Friday, September 18, 2015

Kolkata’s Real Estate Sector Witnesses Some Fluctuations

Kolkata’s realty sector is in the throes of a slowdown though construction activity is still rampant in several areas.

2BHK and 3BHK flats in kolkata

Looking to buy new flats in Kolkata? You should definitely do a rethink on the areas you are targeting for investment in this regard. The Kolkata real estate market has fallen on some hard times owing to considerable fluctuations and upheavals in the market. The maximum construction activity in Kolkata has been taking place in the booming market of Rajarhat. This township has witnessed skyrocketing development of late according to IndiaHomes property.

Rajarhat has witnessed huge development in retail, commercial and residential sectors. The EM Bypass has also witnessed huge development in these sectors. The EM Bypass is a major growth node in the city and is well connected to both south and central Kolkata. North Kolkata has always been pretty congested and development has been witnessed in a few specific pockets. If you’re looking to buy flats in Kolkata and its northern fringes, you should check out places like Jessore Road, VIP Road and BT Road. The southern part has some prime and coveted residential locations like NSC Bose Road, Ballygunge, New Alipore, Alipore and Garia Station Road.

Even southern fringes like Narendrapur are witnessing solid development owing to a shift of the residential population to these areas. Several types of housing projects are being built in the city including some really attractive duplex flats in Kolkata, premium or ultra luxury apartments, community housing, condominiums and row houses. Affordable housing is a major growth segment of the realty market in the city. Several affordable housing projects have taken off in the city and several mid range apartments in Kolkata are also being built here. Kolkata has witnessed a business slowdown of late though end user presence in the market is a whopping 65%.

Kolkata’s employment prospects are looking up in recent times and the real estate market is mainly driven by end users. Rajarhat is witnessing huge interest from investors who are snapping up affordably priced properties here. Rajarhat is booming as far as the realty sector is concerned. Disposable income is a little low in Kolkata and this has definitely affected overall housing demand in the city. Property prices have also increased in several pockets of the city, particularly its prime southern pockets and localities including Tollygunge and conjoined areas, Garia, Ballygunge, Rabindra Sarovar and more. The extension of the metro railway network is also expected to fuel huge demand for realty in the city once the economic scenario improves here.

Kolkata has always had a steady demand for affordable housing and this trend is set to continue in the outskirts of the city and its suburbs even though prices are rising in these pockets on the back of development. Places like Sodepur, Barrackpore, BT Road, Belghoria, Baruipur, Sonarpur-Rajpur, Joka and others should witness sky rocketing growth over the next few years as more and more affordable housing projects are set to be launched in these areas. These areas apart, Kolkata is also set to witness some growth in the ultra luxury segment with several premium projects being launched in the city by leading developers.
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