After gold, if thereâ€™s any other form of investment that guarantees returns, it is real estate. Despite economic reforms, global crisis and meltdowns, the search for a perfect home by realty end users seem to be quite palpable in various parts of India including Kolkata.
Keeping this trend in view, Kolkata real estate developers are looking to expand beyond premium developments within the city limits. They are coming up with low budget properties in Kolkata and the suburban areas which wasnâ€™t an area of interest for most developers in the past years.
New Locations are Luring Buyers
One of the prime reasons for this growing significance of Kolkata suburbs is the improvement in communication and transportation that has connected these areas with prime locations of the city. Today, there are several transport options connecting the suburbs with the metro city, offering low-priced commuting facilities affordable by all. Transportation rates, in this eastern side of the country, are probably the cheapest not only in India but, perhaps, in the entire world. This is one of the key drivers, as real estate growth sustains on seamless connectivity that can be availed by all sections of the society.
Infrastructural developments in Kolkata and its suburban areas have improved significantly, which is a compelling factor thatâ€™s driving real estate developers to think of projects at locations that were previously not considered. As a result, new home addresses are mushrooming in various suburban areas of Kolkata and Howrah such as â€” Agarpara, Sodepur, Madhyamgram, Joka, Serampore, Uttarpara, Rishra, Konnagar, BT Road, Baruipur, Sonarpur, Rajpur, to name a few â€” delighting home buyers with accommodation at affordable prices. Get in touch with us for great options of such properties.
The increased supply of budget properties in these areas is primarily due to low land cost, which is still reasonable in these suburban localities. Having said so, property prices in these suburbs are relatively lower compared to the central part of the city, and is often eligible for substantial benefits under Pradhan Mantri Awas Yojana.
The Growing Impact of the Big Players
The Kolkata suburbs, once rejected by developers as non-lucrative regions, are now witnessing the inflow of big realtors. The entry of big ticket developers, mainly from Kolkata, has also led to a steady growth in the supply as well as appreciation in real estate values. Availability of land at much lower prices compared to the city remains the key factor for such real estate investments.
Major property developers in Kolkata are acquiring land in the suburban areas in order to aggregate them for future projects. This is triggering a surge in the land prices.
The Kolkata Suburbs: An Investment Option Thatâ€™s Not Likely to Disappoint
Along the northern and fringes of Kolkata, in locations like Madhyamgram, Barasat, Dum Dum, B T Road, Sodepur, and Khardah, developers are coming up with mega projects that are as big as 500-apartments. Accordingly, property rates in these areas, which usually hover around 2,800-5,500 per sq foot, are seeing a sharp rise boosted by infrastructure developments and improved communication facilities.
Likewise, investment opportunities in South Kolkata fringe areas such as Sonarpur, Rajpur, Joka, and Baruipur are also looking incredibly lucrative backed by major development announcements like the extension of EM Bypass that connects the northern and southern parts of the city. These areas that currently command a price band of 2,300-3,500 per sq ft. can shift to top gear anytime in the recent future.
According to market observers, both premium and mid-sized properties in the eastern metropolitan suburbs are poised to deliver significant gains in the coming years. Research suggests that property investments in these fringe areas of the city are not only a safe bet but also a great opening for decent returns.
At this moment, the suburban extensions of Kolkata are an ideal investment destination for those looking for low budget property ventures. The time is right, and the acquisition prices are still low, with a galore of re-selling opportunities at better prices in the future.