Kolkata Economy and Real Estate Thread

[SamitB]

Originally Posted by highrise-kolkata

Only yesterday, Unitech has handed over 6 lakh square feet of space to Wipro for their New Town office.”

Great news WIPRO all set to open its 2nd office in kolkata at unitech infospace along with capgemini,HCL,IBM,TCS,GENPACT.

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[niljee]

Fresh job seekers in demand!
Mamata Borthakur, Bloomberg UTV
Published on Thu, Jun 17, 2010 at 20:11 IST

NEW DELHI: It is that time of the year when hiring goes on full-swing, thanks to the campus recruitments happening across most colleges in the country. But how does the overall job market look for freshers? According to headhunting firm Ma Foi Randstand, one third of new jobs in the market will now go to freshers.

Hiring is back alright, but if you are a job seeker, which city should you be betting on most? By the end of June this year, Delhi NCR is expected to add 38,350 jobs, Mumbai is number two with 27,650, Chennai rounds off the top three with around 11,900 vacancies coming.

Kolkata's next with 8,350 new positions. IT hubs Bangalore and Hyderabad would add around 6800 and 6200 new jobs, while Pune and Ahmedabad will see around 5,400 and 3,260 new jobs respectively.

All in all, 1,53,564 jobs were created in the country during the Jan-March quarter and more than 3,47,463 jobs are being created in the current quarter from April to June.

While 75% of the total jobs will go to experienced hires, the remaining would be taken up by freshers.

April, May and June are the key hiring months as most jobs are created during this period every year. Thanks to the over one crore freshers, that join the job pool at this period, every year. On this front too, Delhi will see the most number of jobs for recruits with no prior experience, followed by Ahmedabad and Bangalore.

Among the sectors, although the IT-ITeS sector is likely to grow, it is neither the IT-ITes, nor the services sector that will see the most hiring. The healthcare sector is creating the most number of jobs for freshers with over 36% of new jobs earmarked for freshers.

Next comes the BFSI sector that will have almost 34% people fresh from college. The manufacturing sector will also see almost a third of its jobs being for freshers.

[highrise-kolkata]

West Bengal will have 2 lakh jobs over the next two to three years’

The feedback that we are now receiving from the companies is that they are all back to their recruitment processes and are getting new projects so we do feel that the worst is behind us.
We fared much better than the IT hubs of the country. We didn’t have pink slips flying around, there were no closures and there was no going back to commitment on employment. We took it much better than most places in India. In 2007-08, our growth was much better, at 42 per cent. In 2008-09, it was 26 per cent. So we were not in the negative during this period.
There are a couple of things that helped absorb the shock. Those who were way above, they were the worst hit. What we keep thinking is that the work that is being done in Kolkata, especially in product development, is pretty high-end and niche. This was not very much affected by recession. Another reason is that talent is better in West Bengal, operating costs are more effective, there is a lower attrition rate. So if there is any company that is thinking of downsizing its operation, I think Kolkata will figure the last on their list because they’d want to continue because of these advantages.
If you look at Unitech, it is full, Ecospace is full. Besides, the government itself is thinking of putting up an India design centre, at a smaller scale. The main India design centre we want to build is in Salt Lake but since it is a bigger project, it might take some time and in the meantime we can have a smaller version of it.
If you look at the other IT hubs in the country, especially places in south, such as Hyderabad, Bangalore and Chennai, they are so far away from the airport. They are at places where there is either a lot of congestion and very little scope for growth.
Whereas, if you drive down from the Kolkata airport to Rajarhat, it takes about 15 minutes and then it has a drawing board kind of a situation. You have huge empty spaces, no encroachments, well-laid out roads. All these add on to the USP. People who come with the intention of putting up their industry, they do feel the advantage. If they have to bring a client, it would be convenient as well. Fifteen minutes from the airport, some good hotels around, all make perfect sense. So it is attractive.
In terms of job opportunities, there are two to three indications. The space which is under construction, exclusively for IT, is over 20 million sq ft. so if you take of about 100 sq ft per person, you are looking at two lakh jobs over the next two to three years. Again, according to the NASSCOM report, by 2018, employment will go up four times, from two million today to about eight million. Now if you look at the other centres, Bangalore or Mumbai, it is difficult to imagine a four-fold growth. We are confident that we can keep pace with that kind of a growth. Recent surveys have all put Kolkata ahead of all the cities.
Major IT and ITeS areas...
Of course the bread and butter will be software development, and the second area will be animation.
We want to focus big time on animation and some of the biggest animation companies have realised the advantage of Kolkata over the other cities.
We have the highest number of art colleges and there is a tradition of art in this state. Now that we are in talks with some very big animation companies, if they come in here, animation will take off in a big way here. We are also thinking of having an animation park in Rajarhat.

