Property Scenario In Kolkata

Of late, the property graph in India is showing a downward trend but this is not true in the case of property market of Kolkata. The city’s real estate remains hot amidst cooling realty prices in other areas. Contrasting to falling prices of many metros in India, the property prices in the city are moving upwards, in fact at a rate which belies most expectations. The areas in south and south central Kolkata where the price of apartments has risen to the tune of Rs 800 per square feet in just six months.

A few months ago, most of the projects in the Bhowanipore area were priced at about Rs 2,200 per square foot. Now properties in the same area are commanding a price of about Rs 3,000 per square foot. As per the market analysts, the areas which have seen an outstanding price rise are Ballygunge, Prince Anwar Shah Road and Elgin Road of south Kolkata. Many factors can be pointed out for such a price hike like limited availability of real estate options, new successful commercial projects (mostly retail and entertainment), new improved roads and connectivity and an aspirational quotient.

The question is…

Where should one buy property in Kolkata?

A brief introduction to the most renowned areas of Kolkata:

Located in South Kolkata, Bhowanipore is considered a posh locality. This area has always been famous for welcoming wealthy and highly educated immigrants. Thus, it has got the status of being one of the most luxurious and posh areas in Kolkata. Unforgettable individuals like Subhash Chandra Bose used to live here. Many celebrities from the film fraternity like Satyajit Ray and Uttam Kumar also resided here.

Ballygunge is also an up market and cream area of Kolkata. This area is located to the south of Kolkata. It had huge bungalows and villas in the olden days. Today, however, these bungalows have given way to apartment style living. The property prices of this are very high because of its historical importance.

Suburbs of Rajarhat and Eastern Metropolitan Bypass area are some of the other areas in which real estate prices have risen remarkably. The prices of property in Rajarhat have more than doubled over the past two years. Also, many parts of south of Kolkata including Prince Anwar Shah road and Elgin road are enjoying unique hike in demand for property – not to mention, the prices of real estate have soared in this region. DLF’s high end project in Dankuni in the northwest of Kolkata has stimulated demand for property here. Howrah and Batanagar have also shown encouraging growth as property prices in these areas have appreciated to a great extent. A lot of the NRI investors have shown interest in this zone – all thanks to the magnificent projects happening here.

Investment prospects in Kolkata:

All those who are looking for huge returns on property may not be interested in investing in Kolkata. But investment in the city offer low risk results. There is another reason for the same apprehension; the property values in Kolkata are comparatively lower than other metropolitans. No matter in which segment you plan to invest (residential, retail or commercial properties), both capital values and rentals are pretty less in comparison to the other big cities.

Although the city has lagged behind its fellow metropolitan cities of Delhi, Mumbai and Bangalore, the real estate markets of Kolkata are termed as far more stable than them. One of the best advantages of investing in kolkata is that the property values in Kolkata are not indefinite and usually it is the end user segment that drives the real estate markets here. Somehow, this nature of Kolkata real estate has duly attracted many investors.

All said and done, one cannot deny the fact that the demand for investment property in Kolkata is on rise. Top notch real estate developers also have caught the market nerves and now coming up with projects that are focused on investors. Many interesting projects are coming up in the city like Sunrise Symphony, Unitech Kolkata , West International City, Eden Flora, Eden Fresco, Eden Woods, Eden Orchid, Shrach’s housing development and so on.

These developments in the city will surely give it a new recognition and status. So, go ahead and invest in one of the hottest property markets in India, Kolkata.