Kolkata, the ‘City of Joy’ is the potpourri of old and new. It offers modern infrastructure equipped with all state-of-the-art amenities amidst the cultural and traditional richness. Kolkata is an important center for education, science, culture and politics in India. The real estate in this vibrant city is now catching up with property trends in metro cities of the country.
Real estate in Kolkata is showing a marked improvement in every sector-residential, commercial and retail. With high demand for property in the city, humungous developments have been taking place all around to cater to the needs of the people. Kolkata is a cheaper city when compared to other metros of the country but is soon going to reach their level. People in Kolkata are now looking for premium lifestyle options encouraging builders to develop high quality, international standard setups. Therefore, property developers are now engaged in quality construction offered to the public at affordable prices.
According to real estate dealers, buyers and investors usually consider factors like location, amenities and builder before buying any kind of property. And housing sector being the high riding segment in present times, residential property in Kolkata is growing too. Home buyers have numerous options to choose from as developers extend a wide range-flats, apartments, residential complexes, duplexes, villas and penthouses-both new and rented. Their offerings include affordable as well as high end expensive projects to meet the demands of all kinds of buyers. Property developers like DLF Group, Unitech and Diamond Group have launched their residential projects leading to appreciation in property prices.
Some of the posh areas in Kolkata are Southern Avenue, Lower Circular Road, Belvedere, Ballygunge and Park Street. The property prices in these places along with areas near Salt Lake and Rajarhat are much higher as compared to rest of the city. Kolkata also holds the status of being the cultural and intellectual capital of the nation. The presence of premium institutes and growth of software industries in the region has generated huge influx of students and professionals raising the demand for rental housing. Apartments in Kolkata are very popular in general as they hold high rental and resale value. With a drastic increase in demand and supply, residential property in Kolkata promises high returns in future.
Kolkata real estate has become a favorite with many as investors and buyers throng the city to buy land wherever possible. It is interesting to note that property in the city is deemed so profitable that even mafias and high profile criminals are pumping in money here. And then Kolkata offers everything one can asks for in terms of property as:
(a) Location- It is strategically located and well connected to other cities of the country making it advantageous for the buyers,
(b) Amenities- Buildings in Kolkata today have earthquake resistant, high speed elevators, internal traffic & security management, modern fire fighting & protection systems, best civic amenities and other such things.
(c) Builders- Various national players have entered the property market of the city adding value and capital to the city. The entry of trustworthy developers gives a sense of security and credibility to the buyers.
Real estate in Kolkata is witnessing a boom with continuous developments post recession. With apparent growth, investors are sure to earn profits taking the property sector of the city to new heights. Also, buyers in Kolkata hold highest per capita purchasing power among all metros as shown by a recent study by the Indian Statistical Institute. With property in Delhi and Mumbai choked till neck, developers and buyers are now turning to the commercial capital of East India.