Kolkata’s fringes continue to get real estate growth

Due to paucity of land Kolkata might have remained bereft of mega housing projects. But small parcels of development is likely to keep the real estate sector moving in the city. Kolkata and its fringes are likely to see a multitude of small housing projects in areas like Rajarhat, EM Bypass, Diamond Harbor, Garia and Kona Expressway over the next twelve to eighteen months, according to developers.

Kolkata could see launch of at least five to six new projects within the city limits. In the fringes, as many as 40 new projects are being lined up. Post budget, the sector will further look up, said Pradeep Chopra, Chairman and Managing Director of Kolkata-based PS Group of Companies.

Uttam Apartment

Harshavardhan Neotia, Chairman, Ambuja Realty, who launched projects like the City Centre Malls and housing estate Upohar, is too planning to launch another housing project in south Kolkata by the end of this year, albeit a smaller one.

Neotia said that there is demand in general, though there is no boom in the market. Also, there is a hope that interest rates will come down after budget, which will also lead to more investors’ interest in the real estate market, said Neotia.

In Rajarhat too, where there has been a sloth in activity over the last one or two years, construction activity has picked up. In Rajarhat the growth in the number of small sized housing projects is quite phenomenal,Neotia said.

Traditionally, Kolkata has been regarded as an end-users, rather than investors market, which has kept the real estate sector immune to sharp price movements in other parts of the country.

Source: Infrastructure Today

Attractions of Kolkata Real Estate

The Facts of Kolkata Real Estate Properties

Real estate developers are intended to the developing their business in Kolkata as the property market in this city is very profitable. Real estate not only includes the housing properties but also lands and commercial properties. Real Estate Kolkata market has been rising by jumps and limits over the past some years and consequently Kolkata Properties have been a tendency changer regarding the real estate. Kolkata has even enthralled many global real estate developers and sponsors and as a result this day Kolkata is one of the most gratifying investment spaces in the world.

Real Estate scopes for residential projects in Kolkata:

There are various kinds of Residential Projects in Kolkata that provides various options on economic buildings, luxury properties, commercial properties, store houses, shopping malls, bungalows, hotels and Paying Guest housing in Kolkata. Kolkata Properties are not very costly throughout the global developer’s point of view and that is one main cause the international real estate developers have also chosen Kolkata as their major aim for their projects regarding the property.

kolkata real estate

Everyone vision their dream for a Kolkata home or apartment in the city. People who dream for a better residential property in this city wish for an urbanized area for breathing during their living. Thus they can run their livelihood in growing manner and the learning of their kids well too. All along with the famous schools, colleges there are also various professional institutes regarding every professional demand in the city. These provide more than enough learning and education to create a people adequate successful. There are well-known business schools to get a strong managerial degree for the business sector. Kolkata is a good traveler spot also and each year strangers from different countries come here to take pleasure in their travels. There are also a numeral of lodges and eatarians to stay and they provide good quality food and beverages too. Durga puja is the main festival and the main attraction of this city. People rejoice this with great enthusiasm and enjoyment. Durga puja of Bengal is famous among the world. Apart from this rejoiceful attraction Kolkata has turn out to be the most striking target real estate place for many relevant developers over the past few time of years spending and with its new planned properties it is the most preferential place for the real estate depositor. Real lavish housing, stores, business properties, enjoyment parks and offices are the major type of properties found across Kolkata. Other gorgeous Kolkata property apart from housing apartments and bungalows are the IT space where the most smart office constructions are initiates.

Type of properties in Kolkata:

Apart from the builder’s or developer’s business interest as a property seeker you can look for your desire residential houses or flats according to your financial plan and position liking as there are tremendous vast range of option for properties on different locations. Usually house seekers wish for a flat in Multistory Apartment in Kolkata which is with some up to date amenities like swimming pool, play ground, car parking area and multigame etc. These equipments are in from the builder’s concern. Actually an apartment building or a flat is self restricted accommodation component and it is a division of a structure of a building. There are two types of Multistorey Apartment in Kolkata such as on possession option and rental. An apartment building which is along by holder and is borrowed by occupant is identifying rental apartment. When inhabitant itself the owner of a flat it is called ownership flat. Kolkata property is now not restricted to dealing of only buying and selling of housing and offices but properties of all types are also existing on rent and lease which compose it simply accessible for the middle class people too. Kolkata property market is energetic and new creation and re-developments of a variety of projects are taking place all through the year. Developers or home seekers from different parts of the world find out properties in Kolkata for their better investment chance than any other cities in India and even outside India.

