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Indian Real Estate News
Salt Lake most preferred rental locality in Kolkata
Source: The Times of India May 30, 2014
Salt Lake, considered to be the bustling IT hub of Kolkata, has retained its top position for two consecutive quarters (Oct-Dec 2013 and Jan-Mar 2014) in the list of most preferred rental localities in the city, according to PropIndex, the quarterly research publication of Magicbricks. The locality also saw a 6 per cent rise in the rental values in the Jan-Mar 2014 quarter.

Reason behind the popularity of the locality is the presence of several IT companies and educational institutes in the vicinity.

Sector V and Sector III of Salt Lake are home to several IT companies, such as TCS, Accenture, ArcelorMittal, Wipro, Deloitte, Cognizant Technology Solutions, IBM, Capgemini, Tech Mahindra, Genpact, Tata Interactive Systems, HCL Technologies, etc. These companies employ thousand of professionals every year.

"People working in the IT companies generally rent properties here. Most of them have arrived here from different cities of India because of their jobs. Usually, they do not want to stay here for a long time and hence look for rental accommodation here," says Nikhil Agarwal of 11 Estates, a broker firm dealing in the area.

"Besides bachelors, families who want to stay in an established area of the city but have a limited budget also rent properties here," he adds.

The average rental values in the locality range from Rs 15000 to 19500 per month. According to Magicbricks' data, the rent of a 2 BHK apartment in the area range from Rs 10000 to 15000 per month. The size of such apartment varies from 900 to 1200 sq ft. A 3BHK unit having an area between 1200 and 1600 sq ft can be leased out for Rs 15000 to 25000 per month.

Besides companies, the area is also home to several institutes and colleges where students from all over India come to study. "Students also rent properties here, however their budget are less and hence they prefer to stay in groups," says Sindhu Banerjee of Sindhu Real Estate, a broker firm active here.

"A 2BHK and 3BHK unit is mostly preferred in the area," says Banerjee.

With consistent rental demand, the real estate agents consider the locality good for investors as well. "There are several people in the area who have rented their apartments and are earning handsome rental returns," says Agarwal

About Salt Lake

Salt Lake is a planned satellite city of Kolkata with well-placed social and physical infrastructure. Besides the basic facilities like schools, hospitals, banks, restaurants, shopping malls and theatres, it also has recreational facilities like amusement park, museum, football stadium and a boating complex.

The locality gets its connectivity from EM Bypass and Basanti Highway. Bengal Chemical, City Centre, Karunamoyee and Sector V are the metro junctions present in the locality. It is roughly 6 km away from Kolkata Railway station and 13 km away from Netaji Subhash Chandra Bose International Airport.
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