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Indian Real Estate News : Kolkata
Rajarhat witnesses growth in the residential sector
Source: Apr 01, 2012
Rajarhat, located near Netaji Subhash Chandra Bose airport is a rapidly emerging satellite town of Kolkata. The area has witnessed more than 50% appreciation in the residential sector during the past couple of years, says Dheeraj Jain from Rajat Property Venture Group.

According to Ravi Bajaj from Rajwada Construction Group, "With the expansion of IT and ITeS sector along with SEZ projects, five star hotels and shopping malls in proximity, real estate activities of Rajarhat enhanced manifold."

The growth of the software industry around Rajarhat has generated strong influx of manpower from all over the country. As a result, there is a great demand for housing resulting in appreciation of capital and rental values. According to Prakash Jha, from City Realty, "there has been a 15-20% rise in the capital values in Jan-Dec 2011 period as compared to the previous year."

There are many new projects being launched in the area time to time by prominent as well as local developers and builders in both the affordable and premium segments. Projects such as Aster Garden and Shreshtha Garden offer affordable homes to end users and are available in the price range of Rs 1,800-2,000 per sq ft. While projects such as Uniworld City-Cascades and Rameswara Waterview are the premium projects offering lifestyle features and specifications to the end-users. A newly launched premium project is available in the price bracket of Rs 2,300-2,500 per sq ft. The newly launched projects are seeing good number of transactions and queries and an average 10% appreciation is expected in every six months, as told by Sree Kumar from Modern Properties.

In the resale segment, capital values of apartment on an average range from Rs 2,500-5,000 per sq ft. Rajarhat is an upcoming locality with huge potential, Bajaj said. Driven by factors like good connectivity, well-developed infrastructure and presence of all basic facilities, Rajarhat is set to become one of the upmarket localities of Kolkata.

Tag: Real estate in Kolkata, property in kolkata, Apartments in kolkata
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