Rajarhat is a fast-growing planned satellite area in West Bengal, towards the north-eastern side of Kolkata. It is being developed as a new information technology and residential hub. The town has been enabled with a Wi-Fi zone, which connects the Rajarhat Main Arterial Road to the airport and the Sector V which makes it India's first road with Wi-Fi connectivity. The stretch has also been declared a green corridor. The main airport in the region is the Netaji Subhash Chandra Bose International Airport, which connects the region to other parts of India and across the world. It is also the largest airport in east India.
The region is said to be among the major entertainment spots in the state. With malls, clubs, and children's parks dotted across the region, Rajarhat certainly lives up to its expectations. Aquatica a 17-acre water park is also in the region. A number of ATMs and malls can be found across the city in addition to hospitals, and schools and colleges.
Key Projects in Rajarhat :
Connectivity and transit points
Public transport in Rajarhat is provided by air conditioned and non-air conditioned buses, both private and state-run. Auto-rickshaws and taxis are commonly available, too. The metro system of Kolkata will have a station in this region, thus improving its connectivity. The major railway station in the region is the Durga Nagar railway station, which is located 6 km from the town, and connects the region to other parts of West Bengal and across the country.
Netaji Subhash Chandra Bose International Airport is located 5 kilometres from the city and has flights to both domestic and international destinations across Asia.
Major landmarks
Factors for growth in the past
Rajarhat enjoyed developmental ventures due to its proximity to the capital of Kolkata. The relatively low cost of real estate in the region also helped bring in investors and land development companies. Being declared as an IT park also helped bring in development in the region in the form of revamped infrastructure and better civic services. Plans for starting a metro service in the region have also helped develop the city.
Residential & Commercial Market
Residential market trends
A vast majority of the properties seen in the region are apartments, with the rest being taken up by plots, builder floors, and other property units.
There has been a considerable price fluctuation in the real esate market in Rajarhat over the years, but it has maintained a steady value above Rs 3,200 from the second quarter of 2012. The price saw a steady rise from the first quarter of 2013, and in its third quarter it stands at Rs 3,300 for apartments and flats. The price per sq. ft. for individual houses has increased over the quarters, from Rs 2,000 per sq. ft. in the fourth quarter of 2012 to Rs 4,700 in the third quarter of 2013.
Flat prices saw a major spike in value in the second quarter of 2012; it had risen to Rs 1,900 per sq. ft, then fell to Rs 711 per sq. ft. in the next quarter. The price has been witnessing a slow rise since then and has reached Rs 820 per sq. ft. in the third quarter of 2013.
Commercial market trends
Commercial space has seen a small fall in average sale value from the last quarter of 2013 from Rs 5,200 per sq. ft to Rs 4,200 per sq. ft. The price range for commercial space in Rajarhat is from Rs 3,300 to Rs 5,000 per sq. ft.
Major challenges
The high traffic during peak hours makes the city prone to noise and air pollution. Ongoing construction in various parts of the city also adds to this. Smaller junctions sometimes get clogged with traffic during peak hours.
Factors for growth in the future
The construction of the Metro station is scheduled to be completed in 2018. This will drive real estate prices higher and bring more infrastructure development in the area. The project status distribution in the area shows many projects are currently being developed in the region, which constitute about 38.2% of the projects in the area. The major builders in the region are GPS Group Meena Sunrise,Swagat Skyline, Realtech Nirman, Prestige Builders, Vedic Spa Suites, Royal Residency, and others. The region will be high in demand once all the development efforts here are completed.
