Kolkata Real Estate - Following Metro Trends

Kolkata Real Estate - Following Metro Trends

Real estate in Kolkata is undergoing industrial and residential development since long. Trying to catch up with the trends in other metro cities Kolkata is also opening doors to modern day real estate constructions. People buying apartments in Kolkata are now looking for premium lifestyle options.

Kolkata real estate developers are constructing efficient buildings so the people investing in real estate need not to think about the quality of construction. According to real estate agents, people consider things like locations, the amenities and also the builder before buying a property in the city. Typically, apartments in Kolkata have less property prices as compared to other metro city.

Home buyers have plenty of options available for them in the market as Kolkata properties offers range of housing from the affordable to the posh and expensive. To buy an apartment in Kolkata the prices would vary distinctly depending upon location and infrastructure.

Real estate developers like DLF Group, Unitech and Diamond Group are launching their residential projects in the city leading to appreciation in property prices.

Key residential areas in Kolkata where property prices are higher than others are Belvedere, Ballygunge, Southern Avenue, Lower Circular Road and Park Street. The apartments in the city have strong feasibility both for rental and resale. The growth of the software industry around Salt Lake and Rajarhat has generated strong influx of manpower from all over the country. As a result there is a great demand for rental housing. All this has led to apprehension in Kolkata Real Estate market.

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Kolkata Real Estate Market - A Stable Market For Investors

Kolkata Real Estate Market - A Stable Market For Investors

Girikunj Phase II adjacent to New Alipore, is the newly found residential option in Kolkata. Private real estate developers have lined up their projects in the range of Rs. 28 -36 lakhs. Capital values of builder floor apartment in Tolly Gunj near Menoca cinema hall is Rs 65 lakhs and the rental value of an 1800 sq ft apartment in Tolly Gunj near Menoca cinema hall is Rs. 15000 per month. In Jadabpur the capital values of a 1000 to 1200 sq.ft is in the range of Rs. 25 to 48 lakhs whereas the premium apartments in this region is between 52 to 60 lakhs for a 1000 to 1200 sq.ft multi-storey apartment.

Kolkata Real Estate has witnessed an unprecedented price rise in the South Kolkata localities like Ballygunge, Prince Anwar Shah Road and Elgin road. The factors behind such a steep rise in select localities are the limited availability of real estate options, successful retail and commercial projects and improved connectivity with improved urban road build quality.

Rajarhat, unlike Salt Lake, is being developed as a new city, with not only residential projects but SEZs, IT Parks, hotels, malls and commercial and shopping complexes as well. This well balanced approach towards development has increased the possibility of commercial office demand shifting along with residential requirements. A gradual change is in the offing, with Park Street and its adjacent areas likely to emerge as retail high street locations. Over the last two-three years, residential property prices in the area had gone up by over 50 per cent. Developers are anticipating more than 15-20 per cent rise in the prices by this time of the year also.

Thus, it can be concluded by saying real estate in Kolkata is in a high growth phase, especially in office, hospitality, retail and residential sectors. For commercial, it is the EM Bypass, Sector V in Salt Lake, Park Street, Camac Street and Theatre Road. For residential, the majority is again around the EM Bypass towards the Rashbehari Connector and New Town. There are some pockets in Central Kolkata, but not too many projects are happening here due to the non- availability of large plots of land.

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New Plans Waiting for Investment in Kolkata Real Estate

New Plans Waiting for Investment in Kolkata Real Estate

After the pullout of Tata Motors from Singur, chief minister of West Bengal is confident of investment from top international companies like ArcelorMittal, ICICI, Jindal and few Chinese automobiles companies. While giving a speech at the opening ceremony of the 36th World Congress on Housing Science, Buddhadeb Bhattacharjee told that there is a huge investment opportunity in various sectors like real estate, IT, automobiles, steel etc. The center of point for real estate investment is Rajarhat, the imminent IT hub of West Bengal. As a result Rajarhat Properties rates are raising high with time.

With Kolkata Property Prices rising; there is a major challenge in providing land to the industries. Also one of the major problems that Kolkata Real Estate is facing is from bank. Buying Property in Kolkata is not so easy, without the availabilty of proper channel for financing from banks.

Real Estate Builders in Kolkata are eying on the government to get benefits from the government plans, so that these benefits can be transferred to the buyers. Well all have to wait and watch the policies that are going to be implemented by the West Bengal government.