Top 3 Realty Hotspots To Invest In Kolkata
Kolkata is a city best known for its culture. With colours all around, the City of Joy, offers sound infrastructure meeting the daily needs of the residents. It is one of the major commercial hubs of east and northeast India with age-old businesses and upcoming corporates, operating here in sync. The strong economy along with good transportation facilities and affordable real estate prices make this city a choice for both home buyers as well as real estate investors.
PropGuide lists top three real estate hotspots in Kolkata where one could buy property for investment or dwelling purposes. These hotspots ranked based on the number of units sold during the period ranging from January 2016 to July 2016.
A strong connectivity with the rest of the city and even suburb areas make New Town a preferred choice of investment for many. The locality is well connected through Eastern Metropolitan Bypass (E M Bypass) and is also connected to the Belgharia Expressway. It is also in proximity to Netaji Subhash Chandra Bose International Airport. The area is also known for housing IT giants and multinational companies, thus, witnessing a rising demand for real estate from professionals working in and around New Town. The price of an apartment in New Town varies between Rs 3,700 per sq ft and Rs 4,400 per sq ft.
Catering to the young IT professionals, Rajarhat is known for it modern and affordable housing options. A 25-year-old locality is still undergoing major infrastructural developments, thus, posing a bright future for the properties here once the development is done. The apartments in Rajarhat are available in sizes ranging between 362 sq ft and 7,035 sq ft. The locality is well-equipped with social infrastructure including malls, hospitals, parks and five-star hotels. In past 40 months, the prices of apartments, villas and plots in Rajarhat have witnessed a rise of seven per cent.
Dum Dum is located at north Kolkata. It is linked through Jessore Road and VIP road. It houses Kolkata's international and domestic airport. It is well linked through railway, road and Metro. Laketown, another upcoming residential hotspot in Kolkata also falls under the jurisdiction of Dum Dum. The apartments in Dum Dum are available in sizes varying between 452 sq ft and 2,581 sq ft. The property prices in Dum Dum vary between Rs 2,500 per sq ft and Rs 6, 800 per sq ft.
To know which were the top three real estate hotspots in 2015, read on..
The real estate market of Kolkata, the cultural capital and one of the metropolitan cities in India, has been seeing a steady year-on-year growth. The developers active in this eastern port city have been offering projects that are on par with other key projects across the country but at much affordable prices. The city boasts of good infrastructure, safe environment, and reasonable prices, and these are the reasons, which makes it a lucrative investment destination. If you are planning to invest in property in Kolkata, PropGuide lists hotspots, which will offer good returns in the long run.
- Garia: Counted among upscale areas of southern Kolkata, Garia has some of the finest residential complexes to boast of. Away from the bustling crowds of the city centre, the peaceful locality lends a sub-urban feel but has everything to offer that a family would want. There are plenty of shopping arcades such as Big Bazaar and Metropolis Mall, educational institutions, restaurants, multiplexes and hospitals such as Apollo Clinic and Lifeline Hospital.
Reasons that make Garia a good investment hotspot include good connectivity through Metro, close proximity to the Eastern Metropolitan Bypass, and other physical and social infrastructural development in the area. There has been an appreciation of around 10 per cent in the land rate here over the past year, which at present, ranges between Rs 3150 - 4030 per sq ft. When looking for apartments in Garia, you can buy a 2BHK flat (600 sq ft - 1,200 sq ft) in the price range of Rs 15-55 lakh, and a 3BHK flat (1100 sq ft-1600 sq ft) in Rs 25-75 lakh.
- Behala: A suburb in southern Kolkata, Behala has some of the oldest residential units in the city. Its popularity is largely based on the swift mode of commuting with high frequency of buses, and easy access to the Eastern Metropolitan (EM) Bypass. Several industrial plants are located nearby, thus, acting as the residential hotspot for the ones working in the area.
A 2BHK apartment in Behala (700 sq ft - 1000 sq ft) will cost between Rs 25-45 lakh. Meanwhile, 3BHK flats (1000 sq ft - 1400 sq ft) are also available at the Rs 30-55 lakh range. The average capital value in the area ranges between Rs 3400-4200 per sq ft.
- Tollygunge: Another southern Kolkata location that has a huge potential in terms of real estate development, apartments in Tollygunge are in demand. The strategic location of Tollygunge with areas such as Bansdroni, Kalighat, Behala, and Jadavpur, marking its borders gives it an edge over other localities. Good connectivity is also an added bonus with frequent state buses as well as the metro station.
Counted among the top 50 investment destinations in India, Tollygunge has shown a steady appreciation of 10-15 per cent in past one year. The average capital value in the area is placed at Rs 3800- 5200 per sq ft. One can easily get a 2BHK flat (800-1000 sq ft) in a budget of Rs 25-50 lakh. A 3BHK flat (1200-1700 sq ft) here would fall in the Rs 50-1.5 crore price bracket. Tollygunge also has several villas and residential homes. A standard unit here would be starting from 800 sq ft. These residential types are usually available in the 2BHK or 3BHK configuration.
Developers are coming up with projects that are available in a wide range of price and size, to match the growing needs of the buyers. However, to start with, these three locations provide sound investment opportunities to get good returns over the years.
(The Top 3 Real Estate Hotspots in Kolkata was compiled by Vidhika Dalmia on October 13, 2015.)