Latest trend for real estate properties in Kolkata:

Trend for real estate properties in Kolkata is experiencing manufacturing and inhabited growth ever since long. Trying to get closer with the trends in other metro cities Kolkata is also opening doors to contemporary real estate construction. The business of buying and selling of apartments in Kolkata are now looking for finest lifestyle options. Kolkata real estate developers are constructing efficient buildings so the people investing in real estate need not to think about the quality of construction. According to real estate agents, people at the time of property searching think about its sites, the facilities and also the builder before buying a property in the city. Characteristically, apartments in Kolkata have cost effective prices as contrasted to other metro city. Home buyers have large quantity of alternatives offered for them in the market as Kolkata properties presents range of housing from the affordable to the posh and costly. To buy an apartment in Kolkata the prices would differ definitely depending upon position and communications. So it is revealed that with a fast rising requirement for business as well as residential property, Kolkata real estate market is on one occasion increasing at a fast speed and also getting victory for the city as well as the for the community of the city.

Source: edengroup

The Kolkata Residential Property Market Today

Kolkata is fundamentally a Tier II city, and its real estate market is not as volatile as those of the primary cities. Because of this, Kolkata’s residential property sector was not as seriously impacted by the nationwide slump in the real estate market as cities like Mumbai, Delhi, Pune or Hyderabad.

Though traditionally quite conservative when compared to these cities, the Kolkata residential property market now has a rather heavy complement of investors driving it. The eastern micro-market – specifically Rajarhat – has seen the highest presence of investors, with investor sales outnumbering end-user sales in recent years. At the moment, it would be safe to say that around 60% of Kolkata’s residential real estate market is driven by investors.

The pace of recovery from the slump has been steady – but like every other city, the growth in residential property rates is not been uniform across all locations. Established central areas show much the same dynamics as those in cities like Mumbai and Pune do because appreciation potential hovers around the peak levels for these areas already. At the same time, demand for these locations is also constant.

To illustrate – the CBD (Central Business District) locations from Dalhousie to Elgin Road have not seen much upward or downward movement in residential rates. In 2007, they ranged from Rs.10000-12000/sq.ft. and now are at Rs. 12000-15000/sq.ft. The prime areas of Alipore and Ballygunge in the SBD have residential rates and market dynamics matching those of the CBD.

The SBD (Secondary Business District) areas like Dariahat, the Eastern Metropolitan Bypass and Central Avenue upto Lake Town on VIP Road have seen higher appreciation as housing demand spread outward into more affordable areas. In these areas, housing rates ranged from has been higher – from Rs. 2500-4000/sq.ft in 2007 to Rs. 3000-7000/sq.ft. today. In the PBD (Peripheral Business District) areas beyond the SBD, rates have also been fluctuating (though less dramatically) from around Rs. 1500-2000/sq.ft in 2007 to Rs. 2000-4000/sq.ft. today.

As a matter of interest, the costliest residential areas in Kolkata today are Park Street, Ballygunge, Alipore and Camac Street, where rates range from Rs. 12000-15000/sq.ft. The cheapest areas are in the PBD, in areas such as Dumdum and Garia. Rates there range from Rs. 1500-2500/sq.ft.

I expect residential capital values in Kolkata to rise steadily in the feature, not least of all because of the advent of reputed developers such as Godrej, DLF and Unitech. In fact, considering the demand, prices are likely to rise much faster for residential properties than in other real estate segments.

Source: Jones Lang Lasalle

Land Prices Going Up in Kolkata Property Market

Riding high on the favorable government policies, abundant housing options and excessive land prices, property prices are pushing housing prices in Kolkata. According to industry experts, the land prices are going up by 50 percent in some of the posh localities in Kolkata. Catering to the huge demand for affordable residential options in urban and semi-urban areas in the city, Kolkata property prices are revising faster and better.

The property prices are influenced by the recent land auction by government bodies including, Kolkata Municipal Corporation (KMC) and Housing Infrastructure and Development Corporation (Hidco). Factually, KMC sold off a 2 acre plot on EM Bypass in June this year for 115 acres, which is the biggest land deal in Kolkata so far. The last such deal happened in 2009 when a 3.35 acre plot was sold off for 135 crore on EM Bypass. In fact, a 2.25 acre plot was sold for 51.13 Cr by Hidco in the IT township of Rajarhat. The land is meant for a retail-cum-office complex.

