The real estate segment of Kolkata is rising upwards and that too at a rate, that belies all potential. Read on to explore more about the potential market segments areawise!
Kolkata, the capital of West Bengal and third largest metropolitan city of India, has a rich cultural background and holds an important place in the history of India, as it was the capital city of the country before independence. It is a vibrant city, which has always attracted people from all over India to taste its cultural flavor. The city has now highlighted good potential in the real estate market as well.
Unlike other metropolitan cities, Kolkata has stable real estate market, and is doing well. Real estate segment of Kolkata is trustworthy, and can give the investors an assurance about the positive returns. However, the profits are not very high, but at the same time, the risk factor is very low.
Popular residential localities of Kolkata
Bhowanipore: Located in South Kolkata, Bhowanipore locality is among the luxurious and posh areas in Kolkata, which has experienced increased demands of properties and booming prices. In March 2012, the prices of flats in the locality stood at 2200 per sq. ft., which in March 2013, have shot up to around 3000 per sq. ft.
Ballygunge: This is another up-market and elite locality of city, which is also located in South Kolkata. Ballygunge has huge bungalows and villas, which have converted into apartments to accommodate the growing number of residents and are available at very high prices.
Suburbs of Rajarhat and other eastern areas: The value of property in Rajarhat has escalated remarkably, so investors are finding suburban areas of Rajarhat a potential place to invest.
Prince Anwar Shah Road and Elgin road: These areas of South Kolkata have experienced a unique hike in property demand, mostly from the middle-income buyers and investors.
Howrah and Batanagar: These are some of the old localities near Kolkata, which have encouraged real estate growth with large scale and magnificent projects, and have also attracted a number of NRI investors to put their money in these area.
Super-Premium Twin Towers, the new hope of realty market
The main concern of the Kolkata real estate builders is to develop residential properties to cater the ever-growing demands of increasing population. The super-premium twin towers by DLF are expected to stir the realty market of Kolkata. The towers will be given a shape of a concept aircraft, with an outlook to give a food for thought to not only the national real estate builders, but also International aviation giants such as Boeing and Airbus.
Construction activities are carried out massively in the Eastern areas and other adjoining regions of the city. To own an apartment in Kolkata, the investors need to pay an amount no less than Rs. 2,500-3,000 per square foot. A hike of 5-15% is expected on the capital value of residential property, in coming few months.
Buying property in posh areas of Kolkata is becoming next to impossible, because demand is high and the number of flats is less in number as compared to population. Because of such kind of situation, there is need to develop peripheral locations at the eastern side of the city, as a potential alternative.
Kolkata real estate companies have received a heart-whelming response from the investors for sky-scrappers and other high-rise buildings. The stability of the real estate market of the city can be understood by this fact that even the global recession period could not disturb the real estate industry in Kolkata. Undoubtedly, the Kolkata realty sector is buzzing with new construction projects that have attracted the investors.
Author Bio: Riya is an expert author who is writing for living since the last 4 years. His interest lies in real estate, technology, career and education. Currently, she contributes with his articles and blogs to 99acres.com, the leading real estate site.