Properties in Kolkata are not very high priced mainly due to its age old culture and caricature. With the passing of time Kolkata real estate saw a significant development and that residential and commercial development is still ongoing.
After years of sluggishness Real Estate in Kolkata is NOW in a high growth phase, Office, hospitality, retail and residential sectors are the main growth areas.
The prices of properties have grown up. A rapid industrialization and creation of a better infrastructure has contributed to development of Real Estate in Kolkata.
Development of the Information Technology(I.T) and Information Technology enabled Services (ITeS) sectors have fueled the demand of real estate in Kolkata .
The real estate in Kolkata is also driven by the following factors:
· Lower land acquisition cost · Attractive government initiatives
· Lower asset prices
· Availability of scalable infrastructure
All these factors make Kolkata Real Estate a magnet of premium developers from all over India and abroad including foreign Real estate Investors.
Prices of Kolkata real estate have shown a steep upward graph- especially in South and South central Kolkata where the price per square feet has risen a mind blowing Rs 800 in just six months! For example real estate prices in Bhawanipore has risen to Rs.3000 from Rs.2,200 in only six months! The other boom areas are the Eastern Metropolitan Bypass area and the new Rajarhat township.
The unprecedented price rise in Kolkata Real Estate is seen in south Kolkata localities like Ballygunge, Prince Anwar Shah Road and Elgin road. Many new housing estates are coming up in the Prince Anwar Shah extension connecting Jadavpur Police Station to Eastern Metropolitan Bypass. Limited availability of real estate options, successful retail and commercial projects and improved connectivity with improved urban road build quality led to the steep rise in real estate price for these regions. There is also an abstract reason- aspirational quotient of the consumer.
Majority of the under-construction projects are approved under The Town and Country Planning Act, Govt. of West Bengal. This shows the government’s keen interest in the Kolkata real estate investment.
The inflow of Foreign Direct Investment (FDI) has also led to an appreciation of the overall quality of real estate projects. Movement in real estate market has given push to Kolkata Hotels. The furniture Industry along with interior decorations, packers and movers, lightings etc industries is also seeing growth.
Disclaimer: Few information in this article has been taken from the internet.