The Impact

According to city based dealers, the move will help the Kolkata real estate market to prosper further. There has been a disparity in the demand and supply equilibrium. The rising demand and increasing land crunch in Kolkata is hindering the pathways for emerging townships in the city.

The History

West Bengal has seen an abnormal rise in the land prices. In 2009, the government made huge gains by selling land in posh locations. In Kolkata, three major agencies including the Kolkata Metropolitan Development Authority (KMDA), Kolkata Municipal Corporation (KMC), and West Bengal Housing Board take care of the land dealings. According to published data, the three agencies collectively signed housing deals worth over Rs 18,000 Cr. for over 5.250 acres of land in a little more than two years. Moreover, it is believed that KMDA was accredited with signing deals, valuing more than Rs 800 crore with real estate developers on one day alone.

West Bengal is one of the few states that practice guarded land laws. The state has enforced the Urban Land and Regulation Act (ULCA) in 1976 which restricts the ceiling limit on vacant land in a category ‘A’ in the city to 7.5 cottah or about 500 square meters. Till today, no amendment has been added to the law however, the state grants permissions to relators for purchasing land beyond ceiling only if they provide 30 percent housing reservation for low-income segments.

Unlike the popular realty markets such as Delhi and Bangalore, the property trends are driven by consumers. As a result, the Kolkata market is enthralled by high demand and rising prices.

Source: siliconindia

International City beside the River Hooghly

If you were a resident of Kolkata in the 70′ and 80’s, you probably would not recognize the glitzy commercial and residential buildings dotting the skyline today. The initiative of real estate developers in Kolkata have infused the once-jaded look of the city with swank residential apartments and commercial spaces with a bold message that ‘Kolkata has truly arrived’.

Moreover, the state government is open to 100% foreign investment in real estate. The state’s urban development ministry has fixed a minimum area of 10 acres for developing housing plots, while 50, 000 square metres has been fixed for minimum built up area in construction development projects.

The Kolkata West International City across the River Hooghly in Howrah, the first venture funded by foreign capital, is spread over 390 acres that will offer 5500 bungalows on free hold land by 2009. With the best lifestyle accessories to boot, the township is a zip drive from the business district.

South City promises to be a landmark edifice as the the Emami, Sureka, Shrachi, JB. and Merlin Group of companies have come together for 3 residential-commercial projects on Prince Anwar Shah Road, B.L.Shah Road, and Alipore. Standing 35 storeys tall, South City will also house the city’s largest mall and an international school.

The city is stretching its limits towards Dankuni with another multi-use township on 5000 acres available for development. National and international bidders are in the fray for this coveted project.

On the commercial property front, 13.3 million square feet will be available in Sector V, Salt Lake and Rajarhat, the city’s IT hub. Retail spaces are also expected to grow to 1.5 million sq. ft of space – from 3 malls to 12 in the next few years, international brands will make their presence felt in the city, as incomes rise and lifestyles get more ‘stylized’. Two real estate projects in the 7-star category were launched in early 2007 to meet the aspiration for global brands amongst the elite of the city.


Jones Lang LaSalle, the world’s largest integrated real estate and investment management firm, finds Kolkata an attractive business destination, and worthy of figuring on the company’s list of ’emerging winners’. Inexpensive rentals, a successful private-public partnership model, incentives from the state government, political stability, a fair playing field for all real estate developers are factors very strongly in Kolkata’s favor.
In fact the West Bengal government’s initiative in tying up with private builders has facilitated opening up vast stretches of land which the existing urban land ceiling laws would never have made possible. The West Bengal government has created a cross-subsidy model for real estate developers in Kolkata, allowing them to make profits on high income housing provided middle income groups are sold flats at a no-profit, no-loss basis, and to the lower income groups at a lower than cost price.

The IT sector is growing at twice the national rate at 70% in Kolkata. The demand for 6 lakh sq.ft of commercial space has been expressed by foreign investors, MNCs and banks in the city. In fact, of all the foreign investors looking for investment opportunities in India, 40% of these are focusing on Kolkata.

Experts are of the view that ready commercial spaces available at short notice would make Kolkata a more attaractive destination for major corporations which are now looking for facilitites in the city. The time taken to sanction building plans would considerably cut down construction time by 3-6 months.

Source: NRI Realty News