Kolkata, the 'City of Joy' & capital state of the West Bengal is supposed to be the most inexpensive places in India. But now the scene is totally different since Kolkata property sector has improved a lot in the past years. At present, property market in Kolkata is growing at a much rapid pace. City has bagged approx Rs. 25,000 crore in property only in the past 02 years. With burgeoning demand for both the commercial and residential real estate, Kolkata's property is again coming back to old lively mode.
Real estate amount in Kolkata are much more rational as compared to the other metros such as Delhi, Mumbai, Hyderabad or Bangalore. Although, growth has not affected property amount since they are on the lower side in the city. Belvedere, Park Street, Southern Avenue and Ballygunge are some of the major regions of Kolkata & where property amount are steep as compared to other regions. Demand for residential & commercial properties is on rise in upcoming regions of Garia-Narendrapur, Salt Lake, Rajarhat, Behala-Joka, & Howrah.
With many multinational firms making their way to the city, several renowned builders are looking forward to bringing residential as well as commercial projects here in the city. Most of the demand for property in Kolkata is attributed to foray of domestic & international chains. Most of the known property developers wish to invest & create big townships & projects which will completely meet international standards thereby attracting international players to come & invest in Kolkata.
However, Kolkata real estate markets have been identified as end-user one, buyer activities have started to gain ground in the city, of late. As per the experts, it is DLF which has brought Kolkata in attention of property investors.
Winning tender floated by the Kolkata Municipal Development Authority, firm bought 4,900 acre of land in the Kolkata outskirts, at a whopping amount of Rs 2,400 crore. As much as 3,900 acres of land will get developed, under project, for the residential purposes while the rest will be used for the building commercial real estate.
The development in property sector of Kolkata has triggered the secondary residential districts of Moulali, New Alipur, Prince Anwar, Shah Road, Kankurgachi and Sealdah. Capital values for the residential real estate have hiked by 30 to 50% in such regions in the past couple of years while rentals have hiked by an average of 15% between 2005 & 2008. All such areas are located within a radius of 10 kms of central residential region which includes Alipore, Ballygunge and Hastings-areas where the capital value of the residential plots is Rs 4,500 per sq ft. Capital values for 3,000 sq ft apartment in the Alipur area are recorded between Rupees 1.50 & 2 crore. In the same way, average rentals in locations that are mentioned above are from Rupees 25,000 - Rs 60,000/month.
Now that purchasing property in Kolkata main area has become impossible, locations at eastern side of the city have come up as potential options. big construction activities have been going on at the New Rajarhat Township, Eastern Metropolitan Bypass, Kasba & Topsia. Capital values for the apartments are in range of Rupees 1,800 - Rs 2,400 per square feet in such areas. As per the property consultants, buyers can expect moderate rise of 5 to 15% on the residential property capital value after some months.
Property in Kolkata has managed to keep itself away from frequent market fluctuations which have hampered growth of developing property sector in other regions. Period of stagnation which clouded real estate sector in the 1980s too couldn’t harm to Kolkata property market. Plus, succeeding decade saw steep hike in property amount. Land rates have hiked since then & have doubled up.
Being technological capital of India, the city naturally attracts big chunk of population from other states & from professionals of other nations.
Current Scenario Of the Kolkata Real Estate:
There are around 9700 commercial projects that are scheduled to be completed in next 05 years.
At the present, although, there are 11900 residential projects that are under several stages of construction. Fact that Kolkata property could manage to stand when the sector got put down in Delhi & Mumbai is a proof of this city's potentiality.
Kolkata Hospitality sector have promise for real estate business in case recent growth in this will continue for a long time. 20 luxury hotels will be coming up in next 03 months that are indicative of booming nature of sector.
65% growth has been registered in occupancy levels of hotels. But unlike residential region, hospitality sector faces a lot of issues. There is a lack of up front amount in Kolkata Hospitality sector since it gives no immediate returns.
Residential sector, on the flip side, is expected to enjoy interest due to the fact, it guarantees big returns. NRIs have been interested in property In Kolkata that several local developers have opened up their offices in West Asia, US & Singapore.
Safety, stability & pricing are the reasons for this spurt in interest. More and more property developers are entering into this field of property In Kolkata raising standard levels & turning it into the most beneficial business ventures.
Another vital reason for this interest is price range. Prices of properties cater to all the pocket sizes.
Commercial property in Kolkata city has no doubt got an impetus from ever increasing investments by property Land Developers. This has become the most important factor for sustaining the economy of Kolkata.
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