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
Several luxury projects coming up in Kolkata
Source: The Times of India Apr 17, 2014
With a large number of upcoming projects, the luxury real estate market of Kolkata is set to shed the lull.

One might not assume that a segment like luxury would have many takers in the realty market of Kolkata realty sector, which is branded as slow but steady. However, with several luxury projects coming up in Kolkata, the developers venturing in the segment can be sure that they can see their business growing.

The developer Heritage Realty has some ten new projects coming up in Park Circus, Rajarhat, Narendrapur, Bantala, Ballygunge, Kankurganchi, Southern Avenue, Belghoria and Canal Street. These are categorised as premium, lifestyle apartments, condominiums, exclusive apartments and penthouses in high rise formats and luxurious apartments. The sizes of the apartment may vary from 1800-3300 sq ft.

Krishnendu Moitra, Corporate Communications at Heritage Realty Group, confirms, "South Kolkata and Rajarhat have a very good market when luxury projects come in play." Others in the market include DLF, Godrej, Unitech and Orbit among others. The listings on Magicbricks show that for a 3100 to 5100 sq ft unit, you would be paying anywhere between Rs 7 to 11 crore.

The luxury realty market of Kolkata

Estimated to have captured a three percent of the total real estate market in Kolkata, the major takers are not the NRIs but the locals. Moitra says that the demand is raised by a mixed group comprising of the NRIs and the locals, but locals have a majority. At present, this mixed group invests anywhere from Rs 1 crore to Rs 13 crore in the residential luxury market in Kolkata.

What amenities do these luxurious havens promise? In Kolkata, your lavish address could provide you 100 per cent power back up, AC lobbies, jogging tracks, landscaped gardens as well as interiors, audio communication facilities, fire alarms, gas pipe lines, proximity card access control, office space for residents’ welfare, boom barriers, tennis courts, panic alarms, digital recording surveillance for entry points, visitors car parking space and more.

Buying trends

Biplab Saha, owner, Travel and Realty, talks of the mind blocks that most home buyers face. "When home buyers invest in affordable housing they are not very particular about who their neighbour is going to be, but when it comes to luxury segment, sometimes even the religion of the neighbour becomes an issue." Also, even if the homes are grand in making, "the slums and unclean sorroundings may keep the buyers at bay," adds Saha.

However, one of the very recent problems reported by the luxury buyers is the developer's failure to deliver as per the map. Saha talks about the case where two tennis courts would have been in the initial map but when it comes to the final stage, the home buyers have to compromise on one. In other cases, the developers do not adhere to their promise of open space. These spaces that were meant to be left open might be given out as parking space or taken for the construction of a new tower. Lack of organized grievance cells cause more discomfort as there is no organized channel that can look into the grievances and solve them for the home buyers.

What is the future?

"With spontaneously developing lifestyles, the demand is going to increase," says Moitra. Economic situation would have ushered in a slowdown in the overall market but with the new luxury projects actively making their presence felt in the Kolkata market, the comeback is for sure.

 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