Kolkata being the commercial capital of East India, is enjoying high growth in the real estate space. Builders as well as investors are flocking the place, predicting great investment options. Monetary value in real estate is expected to appreciate much more in the future as several new projects have been launched. When it comes to communication and transportation, it is has surpassed all the metros in India. IT industries are also shifting their focus to Kolkata, creating more job opportunities.
Developers are increasing their existing chains and entering into strategic partnerships to encourage investment from the cash rich segment of the economy. They are aiming at developing real estate projects which are at par with global standards. These lavish projects have world-class amenities to offer an unparalleled experience in luxury to the affluent buyers.
NRIs who are in search of luxuries like these and being the most affluent are the natural choice for all builders and developers. As a result, the projects are built with a focus to bring in more foreign direct investment, guaranteeing a superior class of living. NRIs, on their part, are also making huge investments in the real estate space. According to a survey by ASSOCHAM, NRI investment is expected to increase by 35% in this year.
Not only NRIs, even the resident Indians are investing a great deal in the real estate market as it is considered a safe bet for investment purposes and the increase in the ability to invest has shot up, owing to the burgeoning IT industry. The concept of buying homes as a joint family is gradually shifting to a nuclear family one with the ultra modern, fast-paced generation.
Current Real Estate Price Rates
Price rates depend on the area of preference. If you dream of owning a home in South Kolkata then be prepared to shell out much more than what would be expected. Prices in South Kolkata are skyrocketing as it is one of the prime areas and therefore the most developed, happening and expensive too compared to other parts of Kolkata. These areas include Alipore, New Alipore, Jodhpur Park, Ballygunge, etc. On the other hand, new Rajarhat Township and the Eastern Metropolitan Bypass are the upcoming localities, as most of the IT companies are situated there. Moreover, due to the vast open spaces, there is much more scope for development in these new townships, providing builders with ample opportunities for constructing exclusive villa communities.
The table below gives an idea of the capital value rate per square feet in different areas of Kolkata.
Areas
Capital Value Rate / Sq. Feet (INR)
Alipore
10000-15000
Behala
2450-3500
Ballygunge
12000-17000
New Town
2200-4500
Salt Lake
4000-5500
Park Street
4500-6500
(Data as of October 2014)
Why Real Estate in Kolkata?
Investment in the real estate sector is considered to be a safe bet as prices always appreciate. Real estate in Kolkata is bulging with activity as experts view high growth prospects in the city. Moreover, property prices are still comparatively cheaper in Kolkata considering the development and growth prospects than any other city in India.
