Current scenario of the real estate market in Kolkata
The real estate market of Kolkata has been one of the hottest topics of discussion for the developers of east. Growing at a steady pace, the city boasts of self-sufficient localities, which are in the healthy condition. Property consultants further quote that the dynamic market is all set to jack up and stretch its boundaries. Add to its credentials, the real estate prices in the city are far more reasonable and affordable in comparison to cosmopolitan centers like Delhi, Mumbai, Bangalore and Hyderabad. In other words, it will not be wrong to deduce that the scope of development and growth in Kolkata is much more.
Price Trends
Since, a large chunk of middle and upper middle class dwell in South Kolkata, the region boasts of exorbitant property rates, in comparison to its counterparts. While key areas of the south, such as Gariahat, Ballygunge, Jodhpur park and EM Bypass dominate a price range of Rs 2400-Rs 3500 per sq ft. top most localities of the North like Dum Dum, Jessore road, Vip road and Laketown offer properties in the price group Rs 3000-Rs 8000 per sq ft. As per market experts, YoY capital value appreciation of the last four years (2007 to 2011) in the city ranged from 7 – 19%. Hence, for an investor, this realty market is no less than a gold mine, hands down.
As per market reports a number of residential plots are up for sale in Kolkata , which runs in the price bracket of Rs 1 lakh- Rs 5 lakh. A plot, having a dimension of 1440 sq ft (say) can be purchased in the ThakurPukur area at Rs 2.5 lakh, while in Baruipur the same dimension can owned at Rs 4.5 lakh. In Garia and Joka, the price for a plot of dimension 720 sq ft stands at Rs 1 lakh,while in Behala it is available at a price of Rs 1.8 lakh. Even, upcoming regions like Diamond Harbor offers a 720 sq ft of the plot with the price range Rs 3 lakh- Rs 4 lakh.
Property Type
According to investors and buyers, the real estate market of Kolkata offers studio apartments, 1, 2 and 3 BHKs mainly. While the middle class segment typically goes with 1 and 2BHKs, the upper middle class prefer to dwell in 3BHKs, which are equipped with state-of-the art amenities. Furthermore, the developers of Kolkata, following the footsteps of Chennai, Bangalore and Mumbai developers now offer apartments with modular kitchens and free air-conditioners in a move to rope in buyers in bulk.
Preference for properties go according to the locality in Kolkata. For Dum Dum area, buyers opt for 1 and 2BHK units which are available in plethora, within Rs 20 lakh with size varying from 350-1000 sq ft. While Garia offers 1 and 2BHK units at the same price, the size ranges from 350-750 sq ft. Rajarhat, however, offers 2 and 3BHKs (furnished or semi-furnished) with sizes from 700-1,300 sq ft. Technically speaking, its the 2BHK apartments which has witnessed a lot of takers in the city and is expected to drive the demand pattern in the days to come.
