Top 5 Locations In Kolkata That Make The Best Real Estate Investment
By Magnolia Realty | Nov 19, 2020
The data on real estate is quite positive and clear. The demand for residential housing has surged exponentially due to increased urbanization and rising household income. In fact, India is among the top ten prices appreciating housing markets in the world. When it comes to purchasing real estate, whether residential or commercial, one of the decisive factors is the right location.
If you are searching for a home in Kolkata, it is of utmost significance to understand the value of locations. Here are the top 5 locations in Kolkata that make a sound real estate investment:
1. New Town – Get Urban & Green Living Benefits
New Town in the past ten years has significantly transformed into an integrated township that comprises a fine balance of residential real estate, commercial properties, multi-national offices, hospitals, educational institutes, and educational complexes.
Why Invest in New Town?
- E-health clinics, intelligent power-saving LED streetlights, multi-modal transport hub, cycling tracks, and many more.
- The largest Eco-park along with other amusement centers and shopping malls.
- The township also houses prime multi-national IT companies and other corporate offices, which is also a point for investment.
- New Town boasts of some premier educational institutes and medical facilities.
- The posh suburb is well-connected to some of the key areas such as Salt Lake, VIP Road, Airport, and Ultadanga.
2. Rajarhat – An Affordable Market Segment with Lots of Potential
Rajarhat hosts a plethora of upcoming residential housing projects compared to any other area in Kolkata. Once a quaint suburb of Kolkata, Rajarhat has transformed into a homebuyers’ paradise. There are plenty of choices – from affordable apartments to luxury villas – Rajarhat has something for everybody.
Why Invest in Rajarhat?
- The Rajarhat is a wide area and in the past 10 years, the government and private players have worked out in that area, resulting in a well-developed social and civic infrastructure including healthcare centers, educational institutes, communication facilities, and others.
- NRI Investment has gone up around 35% in the past 5 years. Around 20 percent of investment is not city-based.
- Persons of Indian Origin (PIOs) find Rajarhat is an extremely lucrative investment because the price is low in comparison to other parts in Kolkata and the demand projects a price rise of 40 percent.
- Kolkata is expanding and people are looking for affordable segments with all amenities and facilities nearby the main city.
- Since the demand is high, the growth potential is higher than posh areas such as South Kolkata and Salt Lake.
By 2040, the real estate market will grow to Rs 65,000 crore (US$ 9.30 billion) from Rs 12,000 crore (US$ 1.72 billion) in 2019. The real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13% to the country’s GDP by 2025.
3. Southern Bypass Stretch
Southern Bypass long stretch is privileged to be connected to all Kolkata through major Metro Stations. In addition, the place has a long-distance communication network making it a lucrative investment deal in terms of connectivity. With some good medical facilities and relatively less pollution infected area, the place attracts lots of investors in recent times. Although the area is still in a nascent stage, there are a few affordable housing complexes in the area.
4. Joka – Modern Amenities at an Affordable Rate
- In recent times, Joka has emerged as a destination for affordable properties. It is emerging as a very competitive residential real estate market, and this is the reason many renowned, as well as new real estate companies, are developing properties in that vast stretch of land.
- There are many civic amenities such as schools, educational institutions, hospitals, banks, and malls are in Joka.
- There is no dearth of medical facilities in that area such as super-specialty hospitals such as Bharat Sebasharam Hospitals, ESI-PGIMSR, ESIC Medical College, and others.
5. Howrah – One of the Oldest Localities around Kolkata
Howrah is an old locality situated on the south bank of river Hoogly. It is one of the oldest localities around Kolkata so usual amenities and facilities are already being established. The area has the East-West Corridor (Line -II) metro project underway, which will be a great boost to the area. The corridor is the first-ever underwater metro tunnel in the city. There are many shopping malls have been established in the last 5 years. All these developments will impact the appreciation of the price.
Real estate in Kolkata is in a growth phase and there are many pockets within the city where there are plenty of opportunities to develop. While there are lots to offer in these above-mentioned areas, you need to check whether the property is WBHIRA registered or not. It is important because WBHIRA approved projects help in a smoother handover process.