Invest in plots in Kolkata within a budget of Rs 5 lakh
Rolling in with an unrestrained supply of land banks at easy rates, has made the residential plots in Kolkata, a recent fad among the property investors. In the Q1 2014, the real estate investment pattern in Kolkata has witnessed a gargantuan shift, stressing the focus on plots instead of ‘ready-for-possession’ properties. Even the peripheral locations in the city are eyed as a feasible option for investment in plots in the days to come.
Investing in residential plots that has future value, has recently caught the fancy of the investors in Kolkata, much of which can be attributed to the availability of ample virgin land banks in the city. Given the market conditions, investing in land promises a much higher return, in comparison to buying an apartment in Kolkata, since the former appreciates more with time, while the value of the latter depreciates.
Plots within budget
As per market reports and proponents of the real estate market of the Kolkata, a slew of residential plots are up for sale in the city of Joy, which fall in the price bracket of Rs 1 lakh- Rs 5 lakh. A plot, with a dimension of 1440 sq ft (say) can be owned in the ThakurPukur area at Rs 2.5 lakh, while the same dimension can fetch Rs 4.5 lakh in Baruipur.
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. Sonarpur, located in South Kolkata will offer such a plot at Rs 2.6 lakh, while Barasat at Rs 5 lakh.
Possibility of Appreciation
Given the market speculations, with the advent of new Metro routes, prices of independent house and apartments coupled with residential plots have witnessed an upward trend. Hence, investing in residential plots to build dream homes or sell it off in the coming days, is a quite a pleasant option, as per property consultants. Furthermore, a plot (which offers a perfect location, dimension and direction) sells in a jiffy, in comparison to an apartment which has to suit the investor’s needs.
Owing to the growing real estate market in the city and rising apartment prices, residential plots in Diamond Harbour and Joka which promise of better connectivity in the future, guarantee three times more the return on investment than the original price. Hence, locations like Barasat in North Kolkata can give way to lucrative return on investments in five years from now. Moreover, with the proposed social and infrastructural growth in Kolkata, the demand for residential plots in the city will register a number of takers in coming years.
