Kolkata, generally an end-client driven market has displayed lively development in real estate market in the previous couple of years. The city develops exponentially after some time, both towards north and towards south, with relatable advancement of social and infrastructure because of huge amount of rise in population and also the rapid pace of urbanization. However, these factors coupled together gives the main thrust for the rising demands of residential flats in Kolkata.
The practical incentive for the residential units, solid market establishment, and moderately stable political situation has given cutting edge to the city over the other metro urban areas in India. The initiation of HIRA (Housing Industry Regulatory Authority) from June 2018 has additionally fortified the market nerves regarding transparency, responsibility, and trust. Studies have come up with the fact that dominant part of the ongoing residential projects and even new projects in Kolkata from the renowned developers at the heart of the city and in the suburbs have been indicating consistent retention over last couple of quarters.
Kolkata has seen numerous destinations at the heart of the city and also in the outskirts which have shown regenerated growth in the real estate industry – like Barrackpore, Barasat, Madhyamgram, Belghoria, Sodepur Birati and so forth in the north and Garia, Narendrapur, Joka, Behala, Thakurpukur, Baruipur, Boral and so on. These territories give great incentive for cash. BT Road and Jessore Road are the significant northern suburb lanes which have seen fast development because of the progressively improving transport and municipal offices and the accessibility of suburban railways running parallel to these streets. In the southern rural areas, the quick improvement and availability of metro makes Diamond Harbor Road and NSC Bose Road a favored zone of moderate affordable residential real estate market. The Pradhan Mantri Awas Yojna of reasonable lodging has additionally animated the general market demand.
The market that dealt with rental properties in Kolkata likewise saw a positive pattern and the market value appreciation in the last couple of quarters in different suburbs has been acknowledged because of the expanding interest for rental occupation. Due to the booming IT/ITeS segment, a major workforce comes from outside the city and hence requires the bare minimum place to live in. The rental apartments saw enduring development in the previous one year in some private pockets of Kolkata. Even the market experts expects that the interest for rental upcoming residential flats in Kolkata within the IT experts, undergraduates, retailers, and outsiders from all over India would push the rental value in miniaturized scale pockets.
The concept of service apartments is a new idea, which has slowly stepped in Kolkata in the course of last few years. These are the ready to-move-in flats that give the tenant a completely outfitted unit along with several other optional services, for example, crèche, cook, Wi-Fi network, and many more. An increased volume of people from outside, visit and they often have to stay back standing at par with corporate culture. In order to keep it convenient, they look for properties which are closer to their office space. It is expected to rise further, as the guests/visitors currently like to remain in these apartments over paying guests, because of their cost-adequacy and consequently the rental qualities for such properties have seen noteworthy push recently.
In light of the number of homes that has been sold in the final quarter of financial year of 2017-18, here are five regions that have seen maximum interest:
A satellite city, New Town is a hit among homebuyers. Having found more than 300 projects in the recent times, New Town is home to numerous constructions that comply with the modern standards. However, almost 200 projects have already been prepared to move in while many more are still under development. The area contributed about 17 percent of the entire growth of the real estate industry in Kolkata. Unitech is one of the highlighted names here with more than seven projects completed. Few leading projects which will always be mentioned while highlighting the projects in this area are Unitech Air, Unitech Height, Tata Housing Avenida, DLF New Town Heights, and so forth.
One of the main areas of Kolkata, Rajarhat is known for the moderate and premium properties. The market contributed seven percent to the all real estate deals seen by Kolkata in the last financial year. With the value of land seeing a relentless growth, Rajarhat is a real estate destination that provides cutting edge amenities at reasonable costs. The territory, which is well connected with the rest of the city, has a total of 165 projects ongoing. Of this, 110 are prepared to move in while 45 are still under development. Some of the real estate developers which have made their presence felt are Unimark, Salarpuria Sattva Group, Ideal Group and Siddha Group. Their projects are Unimark Group Springfield, Ideal Group Enclave, Siddha Group Pines and Salarpuria Silveroak Estate.
A southern suburb, Garia real estate market has picked up energy as availability shows incredible signs of improvement. This incorporates the development of the EM Bypass into an eight-path interstate, an improved Metro Railway and the landing of the Garia-Airport Metro Link. Property costs in Garia have contributed about six percent growth to the growth of residential flats in Kolkata. The market has an aggregate of 184 projects, of which more than a century are prepared to move in, quite a few are under development and some of them will dispatch soon. Projects like Srijan Realty PS Srijan Ozone, Unimark Group Lakewood Estate and Starlite Group Sunny Crest are worth mentioning over here.
Ten kilometers from the downtown area, Dum Dum is a prevalent residential real estate destination with close vicinity to Kolkata’s International air terminal. With the accessibility of more than 131 projects accelerating the value appreciation of about 3.6 percent in the last half decade, Dum Dum is mainstream for those searching for moderate property alternatives. Of all the projects available here, almost a hundred are prepared to move in and near about 40 are under development. This region has contributed five percent to the complete real estate market in Kolkata. Look around, and you will find names like Primarc Aangan, Aspira SP Residency, Mahadeo Group Om Skylark and Ambuja Uddipa shining everywhere.
With five percent commitment to add up to the real estate deals in Kolkata, Sonarpur is another contestant to the race of top regions to bring forth capital into the city. The territory has seen 21.8 percent value appreciation recently, making it a promising business sector. As an upcoming residential area, Sonarpur offers an aggregate of almost 50 new projects in Kolkata. Of these, many are prepared to move in, while many are still under development. What is most intriguing about the area is that one can discover extensive range of residential properties at reasonable costs. A major section of projects that one can find here are Primarc South Winds, MCK Sukriti, P3 Realty Avesta and Vsun Dignity Heights.
South East, a standout amongst the most costly territories in the city, has encountered nonstop property value appreciation, approximately more than 10%. Kolkata, in the entire real estate scenario, is known for the extravagant condos spread across EM Bypass, where the cost per square feet ranges from Rs 8,000-Rs 4,400. The present costs in the region are on the higher range, making EM Bypass the most favored area in Kolkata for home buyers.
This zone is known to be the best territory in south Kolkata, because of its residential improvements intended to display distinctive tones of Kolkata. The normal property costs here remain at around Rs 3,800 for every sq ft, carrying it into the moderate range when contrasted with the opulent area of EM Bypass. With various residential real estate advancements coming up in the region, great deals of investment options are open home purchasers are spurting. A couple of top structures in the region are Balaji Saffron, which has apartments that cost anyplace between Rs 23 lakh to Rs 38 lakh. Ensemble Towers in the territory has apartments that go between Rs 33 lakh to Rs 55 lakh.
To put facts together, these upcoming residential projects in Kolkata make a colossal enthusiasm among the investors who keep looking for opening in the real estate industry. The interest for rental apartments is basically observed for 2 BHK units. Ordinarily, IT experts from different states and business explorers spread around. 80% of interest for such apartments is tenants. By and by, Rajarhat and Salt Lake zones have an ample supply of service apartments in view of its vicinity to Sector V, the IT center point of Kolkata and the international airport. The zones in south and central Kolkata, for example, Park Circus, neighboring areas of EM Bypass, Park Street, and Ballygunge and so on witness great interest because of their availability to the railroad station and metro network that is still under construction.
Fundamentally, Kolkata’s residential real estate market is encountering a gigantic development keeping the entire discourse within the reach of the common man, transparent, and accountable.
Dhruv Dutta is a renowned real estate analyst and has spent years in the industry learning the trends and giving suggestions to the clients. He writes invigorating blogs which proves to be insightful to his readers.