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- Kolkata - the preferred destination
You are absolutely right.
Kolkata is no longer the poor country cousin of other major metros of India. Its bouncing back to its past glory with all the trappings of a happening city. This is amply reflected in the property boom which has gripped the city in the last six months.
Prices have shot up not only in the already established and “preferred” areas of South Kolkata such as Prince Anwar Shah, Ballygunje and Bhowanipore, but also in a few distant localities like the Eastern Metropolitan Bypass and Rajarhat.
Industry associations like Confederation of Real Estate Developers’ Association of India (CREDAI) say that this turnaround was expected. Citing statistics, CREDAI says that with just 3-4% of urban land available to a 24% urban population, there is a natural shortage. As land gets scarcer, and infrastructure improves, prices can only go north.
Moreover, favourable measures from financial institutions and the inflow of FDI in the market also attribute to this upswing. This cash in-flow has also improved the quality of projects in the market. Prices in most areas, where the scope of real-estate development are high, have almost doubled in the last three years. Industry experts believe that rapid industrialisation process and creation of a better infrastructure has contributed to this price rise in Kolkata.CommentQuote0Flag
- Scarcity of land leading to hike in Kolkata realty prices
Scarcity of land has been cited as one of the reasons for this price appreciation.As property rates touch the sky in Kolkata, even the State Government is taken by surprise.
A senior official from the Kolkata Municipal Corporation says that the State Govt. may consider revising prices of land for sale to commercial establishments. Having earlier parted cheaply with land at throw-away prices to commercial establishments for beautification etc., it now intends to reclaim the land.CommentQuote0Flag
- Kolkata is indeed a promising real estate hub that is slowly realizing its potential. With the emergence of major IT parks and multinational corporations, the city is poised for a real estate boom in the near future. The prices of residential flats in Kolkata, especially in areas like Ballygunge, Prince Anwar Shah and Bhowanipore have already risen, and other localities are soon to follow suit. If one is looking for residential property in Howrah or localities close to Alipore, the best time to invest is now, as property prices are likely to shoot up and go on rising.CommentQuote0Flag