West Bengal: Leading the Eastern Growth Story

The culturally rich state of West Bengal, the sixth largest in India as per economic size, is a major growth frontier in the eastern region. The state’s enabling policy environment, impetus to infrastructure growth and favourable business environment are helping it to attract business, and thereby investments, in an unprecedented manner.

• West Bengal accounted for over 6% of the national GDP during FY 2022-23 as its GSDP growth accelerated from pandemic lows to 10.76% in FY 2021-22, and 8.41% in FY 2022-23.
• Recent state policies and initiatives on electric vehicles (aiming to make the state one of the top three in EV penetration), scientific and environmentally sustainable sand mining, data centres (to enhance the state’s DC capacity to 400 MW by 2025), the new export policy 2023 (draft stage), amongst others hold West Bengal in good stead to meet its growth targets.
• From an RE perspective, the capital Kolkata's current office stock stands at more than 34 million sq. ft., while about 2.4 million sq. ft. of investment-grade space is lined up for completion by the end of 2024.
• As for the logistics sector, Kolkata has close to 10 million sq. ft. of Grade A logistics developments, while more than 10 million sq. ft. is expected to enter the market by the end of 2024. The entry of quality supply across most RE segments is likely to spur absorption, which will help in furthering the state’s real estate growth trajectory.

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