Buying Residential Property in Kolkata

By: George Gonigal

Although Kolkata property markets have always been identified as the end-user one, investor activities have started to gain ground in the city, of late. According to experts, it is DLF that has suddenly brought Kolkata in the attention of real estate investors.

Winning the tender floated by Kolkata Municipal Development Authority, the company recently bought 4,900 acre of land in Kolkata outskirts, at a whopping cost of Rs 2,400 crore. As much as 3,900 acre of land will be developed, under the project, for residential purposes while the rest will be utilized for building commercial properties, sources inform.

This development in the real estate sector of Kolkata has triggered secondary residential districts of New Alipur, Moulali, Shah Road, Prince Anwar, Sealdah and Kankurgachi. The capital values for residential properties have increased by 30-50% in these areas in the past couple of years while the rentals have shot up by an average of 15% between 2005 and 2008. All these locations are located within the radius of 10 kms of the central residential area that encompasses Ballygunje, Alipore and Hastings-areas where capital value of residential plots is as high as Rs 4,500 per sq ft. The capital values for a 3,000 sq ft apartment in Alipur are recorded between Rs 1.50 and 2 crore. Similarly, the average rentals in the aforesaid locations are from Rs 25,000 to Rs 60,000 per month.

Now that buying property in Kolkata prime has become impossible, peripheral locations at the eastern side of the city have also come up as potential alternatives. Massive construction activities have been taking place at Eastern Metropolitan Bypass, Kasba, New Rajerghat Township and Topsia. Capital values for apartments are in the range of Rs 1,800 to Rs 2,400 per sq ft in these locations. According to property consultants, investors can expect a moderate hike of 5-15% on residential property capital value, in the next 12 months.

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