Houses & flats for sale in Kolkata – Kolkata Classifieds –

Despite the negative sentiment surrounding West Bengal’s image, property prices in Kolkata have continued to escalate.

Defying the national trend, residential real estate prices have appreciated between 20 and 30 per cent in the last two years, say realtors. However, the high returns are not on account of a booming real estate market in the state, but the lack of new projects in the city and its fringes. As a consequence, prices of existing properties have risen, almost disproportionately.

After, Durgapur, no new planned city has come up near Kolkata over the last decade. Even plans to develop satellite townships in areas like Bariupur in the southern fringes of the city has failed to take off. Suburbs in West Bengal continue to be victim of poor infrastructure and connectivity.

Notably, unlike tier I cities like Delhi and Mumbai, Kolkata real estate market caters to end-user buyers, rather than speculative investors. The ticket size of the investment is also low, between Rs 2 crore to 5 crore, compared to Rs 10-15 crore in other Tier I cities.

“The slowdown the real estate market is linked to the general economic slowdown, rather than local issues. In the medium and long term, the investment perspective in Kolkata is fairly good. The price escalation is mainly in prime locations. The supply is limited, and in good locations the land holding is small, which has resulted in steep rise in prices,” said Harshavardhan Neotia, Chairman, Ambuja Realty Group.

“In the short and medium term, some projects in Kolkata have given up to 30 per cent return to investors, which is much better than other cities. ” said Jitendra Khiatan of Pioneer Properties.

Yet, not many consider investing in Kolkata. The reason is negative sentiments linked with the business environment in the city, he said.

Some of the areas where investors got good return include prime locations like E M Bypass, Salt Lake, Garia, where property prices recently escalated in anticipation of Metro linkages.

A major reason for the unrealistic land prices is linked to government policy.

Land prices have gone up by more than 50 per cent in many plush localities, as demand remains steady and hardly any new townships have come up in urban and semi-urban areas in city fringes.

The recent land auction by government bodies like Kolkata Municipal Corporation (KMC) and Housing Infrastructure and Development Corporation (Hidco) give a fair idea of the burgeoning land prices in the city. In June this year, KMC sold a 2-acre plot on EM Bypass for Rs 115 crore, making it the biggest land deal in the city so far. The last big land deal was in 2009, when a 3.35-acre plot on EM Bypass sold for Rs 135 crore. More recently, in the IT township of Rajarhat, a 2.5-acre plot for a retail-cum-office complex fetched Rs 51.13 crore for Hidco.

“The value of land has gone up by around 50 per cent in Kolkata, the impact of which will be reflected in the upcoming project. The land supply is reducing, but the demand remains steady and there are hardly any new townships coming up to meet the demand,” said Santosh Rungta, a city-based realtor.

Yet high land land prices in West Bengal is not exactly new. Around 2009, in the earlier Left Front regime, government agencies made windfall gains by selling land in prime locations.

For example, three prominent government agencies involved in land deals in and around Kolkata — the Kolkata Metropolitan Development Authority (KMDA), Kolkata Municipal Corporation and West Bengal Housing Board– signed deals worth more thanRs 18,000 crore, for over 5,250 acres of land during the period in little over two years. In fact, KMDA was credited with signing deals, worth more thanRs 800 crore with real estate developers on a single day.

One of the biggest hurdles in developing new townships in West Bengal is the the Urban Land (Ceiling and Regulation) Act (ULCA), 1976. According to the Act, the ceiling limit on vacant land in a category ‘A’ city like Kolkata is 7.5 cottah or about 500 square meters.

West Bengal is one of the few states in the country to have a legislation like the ULCA. The move is in sync with the apprehensions of the chief minister. After all, Banerjee had once wondered, “What will happen if someone wants to buy the city?”

The demand for repealing the ULCA was raised for the first time by Godrej Properties chairman Adi Godrej, at an industry meet within the first month of Banerjee taking over as the chief minister.However, much to the disappointment of the developers, urban development minister Firhad Hakim has recently ruled out the possibility of repealing the Act.

“We are not going to abolish the Land Ceiling Act,” he said. “Instead, we will give permission to developers for purchase of land beyond ceiling, provided they reserve 30 per cent housing for low-income housing segment.”

Source: Business Standard

Cheapest Flats in Kolkata

Kolkata, situated on the east bank of the river Hooghly, is the capital of West Bengal. Also known as “City of Joy”, Kolkata is believed to be one of the cheapest cities in India.

The city is showing mark improvement in every sector with the largest in its property market. With an increasing demand for commercial as well as residential property, Kolkatta real estate is once again coming back into the active mode.

With a multitude of multinational companies entering here, there has been a sudden increase in the number of potential developers of upmarket property. As maintaining the global standard of living, most famed conglomerates are ready to spend extra amount to avail the facilities that are at par with international standards.

