Property in Kolkata: Areas Where Homes Will Fit Your Modest Budget

The real estate market in Kolkata has never seen the same volatility as those in Delhi, Mumbai, Chennai or Bangalore. Then again, this is also one of the prime reasons that the realty sector in Kolkata has not been affected as seriously by the slowdown that shook the other cities for the better part of 2014. Kolkata is traditionally more conservative than the other metros and Tier I and II cities. However, the recent few years have seen many big players entering the scene with huge projects to launch.

While the industrial sector here might not have seen a substantial growth, the real estate demand in the city seems to be on the rise. The moderate pricing of property in Kolkata as well as a comparatively stable realty market makes investing here a good option.

Here are some of the areas where living will not seem like burning a hole in your pocket:

Rajarhat: Located approximately 15 km away from the heart of the city, Rajarhat is fast coming up as a satellite township. The well-planned layout as well as the state government's efforts to provide state-of-the-art infrastructural support to the area is a big draw here. With the accessibility to the new metro route, connectivity to Rajarhat from other parts of Kolkata has vastly improved too. Thanks to its proximity to central business districts in the city, the demand for residential projects in the area has been going up exponentially. Whether it is rental or ownership that suits your needs, there is something for everyone here.

Dum Dum: Proximity to the buzzing international airport as well as connectivity through the Metro has led to demand for realty in Dum Dum remaining stable over the years. However, affordable property in Dum Dum is definitely triggering a higher demand that might soon lead to price appreciation. This area is growing in popularity because of its family-friendly neighborhoods and projects and existence of several reputed healthcare and education providers. The high ROI on property investments here is also an added attraction for investors. There is a high concentration of NRI-owned flats here, sustaining a strong rental market in the area. 

Sonarpur: One of the popular areas in the southeastern suburbs of Kolkata, Sonarpur is picking up pace as an affordable home destination. Though it is located about 12 km away from Ruby General Hospital on the Eastern Metropolitan Bypass, Sonarpur Railway Station makes commuting to the locality very convenient. The proposed plan of a road connecting Ruby General Hospital and Sonarpur as well as to the Basanti Highway has increased the prospects of this area substantially. There are several upcoming projects here like Green Land and Lord City that are sure to improve the neighborhood skyline too.

Santoshpur: Santoshpur is fast coming up as a family-friendly location in Kolkata with several reputed health services and educational facilities located nearby. Also positioned close by are supermarkets and food marts that make living here convenient. Another additional benefit of living here is the ease of commuting in the form of bus routes and metro stations. The Jadavpur Railway Station is a stone's throw away from here. The area is also expected to see a yearly appreciation of 10-15% in property rates over the next three years.

If you're looking for an investment opportunity in real estate in Kolkata, any of the affordable areas as mentioned above is sure to give you high returns. However, be sure to wait for a minimum of three years before thinking of resale.