” Rahul Saraf of Forum Projects, told Business Line. Saraf’s company builds super premium homes in Kolkata and Mumbai (in the Bandra Kurla complex).

Forum Projects’ previous successful forays were into the commercial complex space in IT, retail and hospitality.

In Kolkata, premium apartments come with a price tag of over Rs 10,000/ sq.ft., nearly three times the prevailing average prices in the city. And the average property price stands at around Rs 4 crore.

At least, three city-based developers are coming up with ultra-high-end projects.

These include three projects by Harsh Patodia-controlled Unimar and Heritage (two along the Eastern Metropolitan Bypass and one in Ballygunge); Rahul Saraf’s Atmosphere (off Eastern Metropolitan Bypass); and the Pasari Group’s Empire (at Gurusuday Road in southern Kolkata).

“This is a category that is end-user driven. People will not buy such lavish apartments for investment sake,” Akshay Pasari, MD, Pasari Group, said.

The company’s latest project, ‘Empire,’ with 100-plus apartments at an average rate of Rs 12,000 sq.ft., has been sold out.


But selling these properties is no cakewalk. Personal attention apart, word of mouth publicity plays an important role.

Pasari and Patodia both give personal attention to the marketing aspects of their ultra-high end apartments. Saraf maintains that there is a gallery for Atmosphere, where all project updates are displayed.

“People can visit the gallery only after making an appointment. In some cases I am also apprised of the people who visit the gallery,” he adds.

Although none of the developers in Kolkata sell by invitationa thorough background check of the buyer is carried out.

“It’s a small social circle in Kolkata and we do try to get details of prospective buyers in high-end apartments,” a developer said on conditions of anonymity. Typically, an ultra-premium apartment comes with value additions such as clubs, open spaces and swimming pool. But these are not the ordinary ones.

Market sources maintain that in case of premium offerings, the maintenance charge per square foot may be vary as high as Rs 10-20/ sq.ft. depending on the premium amenities. A monthly maintenance charge of Rs 50,000 is not uncommon .

Atmosphere, Saraf’s premium offering, for example, promises a home automation system where all elements such as climate and light can be controlled. It will also have centralised water heating system and customised roof top gardens. Further, it will have outdoor kitchens and its own golf course or squash courts, all bundled into a premium club offering.

Other premium apartments have facilities such as temperature-controlled or Jacuzzi-enabled pools. A premium membership club with multi-gym facilities is not uncommon too.

Source

[NiladriG]

In Behala, apartment price is between 3500-4500 psf. There is an increase of almost 1000 psf in 1 year. I am guessing as the Metro work progresses more, it will cross 5000 in another year or so.

[studdmanster]

Originally Posted by NiladriG

In Behala, apartment price is between 3500-4500 psf. There is an increase of almost 1000 psf in 1 year. I am guessing as the Metro work progresses more, it will cross 5000 in another year or so.

itz only on DH road & JLS...rest esp on BR Road (W)..itz between 2200-2800 psf...

[NiladriG]

Originally Posted by studdmanster

itz only on DH road & JLS...rest esp on BR Road (W)..itz between 2200-2800 psf...

In diamond residency in Bakultala it is 3000 psf. Another property on B.R. Road east they were asking 3500 psf earlier this year. Only standalone buildings are cheaper.