Kolkata is considered one of the most profitable property markets in India according to real estate developers. The city has witnessed incredible growth in the real estate sector with increasing demand for residential and commercial properties. The reasonable prices, superior infrastructure and excellent connectivity are some of the reasons why Kolkata’s real estate market is ever-blooming.
Buying property in the City of Joy has its own advantages. The suburban areas around the mainland city are becoming a hotbed for the real estate market. Since there is limited space in the main city, the real estate companies in Kolkata are focusing on the development of the suburb fringes. Today, we will look at some of the micro-markets of the city which is gradually transforming into the top areas in Kolkata for buying property.
Rajarhat, New Town
The perfect concoction of commercial and residential buildings, Rajarhat, New Town is a suburb in Kolkata that is developed as a smart city. Having smooth connectivity to the E.M. Bypass – New Town has emerged as the IT hub of Kolkata with renowned corporate brands like PwC, IBM, TCS, Wipro having their offices in and around the area. The recent East-West metro line, the ongoing Alipore-New Garia metro line, along with the ample number of bus, auto and taxi routes make this place a top choice among real estate companies in Kolkata. Young professionals who come to Kolkata for work usually look for places that are close to their offices. This makes New Town the number one place in Kolkata for rental accommodation. So, if you are an NRI, investing in a property at New Town will be beneficial for you in ways more than one. With the rental fare ranging from Rs. 8,000 – Rs. 16,000 for 1 and 2 BHK flats, facilitating rents can be an easy yet secured mode of income for those having a property in New Town.
This area not only provides an exhaustive list of amenities for residential buildings but also has a wide range of options for commercial properties. With restaurants, pubs, shopping malls and other entertainment zones around the corner, New Town is the most happening place in the city.
The primary link connecting North and South Kolkata, Eastern Metropolitan Bypass is another lucrative place where real estate companies are developing properties one after the other. Offering seamless connectivity to every nook and corner of the city through a 32 km highway, E.M. Bypass has many upcoming luxurious real estate projects on the line. From affordable housing options to properties that go up to the range of Rs. 3 crores and above – E.M. Bypass flats attract people from all walks of life. Being located in a developed area, investing in a property at E.M. Bypass is guaranteed to yield attractive profits. With schools, colleges, offices, shopping malls, restaurants and hospitals available within close proximity, real estate developers in Kolkata are of the opinion that the value of a property in E.M. Bypass is most likely to be doubled in the next 2-3 years. At present, the average capital value of properties alongside E.M. Bypass hover between Rs 6,000 and Rs. 7,700 per sq.ft.
Metro, train, bus, auto, taxi – you name it and this area offers you the transport option. Emerging as the hotspot for South Kolkata people, Garia to Kamalgazi stretch has developed profusely in the last couple of years. From residential buildings to commercial properties – real estate companies in Kolkata are looking up to this location as a profitable one. Providing easy access to all necessary amenities, the Garia-Kamalgazi area ranks among the highest rental yield in Kolkata, especially for 1 and 2 BHK variants.
Located near the Kolkata International Airport, Dumdum offers reasonable housing options at an affordable rate. Located 7 km away from Salt Lake, Sector V – this locality is gaining popularity owing to its superior network of railway, metro and roadway connectivity. Regarded as one of the most primitive places in Kolkata, at present there are more than 80% ready-to-move-in properties in Dumdum. According to renowned real estate companies and developers in Kolkata, Dumdum will continue to be an ideal choice for people looking for a reasonable property within a prime location with well-furnished infrastructure facilities.
There are many other locations in Kolkata like Ballygunje, Kestopur, Baguihati, Mukundapur, Patuli, Joka, Behala which are increasingly gaining prominence in the residential as well as the commercial sector of real estate in Kolkata. With the city upgrading its social infrastructure every day, Kolkata, The City of Joy guarantees to provide profitable returns to those who are planning to invest in a property here. If you are looking for a residential or commercial property in New Town, get in touch with us. For more information about the real estate industry, keep following us.