Real estate trends that will rule Kolkata in 2020

‘The City of Joy,’ Kolkata, has been growing at a rapid pace for quite some time now. With more and more industries setting up shops in the metropolitan city, people from the suburbs as well as from all over the country are flocking Kolkata in pursuit of jobs and a better standard of living. To house people flowing into the city, the city’s real estate scenario is bustling. The ample number of both affordable and luxury housing projects cater to people from diverse socio-economic strata. This diversity of offerings in the city’s real estate sector has turned the dream of owning a home in Kolkata into a reality for many. 

This blog throws light on the trends that are expected to dominate Kolkata’s real estate sector in 2020. We will be looking at price trends, the types of homes that will be a rage, and the hottest property locations of the city. 

Joka, New Town, Sonarpur- The Golden Trinity

Joka, located in the southern part of Kolkata, has emerged as the residential real estate hotspot in the city. The place is a favorite for real estate developers because of the ample availability of land, Joka’s strategic location with respect to the city’s employment hubs, and its brilliant connectivity. What has further fanned the flames of Joka’s popularity, in the minds of both developers and buyers, is the upcoming metro project that will connect Joka with Esplanade. On completion, the metro is expected to make the travel to the city center smooth and also reduce the travel time by a significant amount. Most of the demand in Joka is for homes costing less than 20-lakh rupees.

Providing stiff competition to Joka is the New Town-Rajarhat area. With the IT companies setting up their offices in Salt Lake, the place has turned into Kolkata’s IT hub, providing jobs to thousands and has emerged as the city center. Being at a stone-s throw distance from Salt Lake and being well connected by means of public and private buses and app cabs, New Town is the new favorite for residential as well as commercial real estate developers. The bazaars, shopping malls, top quality schools, colleges, and restaurants in the area make New Town a hot-favorite to reside in.

Sonarpur is also bustling with real estate activity, thanks to its improved connectivity to the city’s hotspots, and ample habitable land. Though at the moment Sonarpur remains in the shadow of Joka and New Town, properties in the area are expected to be hot-sellers in the coming years.

Modest, 2 BHK homes-Favorite of the modern families

Gone are the days of the glorious mansions. Today’s families are nuclear ones with an average of 3 to 5 members. They are looking for homes that are both compact and comfortable. 2 BHK flats fit perfectly in this demand like a jigsaw puzzle. They are affordable, comfortable, and compact. In Kolkata, over 51% of home buyers said that they are more likely to buy a 2 BHK. With respect to demand, close at the heels of 2 BHKs are the 3 BHKs with a 43% demand.

With the impact of the COVID-19 on the job market, it is expected that the demand for modest, affordable homes will dominate over their luxurious counterparts.  

Price trends

With the standard of urban living increasing by the day, the middle-income segment is expected to dominate real-estate buying. Hence, the price range that suits the people of this economic strata is likely to be hottest. Our experience on the matter and past home-buying data, tells us that the 21-50 lakh range is perfectly suited to this middle-income group. Homes of this segment, being not too costly to burn a neat hole through the buyer’s pocket and comfortable enough to live in, fit the demands of the mid-high-income groups.

So those were some of the trends that will dominate the real-estate sector in Kolkata in 2020 and for some time beyond that. With the interest rates on home loans comparatively lower, now is a good time to buy a property if you have been planning to do that for a while. Having been informed on the hot locations and price trends, you are now well-informed to make the correct decision.