Owing to the strategic location and smooth connectivity, residential properties on VIP Road have registered a capital appreciation of more than 45 per cent over the last four months. The rates that were in the bracket of Rs 3,200-3,500 per sq ft in September’12 has reached to Rs 4,000-6,000 per sq ft in January’13.
VIP Road starts after Ultadanga and stretches up to the International Airport. It includes many towns on its periphery. These are Lake Town, Bangur, Dum Dum Park, Keshtopur, Baguiati, Jora Mandir and Teghoria. International Airport and Ultadanga Railway Station located one and 5 Km away from the area, respectively ensures smooth connectivity to other parts of Kolkata. VIP Road has easy connectivity to important places like Rajarhat, Salt Lake sector-5, New Town and New Kolkata among many others.
In addition, there are good schools, markets, hospitals and restaurants in the vicinity that make this area inhabitable. Proximity to the New Town and Salt Lake also brings a lot of buyers to VIP Road. Being an end-user driven market, we see a lot of IT professionals working in the commercial hubs such as New Town and Salt Lake sector-5. Also, we see a considerable number of businessmen as end-users on VIP Road.
As per the availability of units in the area, there is a lot of resale property available. There are 70 units, on an average, available in various localities on the VIP Road. There is an ongoing project too by PS Group called Magnum, which offers 2-4 BHK units. The project is selling units at Rs 5,500-6,000 per sq ft. Units in all these new projects are selling at Rs 5,000 to 7,000 per sq ft, the average rate being Rs 6,000 per sq ft.
Source: Aawas.in