Hailed as the commercial capital of Eastern India, Kolkata today is marked among the country's fastest growing cities with a booming industry in IT and other upcoming industries. This, combined with the improved lifestyle, has created major demand for Kolkata property and giants from the industry are responding to this by parking their investments in the city's growing realty market. Not just residential, but also the retail and commercial sectors are experiencing significant rise in Kolkata property scenario.
At the moment, the Kolkata property market seems to be very vibrant and growing at a pace, which was never seen before. Kolkata real estate prices are far more realistic compared to other tier-I cities like Mumbai, Delhi, Bangalore or Hyderabad. Properties in Kolkata also come in varied offerings from some of the big developers like Unitech, Godrej, Shrachi, DLF, Space Group, Infinity and others. Residential facilities like flats and apartments in Kolkata are available in both stand alone buildings as well as large multistorey tower complexes. Duplexes, villas and plots constitute other forms of residential offerings in the city. Kolkata property also caters to a huge customer base looking for resale properties, rental properties and budget homes. State-of-the-art office and retail spaces constitute commercial properties.
With IT related developments coming up in areas like New Kolkata Township of Rajarhat, Salt Lake, VIP Road, E.M. Bypass, etc, these have become some of the most in-demand locations for properties in Kolkata. While for commercial properties in Kolkata, the ideal regions are EM Bypass, Sector V in Salt Lake, the upcoming CBD in New Town, Park Street, Camac Street and Theatre Road; for residential, the majority is again around and along the EM Bypass towards the Rashbehari Connector, VIP Road and New Town. Extension of the Metro and Bypass to Garia have also opened up areas extending up to Narendrapur.
Although Kolkata has lagged behind other metros in the country in recent years, the real estate market in the city is considered far more stable than those in the other cities. Kolkata real estate has accordingly caught the notice of investors, looking to make long-term and low-risk investments. The streaming of Foreign Direct Investment in to the city has also led to the increase in real estate demand and the subsequent appreciation in property prices. Residential property rates in these areas range from Rs.2000-Rs.5000 per sq feet, with expected appreciation of 50-60% over the next 5 years.
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