New Residential Developments fuel Real Estate in Kolkata

Real estate Kolkata market is hotting up as its peripheral
limits stretch to include once distant suburbs like Rajarhat
in the north-east, Batanagar in the south-west, Howrah in the
west and Dankuni in the north-west. Garia and Narendrapur are
pushing further south-east towards Sonarpur and Baruipur.

The expansion is accompanied by a proportionate increase in property
prices in Kolkata, especially in the upcoming localities. Property prices
in Rajarhat gained by more than 100% over the last 2 years, now fetching
Rs. 2800 per sq. ft. Unitech’s presence has been largely responsible for this –
its 150 acre township in Rajarhat is selling at Rs. 3000 per sq. ft, with
plans to raise it to Rs.4000 per sq. ft next year.

Property prices in Dankuni, on the other hand, have been influenced by
the DLF mega township project. The Belghoria Expressway will improve Dankuni’s
connectivity, bringing the airport within a 20 minute driving distance.
Property rates in Dankuni are expected to go up further by 50 to 60% once
the Expressway is complete.

Howrah property prices are showing a similar trend, as a contemporary township
and several shopping malls are making the suburb a favourite amongst the
middle income group and businessmen.

NRI
investors are opting for the Kolkata West project in Howrah for the
high-end quality of services it promises. Similarly, property prices in
Bata’s
Batanagar Township in south west Kolkata are likely to touch Rs.2000 per
sq. ft as against the prevailing rates of Rs. 900 per sq. ft.

Real Estate in Kolkata’s Diamond Harbour Road has fared well too, banking on
the government’s plans to develop a township in Baruipur. A 15-20% increase is
expected over current prices in Narendrapur, which currently hover around Rs.1,500
per sq. ft. Patuli, Baishnabghat, Sonarpur and Barasat are some of the upcoming
localities one can invest in.

In terms of property and land valuation, Kolkata is a Tier II city, and
identified as the most promising amongst emerging cities. Property consultants
Cushman and Wakefield report that property prices in Kolkata increased
by 15-20% in the last 12-18 months, and similar appreciation is expected
in the coming year.

Rajarhat property rates are expected to grow a trifle
faster as new residential apartments become available.

Infrastructural improvements like the Raichak – Kukrahati Bridge
and the metro rail upto Garia are stimulating the Kolkata real
estate market. Analysts suggest this as a good time to invest, with properties
in Kolkata likely to appreciate by another 50-60% in the developing
suburbs