Kolkata, the city of joy, has long been hailed as the cultural capital of India. Now, Kolkata is making news for its redevelopment and infrastructural growth. The city has suddenly waken up to improved infrastructure and this is impacting the property prospects of the city.
Capital cost for land and rental rates are 50 - 80% cheaper in Kolkata as compared to other metros like Delhi and Mumbai. Excellent residential accommodation is easily available in the city. Property rates are highest for localities like Ballygunge, Alipore and Centre City around Park Street. These are also the hub of the city's nightlife and are close to all the best shopping areas in Kolkata. Other attractive residential options are widely available in urban and suburban areas.
The demand of real estate in Kolkata is fueled by the development of the Information Technology (I.T) and Information Technology enabled Services (ITeS) sectors. Affordable housing facilities are easily available in the Salt Lake area. Incidentally, all IT related activities are located in the New Kolkata Township of Rajarhat that is being developed adjacent to Salt Lake. More IT related developments are coming up in the colonies along nearby VIP Road and Eastern Metropolitan Bypass.
Prices of have shown a steep upward graph. Land values have risen considerably in localities of south and central Kolkata. The factors behind such a steep rise in select localities are the limited availability of real estate options, successful retail and commercial projects and improved connectivity with roads. Other areas that are witnessing boom are the Eastern Metropolitan Bypass area and the new Rajarhat township.
The inflow of Foreign Direct Investment (FDI) has also led to an appreciation of the overall quality of real estate projects. Movement in real estate market has given push to hospitality industry too.
