A Boom in Property Prices in Kolkata: Causes and Consequences

Summary
Because of supply constraint, the property prices in Kolkata have escalated over the past few years. Read more to know the latest trends in Kolkata’s real estate and learn about the opportunities to invest.

Body
Truly Kolkata is a diverse city, not just in terms of its cultural exquisiteness but also in terms of what all it can offer to its inhabitants, whether in terms of education, employment or growth. That is one of the prime reasons behind its popularity, especially in the East India. Since Kolkata is a principal commercial and educational center of India, hence it finds great importance in the real estate sector. Kolkata real estate has witnessed a remarkable escalation over the years. One of the prime reasons behind it is the scarcity of properties. As more and more people migrated into the city, the homes here have become small in size and costlier than before. Still, people show their preference for the city when it comes to buying property, as the price paid is worth it. From investment perspective, this city is definitely better than other metropolis owing to the cultural heritage, well-devleoped infrasture and connectivity. With wider connectivity options and steadily developing infrastructure, this city is supposed to become a hotspot in the realty sector.

Kolkata’s real estate Development Summary
Since Kolkata is ethnically diverse centre and the a popular metropolis in East India, hence its real estate sector has received a boom, especially in the residential sector. Bengalis dream of living in the city for their emotional connect, while people from other states migrate to the city for better growth prospects. The residential real estate comprises of regular homes in the main city, while the neighbouring places are either developing townships or have residential complexes with mid-rise and low rise buildings.
Apart from this, land prices in Kolkata have escalated to more than 50 percent in the past few years, especially in posh localities where several investors have started developing apartments and buildings for residential purposes. In semi-urban areas, the prices have increased over the past decade as most of the residential complexes built by the government or private builders are ready for possession. These complexes are either 2BHK or 3BHK accommodations. Commercial real estate has also seen a boom. In the last decade a number of malls and offices have been established in the central areas of Kolkata and the older ones have been renovated, raising the level of infrastructure in this city.

Buying a property in Kolkata Buying a property in Kolkata is a little difficult. But don’t lament over it. With the government bodies organizing land auctions, several private builders have come into play. This ensures that a number of residential complexes, houses and villas would be developed in the urban and semi-urban areas near Kolkata. At the same, the transportation facilities are also being revamped, giving commuters an option to buy cheaper homes in neighbourhoods. The land rates range from INR 4000 per square feet to INR 15000 per square feet in most of the areas. But in certain areas the prices of a plot can be as high as INR 35000 per square feet. Even the commercial real estate is being developed at a rapid pace. So, for those who wish to buy commercial property, this is the high time. Invest in the vicinity of Kolkata as these areas are developing at a faster rate, ensuring that the investments would yield higher returns.

Author Bio:
Zara Smith writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry whether it is House, Land, Villa, Studio Apartments etc. It is a platform where buyers, sellers and brokers can exchange info. 99acres covers buy and rent information of properties for almost all major locations like Property in Bansdroni, Delhi properties and many more.

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