Also, many reputed builders are looking forward to develop a number of buildings in the city. A large portion of demand for property in Kolkata seems to come in from the domestic and international retail chains to set an upward trend in the commercial market. As prophesied by the real estate soothsayers, Kolkatta will certainly see a tremendous rise in demand for office spaces in approaching years.

Source: Indian Realty News

Houses – Apartments – Flat for Sale Delhi

The real estate sector has been witnessing a declining trend in big cities such as Bangalore, Kolkata and Chennai, while the growth is noticeable in smaller cities, labelled as tier-2 centres, like Dehradun, Bhopal and Hubli, according to the Housing Start-Up Index (HSUI), which was released on Monday.

HSUI, an indicator of volume of construction in the housing sector during a certain period, covered 27 cities across the country between 2009 and 2011. The index will cover 300 cities soon. The first-of-its-kind initiative is a critical indicator of economic growth in sectors like banking, mortgage, labour, steel, cement and paint.

India has joined a club of six developed countries – Canada, US, Japan, France, Australia and New Zealand – which have a housing start-up index.

The index showed a declining trend in the real estate sector in million-plus cities, while it indicated an upward movement in smaller cities.

Housing minister Girija Vyas said, “The contribution of realty sector is about 10% of the GDP and, hence, it is a key macroeconomic indicator. It will help both the private and the government sector in assessing economic activities in a region. It will also benefit consumers and promoters.”

She said such trends were useful indicators of the pattern of development in the country, which, in turn, would help policy-makers and administrators understand the future focus and thrust areas not only in terms of housing provision, but all the associated infrastructure and civic amenities required.

There are 254 ancillary sectors which are related to housing sector directly or indirectly like cement and iron. 30 million people are involved in the sector, which has an estimated market size of Rs 2.5 lakh crore.

Source: Times Of India

Real Estate Residential Flat in South central Kolkata

Real Estate in Kolkata is in a high growth phase, especially in office, hospitality, retail and residential sectors.

Real Estate in Kolkata have appreciated in monetary value in the last few years. A rapid industrialization and creation of a better infrastructure has contributed to development of Real Estate in Kolkata.

Real Estate in Kolkata, West Bengal is defined as the land in the Kolkata metropolitan region along with anything attached to the land like buildings and its fittings.

The demand of real estate in Kolkata is fueled by the development of the Information Technology(I.T) and Information Technology enabled Services (ITeS) sectors.

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.

Foreign real estate investors makes Kolkata Real Estate as their first port of call.

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. The factors behind such a steep rise in select localities are the limited availability of real estate options, successful retail and commercial projects and improved connectivity with improved urban road build quality. There is also an abstract reason- aspirational quotient of the consumer.

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 too.

These days real estate agents in Kolkata are in great demand for the real estate is considered more than a fixed asset. Today it is the best place to invest your money. So as more and more people want to buy a land in Kolkata, they require the help of real estate agents in Kolkata.

The real estate agents in Kolkata are very cooperative and friendly. They will help you in getting your choice of property within your budget. With more and more land on sale and big giants eying for it, the value of land in Kolkata in West Bengal has gone up.

Source: mapsofindia

Barasat, The New Residential Investment Attraction In Kolkata

Located in the northern fringe of Kolkata, Barasat is transforming into a well-established residential area. Situated on the Jessore Road, Barasat promises good location with easy access to civic amenities.

Barasat, which was earlier less developed, is growing at a fast rate and is giving other areas such as Rajarhat and New Town, a run for their money. Experts in the industry say that Barasat is becoming a sought-after option as it is affordable as compared to other areas and is well-connected to business hubs.

The area was less crowded earlier but now it is developing by leaps and bounds. All facilities like hospitals, schools and shopping complexes are in the vicinity and the area is also affordable as compared to other areas.

Barasat is just 15 minutes away from the Netaji Subhash Chandra International Airport and the railway station, Barasat Junction, is also at a distance of about 10 minutes. It is also favourable for people as it is closer to NH-34 towards north Bengal and is also near the Salt Lake.

In multi-storey apartments along this stretch, the major features are ample parking space and lush greens. The apartments are serviced with facilities such as swimming pools, courtyards, gyms, maintenance, security, etc.
Presently, the sale values in the area are in the range of Rs 1600 and Rs 2,600 per square ft.

There are less of 1BHK apartments whereas the 2BHK configuration with an area of 450-800 sq ft is more in demand. The 3BHK apartments are constructed in 1100 sq ft area. A 2BHK unit is available at rental values of approximately Rs 18, 000 per month while for 3BHK it is about Rs 27,000.
As per the experts, the proposed metro station is expected to bump up the rental values.

Barasat is a desirable location for property buyers and approximately half the buyers are end-users. A 30 per cent return on investment, accounts for the other half of buyers being investors.

Major developers that include Fortune Group, Sanjeevani Developers, Vedic Group etc, who are coming up with residential projects in Barasat attracting end-users, especially from North Bengal itself.

Source: Aawas