Emerging trends in the real estate market of Kolkata
Worded as an end-user driven market, the realty sector of Kolkata is making news on account of its aspiring developers who are going that extra mile, adapting new marketing gimmicks and offering incentives to buyers to boost sales. With nearly 65% of end-user presence, the realty market of the city is flooded with demand for affordable housing units, running in the price bracket of INR 25-30 Lakhs. Since acquiring large tracts of vacant land is not a piece of cake in Kolkata, especially after the proposed land acquisition bill of the state, builders and developers prefer to step into small real estate projects, from where entry and exit is a child’s play.
Maximum activity, in regard to commercial, residential and retail development can be registered in the eastern micro-market of Kolkata, especially in the hyped and most anticipated Rajarhat Townships and EM Bypass. While Rajarhat is a well-planned residential and industrial hub having a number of key developers leaving their mark in the vicinity, EM Bypass is the pride of the eastern rim of the ‘City of Joy’, boasting of trouble-free access to central and south Kolkata.
New chapters
In a move to gain a foothold in the real estate sector of Kolkata, a handful of developers in the city are offering value-added services. Previously restricted to only high-end projects, the trend is fast catching up in the affordable segment too. As per market reports, big developers in the city are on a spree to establish tie-ups with branded companies of modular kitchen, home appliances, interior design, security system and home automation, impacting the sentiment of the buyers of the premium projects.
Off-late, developers in the city have been using Brand Ambassadors with national presence as a marketing angle to sell-off their spin offs. Add to it, another trend which has catered the interest of the developers are low cost homes and investing in lands beyond the boundaries of the city. Such homes boast of sizeable returns without taking a toll on pockets of the buyers, a major USP for the developers to boost sales.
Key Localities
Among the intended regions of realty in Kolkata, Rajarhat, a domestic center, is growing at a jet speed on account of the IT industry development. For middle-income households, the area perfectly fits the list of those having the desire to dwell in a 3BHK, offering properties between Rs 3300- 3500/ sq ft. As per market reports. Another industrial location, which offers 3BHKs without a major pocket pinch is Behala. Tagged as one of the earliest domestic regions, the area offers 3 room apartments roughly between the Rs 20-25 lakh bracket. With the BBD Bagh Metro Rail Project seeing the light of the day, the location is expected to rise above the anticipations of the other.
One more high-end region, which is worth mentioning is the EM Bypass that connects Bidhannagar to the southern counterparts of the city. With dime a dozen residential apartments and malls in the vicinity, EM Bypass is easily worded as a major hotspot of the city. In the Q1 2014, the locality bore witness to an upswing in property rates by 13%. Another upmarket in the Kolkata real estate sector is the Ballygunge area. Crisscrossed by a number of roadways such as Dover Road, Gariahat Road and Ballygunge Circular Road, the locality offers apartments in the price range Rs 9600-Rs 10700 per sq ft. Not to mention, the location is a renowned hub for entertainment in Central Kolkata.
