Residential Realty in Kolkata Soaring

By: George Gonigal

In the last couple of years, Kolkata real estate, has witnessed manifold increase in residential capital values. The major transactional areas include South Central Kolkata, E M Bypass , Kankurgachi , Phoolbagan, Beliaghata, Garia-Narendrapur in the Southeast, Behala-Joka in the south west, Rajarhat in the northeast, BT Road in the northwest and Howrah in the west.

The mid-end residential property segment which was available in a range of 8-15 lakh an year back is now available for Rs 20-25 lakh .The premium budget apartments which was available in the bracket of 25-35 lakh one year back has gone up to 45-75 lakh .

30% of the demand is real estate market in Kolkata is driven by the IT and related sectors. According to real estate consultant Sandip Sen of Calcutta Skyline, 'A little hit has been there for the Middle segment as the remuneration pattern has not been able to match up to the real estate price hike .In Kolkata the average demand is still in and around 20 lakh but there isn't enough supply in this segment.'

The average size that is sought after in the middle segment is around 1,000 sq ft for around 18-20 lakhs and for the premium segment it is around 1700-2500 for 50-70 lakh.

Apartments have always been the preferred option vis-Ã?-vis bungalows in Kolkata. Says Sandip Sen, 'Apartments definitely come cheaper and resident can avail of all facilities and amenities in a huge complex.' A lot of projects are coming to Kolkata wherein the apartments and bungalows are part of an integrated township.

There is a lot of interest generated in the investor community for the city of joy. Most of the big real estate brands such as DLF, Vatika are already there plus FDI is expected to flow into the city in a big way.

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