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Indian Real Estate News : Kolkata
West Bengal to face shortage of 2.68 million houses: CREDAI Kolkata President
Source: The Times of India Dec 15, 2013
West Bengal is expected to face a shortage of 2.68 million units of dwellings, which will be required by 2030, says CREDAI Kolkata President, Harsh Patodia in an exclusive conversation with Magicbricks.com. He reveals that in order to meet the immense housing shortage, it is estimated that about 99% of this housing shortage will be for the households falling in the Economically Weaker Section (EWS) and Low Income Group (LIG) segments. The remaining will be for the luxury and mid segment.

As the supply of the residential units is not meeting the expectations of the rising demand, property prices have gone up in Kolkata in the last six months. "In the residential segment, prices have gone up by 15 per cent to 20 per cent mainly on account of the cost of land has increased and to offset some amount of construction cost price," says Patodia.

The growth corridors

Patodia sees the areas which fall under the extension of metro railway routes as the major growth corridors in the city. "We feel that all these areas covered by metro corridors are ideal locations for newer development. With three to five kilometers of the station areas being available as new areas for real estate development, there will also be a rise in stock for the affordable housing segment," he says.

CREDAI, the developers' association's Kolkata wing, also expects the land prices in these areas to go up depending on the development and the connectivity of the area with the city centre.In the Kolkata real estate market, both flanks of the Eastern Metropolitan Bypass, extending up to Garia, the Garia belt consisting of Narendrapur, Sonarpur, going up to Baruipur Kolkata city is covered by metro now extensively and is thus a vibrant corridor of continuing development, and with the recent announcement of the Metro Railway going right up to Baruipur, this trend will continue," he adds.

Infrastructure a major challenge


It is a known fact that infrastructure is the most significant parameter for selecting zones for large-scale development. Most new areas in Kolkata, alongside EM Bypass, have seen additions to social infrastructure. Patodia believes that this area has growth potential as several hotels and social infrastructural facilities are coming up here. "In New Town, Rajarhat, there is expected to be good appreciation as it will have complete ecosystem. However, a lot of infrastructure, vis--vis network roads, still need to be addressed there. As pointed out in the previous answer, the infrastructure gap is being substantially bridged with the extension of newer metro corridors," he says.

The infrastructural development in the city has been instrumental in the development of several localities of the city. For instance, areas like Joka, BT Road, Barrackpore, Barasat, Madhyamgram are new areas because of the extension of Metro train network. Moreover, the adjoining areas of Kolkata, such as Howrah and Hooghly have also seen traction because of the construction of the Belgharia Expressway, which connects the areas like Rishra, Uttarpara and Konnagar.

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