It’s been quite some time since the real estate growth of Kolkata is making headlines. From luxury units to the affordable spaces, the City of Joy is now a home to a plethora of residential projects catering to all income groups. The capital of Bengal and one of the finest metros of the country, Kolkata is currently opening up multiple avenues for real estate developments. According to the National Housing bank (NHB) Residex, real estate in Kolkata has grown around five percent, equal to that in Chennai, Ahmedabad and Surat.
Alongside, the exceptional prospects across the city fringes are quite noticeable. Areas, like Joka, Maheshtala, Batanagar, Serampore are the upcoming residential hubs, offering dream homes to the potential buyers. But what’s actually prompting the real estate boom in these areas? Is it only the price point, a convenient location, or something else? Well, for the experts, it’s a combination of several factors and this piece probes into it.
For years, leading real estate developers in Kolkata focused on luxury segment, but the post demonetization phase has witnessed a sea change with sporadic developments of affordable housing within the city. No wonder, it has instantly shot up demands in recent years. Moreover with property prices appreciated in Kolkata more developers are coming up with bigger projects here.
Let’s find out what has triggered the emergence of real estate in the city fringes.
It took Kolkata quite some time before participating in the realty game like the other metros. But, recently, Kolkata is one of the most coveted destinations for the potential homebuyers. Why? The first and foremost reason is certainly the price points. Compared to the other metros in the country, the City of Joy is offering homes at a pretty affordable price. With the growth of affordable yet stylish living spaces across the periphery of Kolkata, homebuyers can certainly have a sigh of relief. Even the middle class buyers, for whom having a home of his own is more like a dream, can think of owning a home, says the owner of a 2 BHK residential project near Batanagar. With more buyers taking interest in these areas, more investments are coming this way.
Development of Modern Homes
Gone are the days, when a flat or apartment was all about spacious rooms and balconies. Today, even the affordable properties come with a fleet of basic comfort amenities, which makes sure that you have a lifestyle of your dreams. For example a swimming pool was once the feature of a luxury residence, but today it is more of a basic facility. Moreover, amenities like community halls, gymnasium, kids’ play area, indoor games room are available in every residential project, be it a luxury one or affordable. Even the homes in the city fringes are coming up with facilities like these, which are definitely adding up to the increasing demands of the home buyers.
When it comes to infrastructure, the city is making quite an improvement especially along its periphery. Moreover, with excellent connectivity with the rest of the city, the fringes are attracting investors and buyers alike. With improved infrastructure the fringes are opening up quite a lot of prospects. Kolkata Municipal Corporation is working on various projects to develop infrastructure within and beyond the city. East-West Metro Corridor is already taking its shape. It connects the northern and southern part (including the farthest fringes) of Kolkata with the Salt Lake City. The Government has also adopted measures to revamp the metro rail network, thus making the infrastructural scenario quite upbeat. The government is also planning to expand the network with five new metro lines, connecting the IT city at Salt Lake, Joka, Noapara and New Town, thus bringing in more areas of the city within the closest access.
The Takeaway Point
The growing real estate development essentially in the pockets of the city has taken the home buyers quite in an upbeat state. Offering low range pricing along with the basic necessities of life, these upcoming homes are undoubtedly offering a great alternative to own a home, irrespective of the income status. Apart from Batanagar, Budge Budge, or Joka, a plenty of other areas are also kicking in with the promise of long-term growth prospects of the real estate in Kolkata.