An Overview Of Real Estate In Kolkata

By Author: Suraj Deshpande
Total Articles: 15
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The erstwhile capital of the British colonial rule in India, Kolkata has been iconic in history. Currently, it is the fourth most populous city in the country and has been attracting people for jobs and a better lifestyle. In fact, this cultural capital of the country is now a major hub for IT, finance, travel and tourism as well as the hospitality industry. As more and more individuals are migrating into it, there is obviously a rise in demand for real estate in Kolkata. As a result, the city’s property market is soaring. In fact, the city has experienced a considerable rise in property prices over the past 7-8 months.

The last ten years have seen a lot of changes in this city. From a slow and peaceful metro, it has changed into a fast-paced thriving place, which is at par with international cities. Thus, you may only imagine the kind of transformation that it has faced in the housing and commercial property sector. Earlier this city has popular developers invest in townships and residential complexes similar to houses in Bangalore ...
... However, now the focus is slowly shifting to developing buildings for official, hospitality and retail markets.

Other factors have also aided in the rise. These include: decrease in land acquisition cost as compared to other metros, active involvement of government in various development initiatives, reduced price of assets and easy availability of scalable infrastructure.

Southern Kolkata has benefited the most in this recent transformation. Constructions in areas like Ballygunj, Anwar Shah Road and Elgin Road have got unprecedented response. Of course, a few reasons for this are also the lack of quality housing as well as upcoming retail sector. You may find an average rate of Rs. 5,000/sq. ft in this city, with the top five localities being New Town, Garia, Rajarhat, E M Bypass and Awan Shah Road.

The scenario is similar to that of villas in Kochi, where many developers invested in an upcoming market. Builders are attracted to this city from India and abroad to find their foothold.Several foreign real-estate investors are seen to first get into the city of Kolkata and then slowly spread across the county.

If you are looking at investing in large plots or even a single flat in this city then this is the right time. Get in touch with an agent and find your place in Kolkata.