Property in Kolkata

Kolkata, Calcutta, the City of Joy- is witnessing a new surge in real estate market. Its suburban towns of Hughli, South Dum Dum, and South Suburban city have turned into hot-spots of real estate development.

New Property development is active at the stretch between Tollygunge and Garia along the Netaji Subash Chandra (NSC) Bose Road. Commissioning of the Kolkata Metro Rail up to Garia and availability of land are factors boosting the real estate sector. BT Road is a preferred location in Kolkata for developers as metro extension till Baranagar is on cards. Alipore and Ballygunge areas saw the launch of several high-end luxury residential properties in the last two years while Rajarhat area is showing good demand for properties.

The costliest residential localities in Kolkota like Park Street, Ballygunge, Alipore and Camac Street continue to command upmarket property prices. Residential property rates in general are rising on the back of high demand when compared to other properties. There is big hike in property prices in areas such as Jessore Road, Garia, Narendrapur and Ballygunge.

Property rates and rent value in the central business district locations like Dalhousie to Elgin Road are going steady while Alipore and Ballygunge property rates are escalating towards CBD rates. Locations like Dariahat, the Eastern Metropolitan Bypass and Central Avenue to Lake Town are attracting higher appreciation with demand spilling over to affordable areas.

Many top builders and developers have launched affordable housing projects in Kolkata such as TATA Housing’s ‘Eden Court’ at New Town in Rajarhat; Godrej Properties’ ‘Godrej Prakriti’ on B.T. Road in Sodepur and UniHome by Unitech at Kona Expressway in West Howrah.

The floodgates of real estate growth in Kolkata’s Realty market will open up once the biggest hurdle to foreign investment, the Urban Land Ceiling Regulation Act (ULCRA) is scrapped by the state government. Right now developers in Kolkata are losing out in FDI and this is affecting more supply.