Kolkata’s Realty Market Is On The Road To Revival

Situated on the banks of river Hooghly- Calcutta or Kolkata as its better known today is one city that has not yet reached its peak when it comes to its real estate sector. Although the realty market has not lured many investors towards it, the city has witnessed a major change. Real estate in Kolkata has been looked upon as a sector that has a lot of potential. Many IT projects and infrastructure developments are flourishing the market and the properties here are capable of generating high ROI (Return on Investment).

With housing demand going on an overdrive, many real estate developers were left in lurch. However, the realty situation in the city has improved and the city seems to be completely ready to cater to the needs and demands of home buyers. The city is witnessing a U-turn as there are a number of affordable housing projects in the pipeline. The governments initiative to alter the realty situation by improving the infrastructure of the city has restored buyer’s sentiments in the market. The insurgence of many IT (Information and Technology) companies have captivated many working professionals mind and they are now renting out flats in Kolkata in neighbourhoods like Ballygunge, Jadavpurm Tollygunge, Ballygunge Circular Road and Prince Anwar Sha Road. According to a recent report rental values of home in the first quarter of this year have seen a 2% increase.

Industries too have grown the city significantly. Formed under PPP (Public Private Partnership), industries like agriculture, steel, pharmaceutical, mining and textiles have attracted a fair share of the floating population. Roping in both unskilled and skilled labour- real estate in Kolkata is undergoing a facelift. With the housing demand now gradually growing, both local and national real estate developers are now moving towards potential suburbs to create their residential projects. Some of the localities that offer modest budget homes are Kestopur and Bansdroni.

Neighbourhoods like Kestopur have developed into residential catchment areas due to its proximity to established vicinities like Park Street and Salt Lake.

Dominated by workforce due to its closeness to many business centers, the area has a number of smaller homes that are ideal for bachelors and nuclear families. There seems to be an inherit demand for homes that spread across 800 square feet and the capital values of properties for sale here fall under the price band of Rs 2,900 and Rs 3,400 per square feet. Apart from this Bansdroni is another vicinity that has recently emerged as an economical option for many MIG (Middle Income Group) home buyers. The newly constructed buildings offer home that cost anywhere between Rs 15 and 20 lakhs.

Progress along the outskirts and peripherals of Kolkata is cited to one of the key factors that has roped in a lot of investment. Localities like EM Bypass Extension, Garia, Rajarhat, Ganguly Bagan and Thakurpukur are showing positive signs of development. With the city now treading the road to revival, flats in Kolkata are now cited to be ideal investment choices.

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