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Real Estate Market in Kolkata

Developers are increasing their existing chains and entering into strategic partnerships to encourage investment from the cash rich segment of the economy. They are aiming at developing real estate projects which are at par with global standards. These lavish projects have world-class amenities to offer an unparalleled experience in luxury to the affluent buyers.

NRIs who are in search of luxuries like these and being the most affluent are the natural choice for all builders and developers. As a result,Real Estate Market in Kolkata Articles the projects are built with a focus to bring in more foreign direct investment, guaranteeing a superior class of living. NRIs, on their part, are also making huge investments in the real estate space. According to a survey by ASSOCHAM, NRI investment is expected to increase by 35% in this year.

 

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Not only NRIs, even the resident Indians are investing a great deal in the real estate market as it is considered a safe bet for investment purposes and the increase in the ability to invest has shot up, owing to the burgeoning IT industry. The concept of buying homes as a joint family is gradually shifting to a nuclear family one with the ultra modern, fast-paced generation.

Current Real Estate Price Rates

Price rates depend on the area of preference. If you dream of owning a home in South Kolkata then be prepared to shell out much more than what would be expected. Prices in South Kolkata are skyrocketing as it is one of the prime areas and therefore the most developed, happening and expensive too compared to other parts of Kolkata. These areas include Alipore, New Alipore, Jodhpur Park, Ballygunge, etc. On the other hand, new Rajarhat Township and the Eastern Metropolitan Bypass are the upcoming localities, as most of the IT companies are situated there. Moreover, due to the vast open spaces, there is much more scope for development in these new townships, providing builders with ample opportunities for constructing exclusive villa communities.

The table below gives an idea of the capital value rate per square feet in different areas of Kolkata.

Areas

Capital Value Rate / Sq. Feet (INR)

Alipore

10000-15000

Behala

2450-3500

Ballygunge

12000-17000

New Town

2200-4500

Salt Lake

4000-5500

Park Street

4500-6500

(Data as of October 2014)