Here is what influenced the realty picture of Kolkata in the 2016's first quarter that just went by:
While on one side India is crumbling under the tremors of a fluctuations of an unstable real estate market, there is one city, a rather popular one, which is kindling a positive rate of appreciation and under the undisturbed and unvaried number of demand from the city’s and nation’s property buyers – Kolkata.
Proving all real estate forecasters wrong who have been stating that Indian property market is hitting rock bottom, Kolkata is the one city that is showing a levelled supply and demand chart, if not a positive one, in some quarters.
Here is what influenced the realty picture of Kolkata in the 2016’s first quarter that just went by:
- Progress on the metro project, which has steered clear of any bottlenecks, so far, and is expected to bolster the attractiveness index of location that would get traversed by metro lines
- With the help from both state and central government, Kolkata developers have started focusing on affordable housing, bridging the gap between supply and demand in the category
- Developers have purposely delayed project launches owing to the market conditions
- The demand for premium residential projects is very less, driving the buyers to opt for affordable segment houses in place of their high-end counterpart
- Strategically situated near the Netaji Subhash Chandra Bose International Airport, Patuli is not more than nine-ten kilometers from the centre of the city. The physical infrastructure here is a default bonus for those living or looking to invest in this area. Patuli brags of fine connectivity both through rail or road. Frequent buses to milestone localities along with the Sealdah-Ranaghat railway line enables easy commuting.
- The option of a mixed price range option is what attracts the buyers to Patuli. The locality has offerings staring from Rs 20 lakh (Rs 2 million) that goes up to crore’s *Rs 10 million) valuations.
- For the investors, the average range of Rs 4,250-5,228 per square feet is what attracts them to Patuli.
4. Dum Dum
- Known for Netaji subhash Chandra Bose International Airport, Dum Dum’s connectivity with the other parts of Kolkata by both road and railway only adds to the fact that the buyers see it as an emerging destination. With premium educational institutions in its vicinity, buyers who have capitalised in Dum Dum sense that their investment is safely positioned.
- The property price range that falls in the bracket of Rs 8 lakh to Rs 50 lakh, makes it easy for the pocket conscious buyers to invest here only to earn 5 to 10 times more in only a few years time.
- For the investors, the average range of Rs 3,060-3,782 per square feet is what attracts them to Dum Dum.
3. Prince Anwar Shah Road
- Prince Anwar Shah Road has established itself as one of the top areas of South Kolkata, linking localities such as Tollygunge, Jodhpur Park, and Jadavpur.
- From the accessibility point of view, Prince Anwar Shah Road is only a few minutes away from the Rabindra Sarobar and Tollygunge Metro Stations. On the adjacent side of the road is the one that links the road to Lake Garden flyover and EM Bypass.
- For the investors, the average range of Rs 9,605-11,348 per square feet is what attracts them to Prince Anwar Shah Road.
- The soon to be functional metro station that is coming up in Madurdaha has heightened buyers’ expectation from the area and has led to an increase in property price range there, making it a good option for city’s buyers to invest here now only to sell it when the prices will go high.
- The average property price here falls in the range of Rs 30 lakh and goes up to crores valuation, bringing it perfectly in the range that average buyer segment looks at for buying a property.
- For the investors, the average range of Rs 3,825-4,165 per square feet is what attracts them to Madurdaha.
- Garia has matured to now become the desired destination of Kolkata because of reasons like EM Bypass being in route, metro connectivity, hospitals, shopping centres, and premium educational institutions nearby.
- Garia provides easy connectivity to the E M Bypass locality. Work is ongoing to multiply the present four lane bypass into an eight lane one. The convenience of the locality is further improved by the Kolkata metro that already has two metro stations in the area. Moreover the Garia- Airport metro link is now approved, which once finished will boost the area’s accessibility further.
- For the investors, the average range of Rs 3,315-3,910 per square feet is what attracts them to Garia.
Photograph: Sankarshan Mukhopadhyay/Creative Commons
Tripti Rai, a keen observer who writes for 99acres and swears on fiction readings. Professionally working with a concentrated focus on real estate sector, she keeps her readers informed about latest developments in real time through her writing. When found not writing or reading, she is busy thinking about the next book or writing inspiration.