Which Are The Popular Localities In Kolkata?
Data by PropTiger.com show that as many as 2,000 new units were launched in Kolkata in February this year. In January, too, the launch plans of about 500 new housing units were announced. You get the drift, right? Kolkata, a city known for its old-world charm, has a lot of new properties to offer you. Want to know which localities are seeing the highest demand?
Based on home sales numbers in the fourth quarter (Q4) of financial year 2016-17, we list five localities that witnessed the huge demand:
New Town
A satellite city, New Town is a hit among homebuyers. With as many as 309 projects in total, New Town is home to many modern-day constructions. Of the total, 194 project are ready to move in while 89 are under construction. The locality contributed nearly 17 per cent of the total real estate sales in Kolkata in Q4 making it one of the leading property markets here. Unitech is one of the leading names here with as many as seven projects. Some of the leading projects here include Unitech Air, Unitech Height, Tata Housing Avenida, DLF New Town Heights, etc.
Rajarhat
One of the leading localities of Kolkata, Rajarhat is known for affordable and premium properties. The market that contributed seven per cent to the total sales witnessed by Kolkata in Q4'17. With prices witnessing a steady growth of eight per cent in the past 48 months, Rajarhat is a real estate destination for those looking for modern-day amenities at affordable prices. The locality, which is well-connected to the rest of the city, has as many as 165 projects. Of this, 110 are ready to move in while 45 are under construction. Some of the leading developers here include Unimark, Salarpuria Sattva Group, Ideal Group and Siddha Group. The projects that are leading in terms of liveability score include Unimark Group Springfield, Ideal Group Enclave, Siddha Group Pines and Salarpuria Silveroak Estate.
Garia
A southern suburb, Garia real estate market has gained momentum as connectivity gets better. This includes the expansion of the E M Bypass into an eight-lane expressway, an enhanced Metro accessibility and the arrival of the Garia-Airport Metro Link. Property prices in Garia, a locality that contributed nearly six per cent to the total sales in Kolkata during Q4, have been almost stagnant for more than a year now. The market has a total of 184 projects, of which 123 are ready to move in, 48 are under construction and 11 will be launching soon. Some of the leading projects here include Srijan Realty PS Srijan Ozone, Unimark Group Lakewood Estate, and Starlite Group Sunny Crest.
Dum Dum
Ten kilometres from the city centre, Dum Dum is a popular residential real estate destination owing to its proximity to Kolkata's international airport. With the availability of more than 131 projects and a price appreciation of 3.6 per cent in the past 48 months, Dum Dum is popular for those looking for affordable property options. Of the 131 projects here, 90 are ready to move in and 38 are under construction. This locality contributed five per cent to the total sales in Kolkata during Q4. Some of the leading projects here are Primarc Aangan, Aspira SP Residency, Mahadeo Group Om Skylark and Ambuja Uddipa.
Sonarpur
With five per cent contribution to total sales in Kolkata during the fourth quarter, Sonarpur is a new entrant to the list of top localities to invest in the city. The locality has witnessed 21.8 per cent price growth in the past 48 months, making it a promising market. An upcoming locality, Sonarpur offers a total of 49 projects. Of these, 20 are ready to move in, another 20 are under construction while nine will be launching soon. What is most interesting about the locality is that one can find spacious residential properties at affordable prices. Some of the leading projects here include Primarc South Winds, MCK Sukriti, P3 Realty Avesta and Vsun Dignity Heights.
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To know about top five areas to invest in Kolkata, read on...
For all the real estate investors, its time to look east as Kolkata emerges to be the new real estate hotspot. Kolkata, which has been one of the fastest growing cities in terms of capital appreciation, is also growing in terms of infrastructural development. These developments make this metro a lucrative market to look at.
So, PropGuide compiles a list of areas, which investors should consider for the realty investment in Kolkata:South East, one of the most expensive areas in the city, has experienced a continuous property price appreciation of more than ten per cent. Kolkata, in the real estate market, is known for the luxury apartments in E M Bypass, where the price per square feet ranges from Rs 8,000-Rs 4,400. The current prices in the area are its highest ever, making E M Bypass the most preferred locality in Kolkata for home buyers. A large number of projects, accounting about three-fourths of the total buildings in the area, are constructed. Some of the top projects include The Coral with apartments costing between Rs 49 lakh to Rs 63 lakh; Bengal Peerless with apartments priced between Rs 52 lakhs and Rs 1.1 crore; and Rajwada Rosewood with apartments costing between Rs 28 lakh and Rs 44 lakh.
The property prices in Rajarhat, the most popular real estate hub in Kolkata, are unique in their capital appreciation. For the last seven years, the rates have steadily gone up, and the growth has been a little faster after the property spurt in 2012. The area is also fast turning into a major IT hub as large number industrialist invest here. Though the average price per square feet is Rs 3,800, certain high-end homes can sell at around Rs 4,800 per sq ft, which are more than 200 units. The area has a high-rise project, Four Ace Urban Mango, which has high-end apartments that cost around Rs 55-60 lakh. Moreover, for those looking for villas, Rajarhat boasts of a villa project too. Called Vedic Aqua Gold Villa, the price of villas here start at Rs 1.6 crore each.
This area is a part of Rajarhat, which is turning into a locality in itself, and is called the satellite city of New Town. Availability of a large amount of land bank has made this area attractive for more investors to come in. As the name suggests, a lot of civic infrastructure like roads and availability of connectivity through metro has made it an attractive destination. Like Rajarhat, the property prices in New Town have been steadily appreciating. The properties here are priced between Rs 6,000 per sq ft - Rs 3,800 per sq ft. The area has two renowned projects, New Town Heights by DLF and Club Town Gateway where the home buyers can invest. These two projects have 4 BHK apartments priced at Rs 1 crore onwards.
This area is known to be the best locality in south Kolkata, thanks to its residential developments planned to exhibit different hues of Kolkata. The average property prices in this area stand at around Rs 3,800 per sq ft, bringing it into the affordable range as compared to the posh locality of E M Bypass. With a number of residential developments coming up in the area, a lot of investment opportunities for home buyers are spurting. A few top buildings in the area are Balaji Saffron, which has apartments that cost anywhere between Rs 23 lakh to Rs 38 lakh. Symphony Towers in the area has apartments that range between Rs 33 lakh to Rs 55 lakh. In total, there over 70 projects, that are both under construction as well as ready for possession apartments in Behala.
This area is a combination of residential and commercial developments with an average price of around Rs 3,800 per sq ft. After a rapid appreciation in the capital value from 2011 and 2013, the prices in the area have been growing slowly yet steadily for the last one year. It also has over 100 projects in various stages of development. Some of the top projects are a mix of both affordable and hig-end property. The renowned project in the affordable category is Garden, which has apartments costing Rs 12 lakh onwards. While in the high-end category, the area has Adya Fountain Exotica, which has 2BHK, 3BHK and 4BHK apartments that cost between Rs 45 lakh to Rs 85 lakh.
(Five areas to invest in Kolkata were compiled by Katya Naidu on August 11, 2015)