TNN

[niljee]

PwC launches new entity for backoffice work
9 Jul 2010, 1519 hrs IST,IANS

KOLKATA: Auditing firm PricewaterhouseCoopers (PwC) India has launched a new entity for select backoffice operations in Kolkata alongwith PwC of Australia, Britain, Canada and the US.

"PricewaterhouseCoopers Service Delivery Centre (Kolkata) is a joint venture between PwC of these countries and it has begun operation since July 1," Ambarish Dasgupta, PwC India Director said here Friday at a press meet.

The company plans to employ 2,000 by end of 2012 in the delivery centre. At present it is employing 600 professionals.

PwC in the city employs around 1,500 people and 5,000 across the country.

The delivery centre would execute analytics work in finance, which is common in all these countries.

However, the company did not divulge any details of the shareholding pattern and investment numbers.

[SarafIndian]

Titagarh Wagons acquires French manufacturing unit

Posted On: 09-Jul-2010 10:14:34 PM Source: IANS Font Size:

Kolkata, July 9 (IANS) City-based wagon-maker Titagarh Wagons Ltd (TWL) has acquired the assets of French company IGF Industries-Arbel Fauvet Rail (AFR), a top company official said here Friday.

TWL acquired the assets and business of AFR Wednesday. 'This is the first ever overseas acquisition by TWL,' chairman J.P.Chowdhury said at a press meet.

'This acquisition is expected to have positive implications for our cost, technology and management competitiveness as we evolve from an Indian to a global player. This will help us in tapping not only the European market but global market as well.

'AFR has large number of patented designs of specialised wagons which will help the group to gain a leadership position in India,' he said.

TWL expects to turn around the acquired company through scaling up the wagon production of the plant at Douai in northern France to a level of 1,000 wagons a year, outsourcing major components and fabricated material from India and by investing in revamping the operations, Chowdhury said.

'Out of the deal size of 15 million euros, only 1.92 million euros was paid for the assets and the rest 13 million euros was actually working capital,' Chowdhury said.

It plans to invest another 3 million euros in revamping its operations including putting in robotic machines.

Titagarh is retaining 80 of AFR's 226 employees.

AFR is the only wagon maker in France. It has a market of around 15,000-20,000 wagons per annum.

[SarafIndian]

Source: The Telegraph

Another grand mall to come up soon..

[jacob302]

Downtown is going to be part of uniworld city. it is just what it reads. it will be the downtown area of Uniworld City.

[studdmanster]

yes its the mall of uniworld city!

[rupakd]

Audi eyes 30% share in east

German luxury car maker Audi hopes to capture 30-35 per cent of the premium car market in eastern India by the end of this year.

The eastern region sells around 450 units in this segment annually.

“We want to become the leader in the domestic market, although there isn’t a defined timeline on this yet. We will have to establish our leadership city-by-city,” Audi India director Michael Perschke said here after inaugurating the company’s first showroom in Calcutta today.

Audi’s dealership has sold 16 vehicles in the city and has bookings for another 10.

During January-June, Audi recorded a 71 per cent rise in year-on-year sales in India, Perschke said.

“We have just increased our forecast from 2,300 to 2,700 units. We are looking at a record year for Audi,” he said.

The company plans to bring the Audi A8 sedan later this year to take on rivals Mercedes and BMW. “We will launch the A8 at the end of this year,” Perschke said. Audi leads the luxury SUV market in India with its Q5 and Q7 models.

The company has already announced that it would invest 30 million euros in India to build an assembly unit by 2015. The company intends to have a capacity of 6,000 units per annum in one shift.

According to Perschke, Audi will ramp up its national dealership network to 19 by 2011 from 14.

Meanwhile, Mercedes-Benz has posted a 100 per cent sales growth in the eastern region during the January-June period. The company, which has sold 103 cars in 2009, has sold 86 units so far this year in the east.

Nationally, Mercedes-Benz has reported a 79 per cent rise in sales during the first six months of this year. It has sold 2,402 cars against 1,342 cars during the same period last year.


