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Indian Real Estate News
Kolkata: Bidhan Nagar Sector V realty looks up
Source: The Times of India Mar 18, 2014
A prominent location in North East Kolkata,  Bidhan Nagar's Sector V has emerged into a IT hub with the giants of the IT industry operating in this area.  The locality has emerged into a central business area with a significant rise in the number and quality of shopping complexes,  classy housing estates, theme parks, convention centres and multispecialty hospitals.  Moreover,  the area also has a few academic and research institutes.

The Sector V area encompasses Salt Lake City,  Chinar Park,  Rajarhat,  Lake Town and the EM Bypass.

J Roy Chowdhury of Seven Bells Realty Asset Management,  a division of Seven Bells Consulting brims with positivity with the way Kolkata is making a mark in the commercial scenario.  Chowdhury talks of Sector V being nourished by infrastructure and connectivity.  The area is now home to Leeds Certified green buildings that cater to incorporating the best-in-class strategies like lower operating costs and increased asset value energy and resources conservation,  healthier and safer spheres for occupants and qualifying for money-saving incentives.

"Sector V has immense prospects of further development in tune with the real estate market in Mumbai and Gurgaon with actual commercial rates being higher than Bengaluru," claims J Roy Chowdhury.

Location advantage

What helps Sector V is its strategic geographic location. Located in between Rajarhat and New Town,  the investors,  prospective tenants,  buyers 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.  New Town,  a certified and approved satellite township is close to Sector V.

The City Development Plan for New Town is taken up for consideration under the Urban Infrastructure Development Scheme for Satellite Towns.  This means that there is scope for infrastructural and allied development.  Thanks to Rajarhat and New Town,  North East Kolkata has extended itself by a few hundred kilometers.

Connectivity and infrastructure

The area also boasts of having decent infrastructure in place.  About 40 per cent of the metro construction work is through and on target with funds deployed for six more stations and the airport is close and the flyovers aid direct connectivity to the railways, informs J Roy Chowdhury.  Moreover,  special Volvos also run in the area with limited stops that would ease daily travel.

With the recent delegation from the United States and United Kingdom who discussed future prospects of setting up business units in the region,  one can safely assume that the growth potential of the area is utmost.

The real estate market is rising although there are odds as well.  Anita Agrawal of RA Realty,  a local property consultant feels that with the number of professionals working in this area,  Sector V can cope up with the rising demands for residential and commercial space in the years to come.  She informs that depending on the lane and location,  the property prices start from Rs 4000 per sq ft.  Most buyers are interested in 2BHKs in the bracket of Rs 25-30 lakh. Kolkata has a cosmopolitan outlook and non-natives have also taken an interest in investing.  However,  the rate might differ from building to building.

However, she also adds, "Apart from the office area, most of the neighborhood is shanty because of the poor infrastructure".

The metro connectivity needs to be strengthened and the roads,  their lightings and other basic infrastructural development would go a long way to change the way people invest in this area.  Much of the realty sector in Kolkata is stable with no major ups and downs.  The reason could be that when the buyers invest,  they seek basic amenities and also the look and feel of the area.  With these amenities in urgent need of a facelift,  investors are playing the wait and watch game.

Sector III and Sector V collectively employ nearly 1. 2 lakh people and most of these look for rental accommodations in and around the area in gradually emerging localities,  such as New Town,  Rajarhat and Mahisbathan,  says Chowdhury.  If Sector V were to come up as stately as the Techno Park area it boasts of,  there is no reason why investors would give a second thought,  feels Anita.  However,  the roads of the area seem to be a big put-off for the people here,  she remarks.

Whatever said and done,  Kolkata Sector V's real estate market is slowly but steadily growing.

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