Bansdroni: Hub for affordable residential apartments in Kolkata
Bansdroni, located about 13 km south of the heart of Kolkata city has witnessed considerable residential developments in recent times. The area offers residential property at competitive prices in comparison to other areas in the vicinity like Tollygunje, Garia, Jhodpur Park and EM Bypass. Compared to these areas, apartment values in Bansdroni are Rs.500-900 per sq.ft lesser.
Basic amenities offered:
Most of the residential apartments in Bansdroni are either 2 or 3 BHK units with prices ranging between Rs.2,500-Rs.3,400 per sq.ft. Developers of such projects offer all basic amenities like lift facility, power back-up, round-the-clock security, CCTV surveillance etc. The premium on properties in the vicinity of the metro railway station is between Rs.500-Rs.950 per sq.ft
Neighbouring areas considerably costlier:
The property prices in neighbouring areas in considerably higher ranging from Rs.3,200-Rs.8,700 per sq.ft. Among these, prices in Jhodpur Park are the highest ranging from Rs.7,800-Rs.8,700 per sq.ft. Besides Bansdroni, another area in the locality that offers affordable residential apartments is Garia, with prices ranging between Rs.3,200-Rs. 4,000 per sq.ft.
70% residential projects under-construction:
Currently, about 70% of the residential projects in Bansdroni are those that are in various stages of construction. As a result, property prices in the area have remained stable inspite of there being considerable appreciation in prices in neighbouring areas. Sale of residential projects in Bansdroni is primarily driven by the higher prices existing in the areas in the vicinity as well as the metro connectivity being excellent.
Demand high for rental accommodation:
There has also been a considerable rise in demand for rental property in Bansdroni. This is due to the excellent connectivity that the area offers through public transport as well as the low rental values prevalent in the area. Demand for rental residences in the area is more among working professional s as well as students. As a result of this rise in demand, rental values have appreciated in the last year by about Rs.1000-Rs.1400 per month.
Existing rental prices:
Presently, 2 BHK apartments between 700-900 sq.ft are available for rent in the range between Rs.7000-Rs.8,500 per month. Rentals for 3 BHK apartments between 1000 and 1300 sq.ft range between Rs.12,000 and Rs.16,000 per month. The premium for apartments with dedicated parking space range between Rs.1000-Rs.2,500 per month, resulting in a gross yield of 3-4% per annum.
Wide range of options to choose from:
Prospective buyers have a wide range of options with as many as 50 residential projects to select from. Besides, there are about 8-10 projects that are currently undergoing construction, and would be ready for possession in 2014. Due to this, a spurt in prices for residential apartments cannot be expected in the area. This would provide an ideal opportunity for buyers to buy residential property in Bansdroni before prices start increasing.
