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Indian Real Estate News : Kolkata
Where to invest in Kolkata with modest budget
Source: The Times of India Jul 22, 2014
Home buyers in Kolkata have reason to cheer. With a modest budget, they can go in for newly constructed homes within Rs 20 lakh in localities that boast of location advantage, sizeable returns and proximity to their work areas.

Magicbricks indicates availability in affordable housing in certain well-to-do localities in Kolkata. In the current quarter, home buyers can opt for affordable homes within Rs 20 lakh in sought-after localities such as Dum Dum, Garia or Kestopur.

Dum Dum

Strategically located close to the Netaji Subhash Chandra Bose International Airport, Dum Dum is not more than ten kilometers from the heart of the city. Physical infrastructure is a bonus for those residing or willing to invest in this area. The locality boasts of fine connectivity through road or rail. Frequent buses to landmark areas as well as the Sealdah-Ranaghat railway line facilitates easy commuting.

As per the listings with Magicbricks, prices in this locality varies within Rs 3,050-3,750 per sq ft. Good news for potential buyers is that this locality records ample instances of 1 and 2BHK units within Rs 20 lakh. The sizes vary from 366-1000 sq ft.

Shomi Sarkar informs, "The newest development in Dum Dum has been the Naopara Metro Station that serves Sinthee, Baranagar, Dum Dum Cantonment, Tobin Road and Durganagar. As a result, the demand for housing in Dum Dum, both affordable and otherwise, has seen an upward trend."

Kestopur

Kestopur, popularly called Krishnapur, is a densely populated locality on the north-eastern fringes of Kolkata. Currently, Kestopur witnessed an increase in rental demand owing to its attractive positioning, close to Salt Lake and approximately three kilometers from Sector V, the IT/ITeS hub of Kolkata. It is also close to business centres like Park Street.

Rajesh Agarwal, a local property consultant and owner at Home Search says, "The IT industry is the only job substantial market attracting home buyers. Bachelors, coming from other cities, live on rent in Kestopur for a few months and then buy a 1 or a 2BHK unit here."

Agarwal also believes that the annual returns on investment could be close to 25 per cent in the area. The average price in this locality is estimated to be Rs 3,500 per sq ft. Kestopur offers a large number of multi-story apartments within the Rs 20 lakh price bracket. The sizes vary from 400-790 sq ft.

Garia

Garia, in South Kolkata, has realistically priced housing. Being a preferred residential area, this locality has gained considerably due to the connectivity it provides.

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 home buyer interested in Garia. As per the Jan-Mar 2014 listings on Magicbricks, the average price in this locality is Rs 3,750 per sq ft. Despite this, Garia offers, 1 and 2BHK units within Rs 20 lakh.

The sizes of these apartments vary from 377-740 sq ft. Among the aforementioned areas, Garia boasts of the maximum number of new projects within Rs 30 lakh.

Local resident, Ritu Kedia, suggests "Garia is a relatively safe and habitable locality for women and the social infrastructure is up-to-date". Wreetaban Sen, owner at Invest Asia prompts, "Returns on investment in Garia are higher as compared to other localities in North Kolkata."

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