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Indian Real Estate News : Kolkata
Bansdroni offers cheaper apartments than neighboring areas
Source: The Times of India Dec 16, 2013
Bansdroni located in the South Kolkata, witnessing large scale of residential developments offering property at a competitive price in comparison to neighbouring areas such as Garia, Tollygunje, EM Bypass and Jodhpur Park. Apartment values are Rs 500-1000 per sq ft cheaper in Bansdroni.

Developers are mainly constructing 2 and 3BHK units staring at the price of Rs 2,500 per sq ft and goes up to Rs 3,500 per sq ft. Builders are offering projects with basic facilities such as lift, power back-up, 24X7 securities, CCTV etc. "It has been observed properties in immediate proximity to metro station are commanding premium of Rs 500 to Rs 1000 per sq ft," said, Santanu Chakraborty, proprietor of Geo Progress.

On the other hand, property prices in neighboring areas starts from Rs 3,200 per sq ft and goes up to Rs 9,000 per sq ft . Jhopdpur Park is the most premium locality within a 5 km radius commanding price of Rs 7,700 to Rs 8,800 per sq ft and most affordable locality is the Garia offering apartments staring from Rs 3,200 to Rs 4,100 per sq ft.

At present 70 per cent of projects are at under-construction stage and mere 30 per cent projects are completed. This has kept the property price intact in the market, said, Raju Saha, Proprietor, Srishty Realtors. He further added, higher property price in neighboring areas, excellent metro connectivity are also driving sales in the locality.

Apart from demand for property on sale, good connectivity via public transport facility and low rental values has attracted higher demand for properties on lease from both working class as well as students. This has resulted in rise in rental values by Rs 1000 to Rs 1500 per month in the last one year, said Chakraborty.

At present, 2BHK apartment of 700 to 800 sq ft commands monthly rent of Rs 7000 to Rs 8000 per month and 3BHK unit sizes ranging between 1000 to 1200 sq ft are available for Rs 12,000 to Rs 15,000 per month. Apartment with dedicated parking space commands premium of Rs 1000 to Rs 2000 per month, said Chakraborty . This led to average gross yield of 3-4 per cent per annum.

With over 50 residential projects in the market, the area offers large number of variety among property seekers. It is expected that close 8-10 projects are expected to give possession in the year 2014. Therefore, there is no sudden rise in property prices are expected in the market in the near future.

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