What is the present situation on the Kolkata real estate front?

As it is about making the consideration about purchasing a property the potential real estate buyers opt for multi-storey apartments as they are the more unique and effective options and reap great profitability in the long run. They are the more tailor made options and can be customized according to the needs in a much better way. That’s the reason the major Kolkata real estate companies are concentrating more on development of multi storied residences as the Kolkata buyers are more inclined towards buying the same as they come with much more readiness and are always in a ready-to-move mode. There is also a steady inclination towards buying flats in south Kolkata in localities like Ballygunge, Kasba, Tollygunge, Jadavpur, Behala, Garia, Sealdah, Alipore and Prince Anwar Shah Road. They are indeed great place to lock the property as over time they generate great ROI. Therefore, if a survey on the home buyers would be taken it will be well seen that they either prefer plots or houses and more precisely multi storey residences in this region.

Kolkata Real Estate Companies
Kolkata Real Estate Companies

The budget that most of the buyers comfortably afford in these areas ranges from 20-40 lakhs and the interesting fact happens to be that the flats that comes below the budget line of 20 lakhs they are highly undersupplied and on the contrary high demand for flats with a price tag of 1 crore can be observed.

The great destinations for top class rentals include Garia and Behala. The best advantages shared by the localities include availability of hospitals, schools, commercial complexes, metro connectivity and enroute to EM bypass and there are several other advantages in terms of the infrastructural benefits and so on. The average price of properties in these regions move around Rs 3600 per sq ft and still the demand is constant.

The Kolkata real estate sector is booming steadily and there is a constant demand for housings and plotted properties in and around the city. More inclination towards multi storied apartments can be seen but the overall demand is ongoing. Here is a short overview.

Is the Property Sector recession proof?

The world-wide recession over the past five years has left a bad taste in the mouth of most working class people. Many jobs had to be cut off and prices of most commodities have gone up making some of them unviable for buying. In spite of all this, there is still one such sector which hasn’t been adversely affected by recession which has been the property sector. The era may be of an economic slowdown or an economic boom, the property sector is always away from loss making. Many people, especially economists feel that this sector is always growing in the positive direction because land properties are non-depreciation assets.

real estate agent
Real Estate Agents

Many real estate agents are now making a beeline for East India. It seems that property prices in the West and South of India have risen to such soring levels that selling any flat, bungalow etc has become tough. The eastern part of the nation, epically West Bengal has been under-utilized in terms of land and property so the prices are still under control. In urban Bengal that is in cities like Kolkata and Howrah, the property prices have just started to rise due to infrastructural development like Metro Rail Projects. So property agents are looking towards other two tier cities like Durgapur and Asansol. Being in the country side of the state, property prices may still be under control over there.

The north side of Kolkata city also still has some scope of availability regarding prime land and property at reasonable prices. It’s so as the southern part of the city of joy has risen up quite a lot when it comes to these non-movable assets. The future seems to be bright and won’t become dull for the property sector for many decades to come in this century.

The boom is just going to increase with time for any property in developing nations. This is true especially for the eastern part of our great nation.

The expanded cityscape shaping the real estate boom in Kolkata

Kolkata can be precisely referred as the intellectual hub of India and the city is growing by leaps and bounds and steadily on its way to become the real estate destination of India. The different eminent real estate companies have more than one crore square feet of real estate space in the city inscribed under their name and that bears enough testimony about the booming real estate scenario in the city.

Ashoka Heights
Even when the economy is not that stable in the country still the city still the real estate sector here has derived adequate fillip and this is quite visible as the number of people looking for houses for sale in Kolkata is always on the rise. The growth of fancy housing and the increasing number of projects of flats in south Kolkata are giving enough edge to the real estate developers in the city and their profitability is enhancing more and more over the years. The best part is that the boom is not limited to the urban area of the city but the outskirts of the city are witnessing a favorable number of big budget projects. The Eastern Metropolitan Bypass in the east, New town and BT Road in the north, Kona Expressway in the west and the Garia-Narendrapur track in the south are the areas to experience tremendous exposure and growth. It is not just residential projects to be undertaken in these areas but many an office set up are under construction over here making way to immense commercial possibilities.

New Town was the sprawling satellite township adjacent to the airport to hold the boom for a favorable period of time but with many more upcoming projects all over the city and its outskirts are soon to steal its pride to a great extent. The fascination for flats in south kolkata still rules the mind of the people looking for a house for sale in Kolkata and this has ever kept the desirability of these locations to a great extent.

The lookout for houses for sale in Kolkata is constant and with so many upcoming projects the real estate domain is ever enhancing extending the cityscape to further horizons.

How to opt for the right real estate agent

Owning a residential apartment happens to be one of the hugest dreams that every human being aspires to have. Considering the importance of what a house generally means to all, it is important to ponder upon the selection of a real estate agent who has expertise in the field of meeting people’s requirements. The people who are seeking homes or have already got their dream homes through a broker knows very well how important role a broker plays in their lives in getting them desirable homes. These days’ the minute you decide on buying a house you will be flooded with various opportunities to opt for a broker. Purchasing a house of your own accounts for making a huge investment and with an experienced broker one can easily choose a desired house. Searching a house without a broker can be a big nightmare as one is generally not accustomed with all the information of the area. Hence hiring a real estate agent who has all the necessary information is always a good as well as smart idea. While selecting a broker for yourself you must consider the following points without which you will feel lost and devastated.

Real Estate in kolkata

(a) You need to ensure that the agent whom you have hired for yourself has a good market reputation as well as years of experience in the field. It is not every day that a man buys a house. The entire process through which the final papers of the household gets transferred takes a huge time duration, therefore hiring an experienced and skilled broker who can handle matters with care is required. A broker having good repute enjoys huge demand in the market.

(b) A broker who has good communication skills and who can manage both the sides properly is the one with whom one can easily work with. If a broker shows negative approach and attitude towards one party then it is quite evident that the other party will surely walk away breaking the deal. Getting along with all should be the mantra of the agent who looks forward to sealing the deal effectively.

(c) Market research is always necessary before assigning a broker. In order to know how efficient the broker really is, one needs to do research on the market reputation of the agent. For the people who have been investing in buying a house for the first time must ask others about their experiences regarding buying and selling of houses. This way one will be able to get a thorough insight of what all qualities should a broker possess? Word of mouth is of the most trustworthy sources through which one can get ample of information about the real estate agents. As this source is not necessarily created by any agent in particular hence one can rely on the various experiences which one gets to know from here and there.

(d) It is essential to have a word with more than one agent before deciding on one. As by interviewing many agents, one will get a detailed insight about their work experiences and details of handling matters in different situations.

Selecting a real estate agent while buying a house is always a good idea and by following some important points one can surely get a good real estate agent for himself.

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