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Indian Real Estate News
Where to look for plots for Rs 1-5 lakh in Kolkata
Source: The Times of India Apr 06, 2014
Abundant supply of virgin land bank at attractive prices makes residential plots a fad in Kolkata.  In a span of a quarter,  there have been noticeable changes in the investment patterns where even the peripheral regions are being given a thought.  The new trend amongst investors in Kolkata is to invest in the residential plots,  thanks to the ample virgin land bank in the region.

Plots in your budget

A lot of residential plots are up for sale and the price range is Rs 1 lakh to Rs 5 lakh.  The varying sizes that fall under the below Rs 5 lakh bracket ranges from anywhere between 720 sq ft to 2160 sq ft.

As per current listings on Magicbricks,  in Joka,  for a plot of dimension 720 sq ft,  the price is Rs 1 lakh.  The same dimension plot can be owned at Garia for Rs 1 lakh.  Barasat too lists a 720 sq ft plot for Rs 1. 9 lakh.  Diamond Harbour offers you 720 sq ft plot within Rs 3 lakh to Rs 4 lakh.  For a 1440 sq ft plot at Sakker Bazaar,  the price would be Rs 3. 5 lakh.

At Thakur Pukkur,  you could own a 1440 sq ft for Rs 2. 5 lakh.  Baruipur could fetch you a 1440 sq ft for Rs 4. 5 lakh.  Barasat also listed a 1440 sq ft plot for Rs 5 lakh.  Sonarpur has a 1440 sq ft plot for Rs 2. 6 lakh.  Behala also offers a 1440 sq ft for Rs 3. 6 lakh.

Similarly,  Kalyani and Amtala also listed 720 sq ft plots for Rs 3. 5 lakh and Rs 5 lakh respectively.  Most of these plots are south facing or overlooking the main road.  If your budget can be extended for a little above Rs 5 lakh,  you could strike a good deal even at New Town.

These are also available in 2 kottah plots that roughly converts to 1440 sq ft.  "2 kottah is the minimum size that is required to get a plan sanctioned in Kolkata and in areas like Joka,  Rajarhat and Diamond Harbour,  there are plots for as low as Rs 1. 25 lakh per kottah," says Soumen Basu,  a local property consultant at Vertex Realtors.

Scope of appreciation

Speculations point out that with the upcoming Metro projects,  the prices of apartments,  independent houses and plots might show an upward trend.  It might be a good idea to invest in a residential plot now and build your home or sell it off in future.

The traditional mantra of success in real estate is location.  Therefore,  areas like Barasat can yield a good return on investment in five years time,  up to two times the value of the land,  says M Gupta,  owner,  Aman Realtors,  a city-based broker.

Another area,  New Town,  has registered a new high in terms of plot rates,  as per data with Magicbricks.  What stood at Rs 14, 600 per sq yd in September 2013 on an average,  reported a climb of 24 per cent in December 2013,  at Rs 18, 100 per sq yd where 1 sq yd converts to 9 sq ft.

"Residential plots in locations like Joka and Diamond Harbour will have better connectivity in a few years time and then the return on investment could be as much as thrice the price of the plot," says Basu.

"The middle-income group generally goes in for construction once they buy residential plots,  while the higher-income group tends to use it as an investment,  and that makes plots a viable investment option," adds Basu.  The experts consider plots a safe medium to bank upon in comparison to the volatile share markets.

With infrastructural and social development, there would be more takers of residential plots in Kolkata and a prime location could be a bonanza.

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