Michael Perschke in Calcutta on Friday. Picture by Kishor Roy Chowdhury

[studdmanster]

TNN

Insurance companies have stopped offering cashless facilities to patients at top-end hospitals in four metros — New Delhi, Mumbai, Bangalore and Chennai — following the unearthing of several instances of inflated claims by hospitals.
While Kolkata hospitals are not on the list yet, they may soon feel the heat as the insurers, who are working on base rates for different treatments, may roll out the scheme across the country soon.
Sources in National Insurance Company, the largest general insurer in the eastern region, said on Friday that some of the hospitals were charging exorbitant rates in case of cashless policies and the company was planning to negotiate special rates with hospitals for different treatments.
“Those hospitals that agree to the rate will get special status. We’ve already started this in four metros. Later, we might do it in Kolkata, too,” he said.
An Oriental Insurance official also said that it might negotiate the rates with Kolkata hospitals in future. “Many hospitals in Kolkata are charging more for cashless patients. We might have to do something about this later,” he said.
What’s forced the insurers to take the step is the fact that they have been bleeding badly. They are making an estimated loss of Rs 1,500 crore annually on a yearly premium collection of Rs 6,000 crore on mediclaim policies across the country, according to Pawan Bhalla, CEO of Raksha TPA, the third-party administrator (TPA), which is a facilitator between the insured and the insurer.
It was also found that customers were overcharged for each hospitalisation, irrespective of treatment, and were left with very little funds for their next treatment. “This step is intended to discipline hospitals that are overcharging customers,” said Bhalla.
Segar Sampath of the New India Assurance Co Ltd said: “TPAs have been asked to convey the fresh list of hospitals to individual policyholders as also the new packages available.” These insurers have worked out treatment packages and the lower or higher rate will apply depending on the hospital’s infrastructure.
LOSING COVER
Huge losses force insurers to stop cashless facilities at top-end hospitals in New Delhi, Mumbai, Bangalore and Chennai
Insurers making an estimated loss of Rs 1,500 crore annually on a yearly premium collection of Rs 6,000 crore on mediclaim policies across the country
Now, according to package deal worked out by insurers, hospital will be offered specific rates for specific treatments
Hospitals that agree to the rate will get special status Kolkata hosps welcome base rate move
Kolkata/New Delhi: Medical insurers are working on base rates for different treatments. For instance, hospitals that are part of the big chains charged Rs 58,000 on an average for a gall bladder operation. Now, according to the new package deal, a hospital would be offered anywhere between Rs 30,000 and Rs 48,000 for the same.
The insurers, said Pawan Bhalla, CEO of Raksha TPA, have been negotiating with the big chains for the last six months in an attempt to persuade them to accept the packages. “So far, however, none of them has responded positively, forcing the insurers to take this drastic step,” he said.
The insurers have identified Delhi, Mumbai, Bangalore and Chennai to start with the new package deals. Though hospitals in Kolkata have not been communicated about this development, most said a base rate was welcome. “In fact we have been proposing something like this for long. If the base rate is comfortable, we’ll definitely welcome the move,” said CMRI COO Rupak Barua.
Ruby General Hospital CEO Brigadier SB Purkaystha, however, warned that if a base rate was being worked out, it should take into account the kind of facilities at the hospital and type of treatment provided.

[niljee]

Monster Employment Index India edges up in June
India Infoline News Service / 14:08 , Jul 13, 2010

The Monster Employment Index is a monthly gauge of Indian online job demand based on a comprehensive real-time review of employer job opportunities culled from a large representative selection of online job sites, including Monsterindia.com
The Monster Employment Index India rose three points in June, as online demand for workers continued its seventh month of expansion.


Online Job Availability Rises in Nine of the 13 Cities Monitored by the Index in June

Among the 13 cities monitored by the Index, Kolkata saw the largest increase in June while Chandigarh saw the steepest decline, falling by 12 points (9 percent).

Among the larger metropolitan markets, Hyderabad, with a 4 percent growth month-over-month, registered the largest improvement. Meanwhile, Bangalore saw reduced opportunities, demand edging down by 2 points.

[niljee]

ITC eyes Rs 23,000 cr investment over next decade
BS Reporter / Kolkata July 23, 2010, 12:48 IST
ITC has outlined major investment plans across its diversified business portfolio.

The company is likely to invest close to Rs 8,000 crore over the next 7-10 years to drive growth in this sector, a move aimed at keeping pace with the exponential growth in the sector.

The FMCG sector in India, in which the company is a major player, is expected to triple in size to over Rs 3,55,000 crore by 2018, said chairman Y C Deveshwar, addressing shareholders at the company's annual general meeting.

