North Kolkata developing into a major hub for affordable apartments
There has been an upsurge in demand for residential apartments in North Kolkata in recent times due to the affordability factor. Various factors have contributed to this rising demand, with connectivity being one of the important clinching factors. Connectivity to the airport and national highways is excellent through the AH-1 (Asian Highway-1), being in close proximity to important landmarks in the locality.
Affordable areas in North Kolkata:
Areas in North Kolkata that are witnessing rapid developmental activity in recent times include Madhayamgram, Shyam Bazar, Salt Lake and Barsat. What is notable is that over 90% of the supplies in these areas are in the residential apartment category, targetting mostly the middle class segment.
Price range and amenities:
Most of the developers with projects in the north of the city are offering 2 and 3 BHK residential units. Most of the 2 BHK units range from 800-1000 sq. ft, while 3 BHK units range between 900-1400 sq.ft. The average price of residential apartment units in Madhayamgram ranges between Rs. 3000 to Rs. 3200 per sq. ft, while in Barsat it is comparatively lesser at Rs. 2300 per sq ft. Some of the facilities that are included without any extra charges include swimming pool, common play area, club house etc.
Demand more among middle class:
Most of these affordable residential units are being bought by salaried employees working in areas like Salt Lake and Rajarhat. Most of these units are in the 2 and 3 BHK categories and are priced below Rs.40 lakh. With loans being easily available for the salaried class, there is a huge demand for such projects . There could not be a better time for buyers as most developers are offering discounts between 5-10% on the current price, for advance booking. Besides cash discounts, developers are also offering gifts inorder to push sales further.
Other important factors for demand:
Besides the affordability factor, there are various other advanatages that are driving buyers to seek residential apartments in the north of the city. The facilities and amenities that these projects provide and the easy access to important commercial areas like Salt Lake and Rajarhat are also pressing factors influencing buyer preference. Madhayamgram, another important realty destination in the north of the city is just about 10-15 minutes drive from the heart of the city, while Barsat is about 15-20 minites drive. Connectivity which is being developed between Jessore Road and the airport will further boost development in the vicinity.
