With the launch of several new residential projects in Kolkata, the city has become one of the preferred destinations for real estate market in the country. Factors such as excellent connectivity and continuous developments in terms of social infrastructure and growth in the overall real estate market are drawing prospective home buyers in the area.
Connectivity is Major Boon in the Area
Planning to invest in residential property in New Town is a good decision because the area offers great connectivity to the residents primarily via Rajarhat Main Road and the EM Bypass.
- The Netaji Subhas Chandra Bose International Airport is situated at a close proximity to the area. A flyover has been built in Action Area-I and there are proposals for several expressways and flyovers to ease traffic congestion in the region.
- Bus transport facilities are readily available here.
- There is a proposal for extending the Circular Railway from Bidhannagar Road or Ultadanga to New Town through Salt Lake and Lake Town.
The entire zone is dotted with several IT Parks and companies such as the DLF IT Park, TCS, Capgemini, Genpact, Accenture etc. Eminent developers in the area such as Team Taurus, Shapoorji Pallonji, DLF, Tata Housing and Srishti are coming up with several premium, luxury and ultra luxury projects. Some of the prominent projects for sale in Newtown are Arya Rajwada Sky, Shrachi Restello, Unitech Air and Shristi.
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The flats in New Town are priced between Rs 6,000 per sq ft to Rs 3,800 per sq ft. One of the notable developments in the area is the construction of the New Garia-Airport line of the Kolkata Metro extension project that will be passing through the New Town area. New Town has been declared as a Solar City and expected to be known as a Smart Green City very soon. There are several educational institutions and recreational parks in the area. Well known hospitals such as the Tata Cancer Centre and Ohio Heart Hospital are also situated here. Considering all these factors, one may think of investing in residential projects at Kolkata.
On the other hand, Salt Lake City has clean and well-maintained roads and sanitation, relatively pollution free environment, shopping malls such as City Centre and a vast array of government offices and IT sector that cater to the entire city of Kolkata. S.D Construction Pvt Ltd, Salimji Construction and M.S Construction are the leading builders and developers in the area. The area is well-connected to other parts of the city through the EM Bypass. The area is served by state-owned and private buses, taxis and auto rickshaws. The nearest rail station is Sealdah Railway Station which is situated only 8.5 km away from the area. Netaji Subhash Chandra Bose International Airport is only about 12 km from the area. Current property rate of flats in Salt Lake City is around Rs 5100 to 5822 per sq ft.
Although, both New Town and Salt Lake are good options for investment, but it may be concluded that investment in New Town is more beneficial due to factors such as excellent connectivity, good social infrastructure and world-class amenities.
Kolkata is a city dotted with charming, age old heritage structures and buildings. Today, it has several skyscrapers and is no less than its metropolitan counterparts like Delhi and Mumbai. Indeed, the picture becomes a lot exciting when the buildings are used for housing. Real estate may be developed either horizontally or vertically. But, since the prices are soaring high, it is not that possible for the developers to expand horizontally. For the developers, vertical developments make a lot of sense. Kolkata is growing in terms of infrastructure and indeed the place is a residential hotspot now. Check out the top locations in Kolkata to consider an investment:
- EM Bypass: EM Bypass is a region in Kolkata where one can discover luxurious apartments. EM Bypass has never experienced property depreciation and so it is most preferred by the property buyers. The transportation facilities and the telecommunication network are outstanding here. One can find best locations to buy property along EM Bypass.
- Rajarhat: Located on the outskirts of the city, Rajarhat is one of the best places to invest in. When we talk about the property rates in the previous 7 years, the property rate has increased to a great extent. Due to great advancements in technology, the place is getting industrialized rapidly.
- Behala: Behala is indeed best for mid income buyers, situated in South Kolkata. There are several housing projects going on here and social and civic infrastructure is also good. With the advent of the metro, the area should witness a massive increase in property prices.