In the paper, paperboards and packaging business, the company is eyeing an investment opportunity of upto Rs 6,000 crore.

"At conservative estimates, India needs 50,000 rooms in the next 2 to 3 years. This sector too carries an investment opportunity for ITC of upto Rs 9,000 crore in the next 7 to 10 years to fuel its growth," said Deveshwar.

New properties were already under construction in Chennai and Kolkata and plans were afoot in several other locations.

[highrise-kolkata]

8% growth in IT industry in Bengal

Kolkata, Aug. 3

The IT industry in West Bengal posted eight per cent growth in 2009-10, holding out the promise of 20 to 25 per cent growth in employment opportunities, according to Mr Debesh Das, West Bengal Minister for Information Technology.

Inaugurating ICT East 2010 organised by CII, Eastern Region, here on Tuesday, Dr Das said the government policies and infrastructure needed to support the growth of the IT industry were in place but what was lacking was branding and inspired entrepreneurship. The state government was providing venture capital, training subsidies, plug n play incubation facilities for start-up SMEs, he said.

Exports growth

Quoting a Nasscom report, he pointed out that the local IT industry recorded positive growth in exports at a time when Bangalore and Hyderabad posted negative growth.

He felt that more land was needed for the development of IT industry in the state as there was a demand-supply gap now. A 50,000-sq ft of dedicated IT space was being developed at Durgapur and Siliguri, he added.

According to Mr Siddharth, Principal Secretary (IT), the State's ranking in the country's e-governance was up to second position from the earlier third. He said that almost all block headquarters were now connected to IT network with 5,218 common service centres being already ready for operation.

Mr Sandipan Chakraborty, past president of CII-ER and Managing Director of Tata Steel Processing & Distribution Limited, Mr Tamal Dasgupta, Managing Sirector, WEBEL, and Mr Arup Dasgupta, CMD, Metalogic Systems, also addressed the seminar.

[footballbengali]

Quoting a Nasscom report, he pointed out that the local IT industry recorded positive growth in exports at a time when Bangalore and Hyderabad posted negative growth.

[arijeetb]

Originally Posted by footballbengali

well, I am not sure if it is something we can go bananas about. Kolkata's IT sector is less than 1/6th the size of Bangalore and probably 30% of Hyderabad or Chennai.

[jacob302]

that doesn't sound right. Kolkata's IT industry is huge. It's just that Bangalore's rag to riches story is more entertaining that Kolkata's rich to riches story.

[Samrat]

Originally Posted by arijeetb

well, I am not sure if it is something we can go bananas about. Kolkata's IT sector is less than 1/6th the size of Bangalore and probably 30% of Hyderabad or Chennai.

I think arijeetb is right as he has worked in both Bangalore and Kolkata and connoted this on his personal experience. He has had interaction also with the other two metros(Hyderabad and Chennai).

However, as Kolkata has started the race very lately, it will take some time to diminish the gap betwen it and the southern metros

[arijeetb]

Originally Posted by jacob302

that doesn't sound right. Kolkata's IT industry is huge. It's just that Bangalore's rag to riches story is more entertaining that Kolkata's rich to riches story.

If we go by whats quoted in news regarding 80k-100k IT/ITES professionals working in Kolkata/WB, it may sound decent but not in relative terms. Except for a handful of companies such as TCS, Wipro, CTS, IBM and PwC, the others are too small and local to command the scale of the very many large multinationals that operate out of the other IT cities.

How many decades do you think it will take for Kolkata to narrow the gap of 5 lakh professionals with Bangalore or 3 lakh with Hyd or Chennai??? In today's uncertain environment in the state, if someone can sell Kolkata ahead of Hyd or Blr then he must be a genius!

[highrise-kolkata]

Rs 84,039-cr investment in Bengal

Kolkata, Aug. 6

Total investment in West Bengal in 2009-10 amounted to Rs 84,039 crore, the highest since 1981, according to Dr Debesh Das, West Bengal IT Minister. The State was third largest in terms of receiving investments, after Gujarat and Maharashtra, Dr Das said while inaugurating an ICT Summit organised by the Indian Chamber of Commerce here on Friday. Mr Jayanta Roy, President of the Chamber, emphasised the need for proper platform for IT and ITeS sector to flourish in West Bengal, and other eastern and north-eastern States.

source:The hindu business line

[avishar]

Is this "investment" number just the amount of the total MOUs/proposals recieved or the amount of actual money spent in completing projects?