Axiom
Call Us - 91 33 4020 4020  
Sign In  I  Sitemap   
AxiomEstates - India Real Estate
     India Properties Worldwide
Axiom Banner
 
Bookmark and Share
E-mail Print Tell A Friend


Residential Properties

 
 
Indian Real Estate News : Kolkata
Where to invest in Kolkata: Top 3 localities
Source: The Times of India Apr 20, 2014
Kolkata is witness to a slow but steady and stable realty market but still nothing has kept the investors away from the city. Following are the three localities that figure among the top ten localities in the city, as per the emerging trends in Kolkata and Magicbricks’ quarterly report titled PropIndex. Here's a brief tour of some of the viable options available for the potential homebuyers.

Rajarhat

There has been a noticeable increase in the number of homebuyers in this area and the credit goes to the basic infrastructure that is in place and proximity to the IT hub of Kolkata, that is, Sector V.

Additionally, it is a planned township and set to extend North East Kolkata by a few kilometers. Prospective tenants and potential buyers have a choice of opting for the Old Calcutta feel in Rajarhat at affordable rates or the premium apartments that have come up to give the area a plush look.

At Magicbricks, experts have pointed out an upward trend in the prices. What stood at Rs 3500 per sq ft in the last quarter has climbed up to Rs 3700 per sq ft in less than three months. This means that a 1000 sq ft apartment that would have cost Rs 35 lakh would now cost Rs 37 lakh, a cost difference of Rs 2 lakh within three months.

Surya Kiran Bagla, chief managing director, Saltee group asserts that among others, Rajarhat will gain significantly.

New Town

This area is a part of Rajarhat and a fast emerging satellite city with seeping benefits from Sector V. On one hand it would decongest Sector V while on the other it would cater to facilitate a new development corridor comprising of commercial complexes, rental and investor realty markets and better physical infrastructure. The abundance of land banks in this area ensures that the future prospect of this realty market is strong with an added advantage of higher return on investments.

Magicbricks records a sizeable increase in the prices of residential properties in New Town. The average price that stood at Rs 4700 sq ft last quarter has escalated to Rs 5350 per sq ft. A 1000 sq ft apartment that could have been bought for Rs 47 lakh has soared to Rs 54 lakh in no time.

Along with Rajarhat, New Town has been a rental and investment pocket for those working in Bidhan Nagar Sector V. "While the roads and basic infrastructure is excellent, the metro connectivity needs to be strengthened and that would give a further boost to the real estate market in New Town," says Anita Agrawal of RA Realty.

Garia

Garia has featured as a favourite location for quite some time now. While the area is good for residential purposes, it might be a little slow for commercial complexes and not a very viable option for starting offices. Realistically priced, this southern location has gained over the last quarter due to the easy connectivity.

As per Magicbricks data, the average price range in this locality has dipped to Rs 3520 per sq ft from Rs 3750 per sq ft, which means a 1000 sq ft apartment that would have cost Rs 37.5 lakh initially would now be a treat at Rs 35 lakh.

Locals like Ritu Kedia also suggest that Garia is relatively a very safe and habitable locality for women. Moreover, the "social infrastructure is up-to-date". Wreetaban Sen, owner at Invest Asia prompts that return on investment in Garia would be way higher compared to localities in North Kolkata.

Garia has added a new feather in its cap in terms of metro connectivity that links Central and North Kolkata. There is good news for every homebuyer who is interested in Garia.

 Leave your comments
  
Comments

Citywise News
    All India
    Kolkata
    Mumbai
    Delhi NCR
    Bangalore
    Goa
    Pune
    Chennai
    Other Cities
News Category
    Home Loans
    Announcements
    Tax and Legal
    Policy
    Commercial
    Infrastructure
    FDI
    Developer
    Others
Axiom