- Garia: Garia is again a place where you may find the best mix of residential and commercial properties. The best part is that the prices of properties here are quite reasonable and moderate. Connectivity are social infrastructure are both top notch here.
Some Key Residential Areas to Invest in Kolkata
Builders in India are also coming up with premium residential projects in several places including Ballygunge, Belvedere, Lower Circular Road, Southern Avenue and Park Street which are perfect for buyers in the luxury and ultra luxury segments. Property prices are on the rise in these places, making them some of the costliest destinations to invest in. Property developers are launching their projects owing to huge appreciation in property rates. There is great demand for housing in Kolkata for rent as well.
The Trend of Green Buildings in Kolkata
Advancement in Kolkata real estate is manifested in the construction of so many ‘green buildings’. Such buildings do produce almost no waste and tend to optimize energy efficiency. They are huge in number and according to IGBC, there are 260 green buildings in the city. Builders in India are trying to cater to the needs of commercial and residential buyers with such futuristic innovations according to reports.
Several residential properties in Kolkata have swimming pools, parking lots, recreational clubs, jogging tracks and community halls. Some even feature basketball courts and other sports facilities. To buy property in Kolkata, one needs to pay varying prices for different localities.
While those living in South Calcutta have quite a few posh localities to choose from, there have always been a few favorites like New Alipore, Ballygunge, Tollygunge, Jodhpur Park and Jadavpur. All these localities are prime destinations and if you want to buy a new apartment in Kolkata, anywhere in one of these regions it will be a good investment option. However, there is always a point of contention between some localities and Tollygunge and Jadavpur have always been under the radar. Both have a number of amenities and both have their own advantages. Let us have a look at both of them.
- Tollygunge in South Kolkata is huge and is divided into various zones.
- It has many other localities within it like Haridevpur and Rani Kuthi.
- The best thing about this region is its connectivity because anyone who has to commute frequently for work would get easy access through local trains, buses, autos and most importantly, the Metro or the underground railway network as it is known in India.
Even until few years back, Tollygunge Metro station used to be the last station in the North- South Metro Line and thus anyone wanting to go to the other parts of the city in that direction had to get down here. From here it is extremely easy to travel to destinations like Park Street, Camac Street, LL Nehru Road and other adjoining areas. It is the hub of the Bengali film industry as is home to Technician’s Studio and also the golf club. South City, one of the premium shopping malls in the city is situated just one metro stop prior to Tollygunge as it can be accessed by the Rabindra Sarobar Metro Station.
Most importantly, institutions like ITI Tollygunge, B.D. Memorial Institute, Future Foundation School, South Academy High School and a number of others are situated here. Local markets and shops are also easily to be found.
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The next place up for discussion is Jadavpur, also situated in another region of South Kolkata.
- It is a well known residential area but has been mostly made famous for Jadavpur University, one of the premium seats of learning in the city.
- The region has lots of hostel and paying guest facilities as well because of the students who study here.
- Although this region does not have the metro, it still has a number of local trains passing through the nearby intercity station and other nearby areas here are Garia, Santoshpur and Dhakuria, again made famous by the Dhakuria Lake.
Prices of residential properties in Kolkata are also a bit higher than certain places in Tollygunge and that is more so because of its closer proximity to other prime locations of the city like Prince Anwar Shah Road. Those considering a peaceful and posh neighborhood can definitely check out Jadavpur.
So as it can be seen that both these regions are prime locations and so it would be advisable to scout both of them before you invest here, depending on your own personal needs and requirements.
The fourth most populous city in India, Kolkata is the capital state of West Bengal. Kolkata, also known as the city of joy, is one of the main metropolitan cities that has established itself in the real estate market. The real estate scenario in Kolkata is experiencing a rapid growth in all segments i.e. from affordable to high-end properties. During the last 3 years, this city has experienced growth in real estate for apartments in Southern Kolkata as well as other parts such as B.T Road, Rajarhat, and so forth. The reason behind this is the affordable rates of apartments, well-connected roads, infrastructure and the standard of living.
