Are there signs of revival of Kolkata real estate market?

We all know that Kolkata lost its port city charm ever since the Suez Canal was built in Mumbai in the 18th century. Also it's no news that the city suffered a lot due to political mismanagement. There was a time when 'Bandhs' or 'gheraos' used to be a regular affair for the residents.

However, it seems that the government has finally taken a call over the deteriorating condition of the once thriving city and is making efforts to revive it especially in the spheres of social and civic infrastructure.

From smart cities to new metro routes to IT majors like Wipro and Infosys setting up another set of offices; the future outlook of Kolkata definitely looks promising.

Let us take a look at some of such recent developments:

1) Wipro and Infosys Setting offices- IT majors like Wipro and Infosys, who already have offices in the city have purchased land parcels in Rajarhat New Town to set up an another set of workplaces. This shows that companies have not lost their trust and could foresee a good relationship with Kolkata. This is a good sign as it would eventually motivate other IT companies to set their foot in the city as well. In words of government authorities, the city has everything from quality power and strong infrastructure, necessary for a thriving IT business.

[caption id="attachment_5884" align="alignnone" width="640"] Credit - Wikipedia[/caption]

2) The Smart City Tag- The government is trying hard to get Newtown, the solar-city, a smart city tag. Apart from free wi-fi, there are plans to start a high-tech solar waste management system, a digital interface for all public entities, online grievance system and intelligent traffic management system among others in New Town.

3) Metro Extension Plans- We all know that Kolkata was the first city in the country to get a Metro. To further increase Metro connectivity, authorities are planning extensions at numerous nodes of the city with majority of them being industrial hotspots. Some of such metro extension plans includes, DumDum to Baranagar via Narapara, Bimanbandar to Barasat and BBD Park to Diamond Park via Joka. In addition to this, there are plans to connect New Garia to Biman Bandar via Rajarhat metro station. When built, such extensive transportation network is bound to boost the industrial and transportation infrastructure of Kolkata.

[caption id="attachment_5885" align="alignnone" width="640"] Credit - Flickr[/caption]

4) Industrial Investments- Since 1991, sectors such as petrochemicals, food processing, oil and natural gas have attracted sizeable investments. To promote such ventures and promote entrepreneurship, government has started offering various loans, subsidies and attractive power rates to industrial establishments.

It has been reported that various international firms have shown interest in setting their ventures in Kolkata.

Is it the right time to buy a home in Kolkata?

Though things have started looking up yet difficult relationship between state government and central government does not give enough confidence in revival of economy of West Bengal. At the same time prices of real estate properties are very attractive in Kolkata and have good upside potential once the infrastructure project completes. Investing in areas around New- Garia , Rajarhat , BT Road and Howrah could be good options as they offer affordable housing and with Metro expansion, they could be the next big residential hotspot. Moreover, like other metropolitans, Kolkata too offers integrated townships laden with ultra-modern facilities in its residential housing options.

As development in communication, transportation and other civic amenities is improving like never before in Kolkata, prices are expected to increase after the ongoing lull.

To know more about the best places to invest in Kolkata, contact - proptiger.com