Shop Rentals: Shop rentals in Kolkata’s CBD dip due to hawker pressure | Kolkata NewsPosted by On

Kolkata: Rent of commercial spaces has dipped between 20% and 30% in various pockets of the central business district (CBD), like Brabourne Road, Canning Street, Pollock Street, Ezra Street, Kalakar Street, Madan Mohan Burman Street and areas around New Market since the pandemic.
Traders, real estate agents and market committees TOI spoke to attributed the sharp decline in rent to rampant encroachment by hawkers, not only the pavements but also the carriageway.
Several owners who want to sell off their properties are not even receiving offers on the market price of their establishments. Encroachments not only discourage buyers but also create a problem with vehicle parking.
Interestingly, while the legitimate shop owners are not getting fair rent, space to encroach and set up stalls is available at higher prices, of course through illegal channels.
People looking to rent properties in the CBD have told real estate agents that paying high rent was unviable as hawkers who sell the same wares at a much lower price have made business for legitimate shop owners a less prospective one.
“Rental value has declined in various pockets of the central business district where encroachment by hawkers is rampant. Potential tenants and buyers who contact us for properties have said the business in these pockets have dipped, so they are unwilling to pay the rent owners are asking for. Many commercial spaces are up for sale but owners are not getting buyers willing to pay the market…

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