Top Localities for Investment in Kolkata
- Rajarhat: This area enjoys road connectivity to the Belgharia Expressway, and the Eastern Metropolitan Bypass resulting in its connectivity to the southern and northern parts of the city. Rajarhat has a good connectivity to the submarket as well as the Netaji Subhash Chandra Bose Airport. Work on the metro railway is currently in process which will connect central Kolkata and Howrah with the Salt Lake.
- Maheshbathan: This area is situated between New town and Salt Lake Sector V. This region enjoys the same connectivity as Rajarhat. This area is developing rapidly due to its regional advantage.
- Garia: It is one of the most preferred locations for settling for young families. The area offers a pleasant neighbourhood and gated communities. The expansion of the EM Bypass into an eight-lane expressway, metro connectivity and the arrival of the Garia – Airport Link road has enhanced the connectivity in the area.
- Kasba: An extremely busy and popular locality well-connected to other areas of the city with flyovers and railway lines. Individual homes as well as apartment complexes can be found in this area. The families residing here are a mix of old and new immigrants.
- Jadavpur: Jadavpur University, the respected educational stalwart is located in Jadavpur. This region has become one of the most cosmopolitan areas to live in with gated communities. Moreover, newer families are residing in this area due to the famous 8B bus stand which provides services for buses to the rest of the city.
If you are looking to buy a house in Kolkata, you will have to spend a big amount of money. Therefore, applying for a home loan becomes imperative. You can check with various banks and Non-Banking Financial Companies (NBFC’s) that provide home loans at attractive interest rates and flexible repayment tenors and select the one that best suits your requirements.
There are plenty of options for anyone seeking a house in Kolkata at the moment. But if you are looking for a truly special property, Rajarhat – New Town is where you should be. The latest satellite township in the city, this area is all set to add an array of new luxury flats in Kolkata.
Nostalgia Meets New-Age Living
Kolkata is known for its nostalgic, old world charm which is well-reflected in its architecture. In recent times however, the city has witnessed a growing demand for modern houses and skyscrapers. Flats in Rajarhat are certainly some of the most luxurious and upscale listings you will find in the city right now.
Located close to Salt Lake City, Sector V and the airport, this township has easy access to some of the best areas in the city. It is not easy to find properties for sale in Kolkata when your requirements are that of amenities available in cities like Mumbai or Delhi, but Rajarhat-New Town projects are sure to match your needs.
The neighbourhoods in and around the area are known for housing 5-star hotels, high-end malls, IT hubs and other business enterprises. New Town is also the location for some of the biggest software companies in the market today, including IBM, Capgemini, and Tech Mahindra.
The growing number of businesses has also led to more than 15% rise in property prices in areas like Salt Lake City, where it is now very challenging to afford a spacious apartment. However, this is not a problem in the upcoming townships of New Town where the square feet rates remain with a range of Rs.3000-4000. Rents in this neighbourhood are also inexpensive, in the range of Rs. 10,000 to Rs. 15,000.
Smart Cities, Smart Living
New Town is now all set to be a part of the government’s Smart City initiative, which will expose it to some of the best public and civic infrastructure available in modern India. For young professionals or nuclear families looking to make their debut investment, this could be a great first step in owning reliable assets.
Connectivity is a major advantages for Rajarhat New Town residents. The Sealdah railway station is only 12 km away via VIP road. A metro line connecting this area to the airport is also in the works, which is likely to escalate prices for all types of properties here further. New Town is also a promising long-term investment for anyone looking for a property with high resale value. In 10 to 15 years, this locality promises to be one of the most sought after destinations for both commercial and residential affordable homes in Kolkata for investment.
If you are looking to invest in a house of your own, in a good neighbourhood, or procure a space to run a business unit, Rajarhat New Town is one of the best places you can find in Kolkata today.