Kolkata is basically a Tier-II urban
with its property market less volatile compared to other primary cities. Due to
this, the residential sector of Kolkata properties was not seriously
impacted with nationwide crash in property market in cities like Delhi, Mumbai,
Hyderabad, and Pune.
Though conventionally quite traditional
when compared with the other cities, the market of real estate Kolkata
has rather profound complement of the investors who are driving it. The eastern
market – particularly Rajarhat – has highest existence of the investors, having
outnumbering of investor sales as well as end-user’s sales in the recent past. At
present, it might be harmless to say that about 60% of the residential property market of Kolkata is taken by investors.
The speed of the recovery from
slump is steady – however like all other cities, the development in the rates
of residential property is not consistent across all the locations. Well-known
central areas demonstrate very much same dynamics compared to other cities like
Pune and Mumbai as appreciation possible around peak levels to these areas
already. Simultaneously, the demand for all these locations is steady.
To exemplify –CBD (Central
Business District) locations starting from the Dalhousie to the Elgin Road are
not having much upwards or downwards movements in the residential rates. Within
year 2007, they ranged around Rs. 10,000 to 12,000/square feet and currently
are between Rs. 12,000 to 15,000/ square feet. The primary areas of Ballygunge
and Alipore in SBD have housing rates as well as market dynamics that match those
of CBD.
The areas of SBD (Secondary
Business District) including Eastern Metropolitan Bypass, Dariahat, and the Central
Avenue upon Lake Town situated at the VIP Road have higher appreciation because
housing demands spread outward to more reasonably priced areas. Within these
areas, the housing rates range between Rs. 2,500 to 4,000/ square feet in the
year 2007 to Rs. 3,000 to 7,000/ square feet today. In PBD (Peripheral Business
District) areas ahead of SBD, rates are fluctuating from about Rs. 1,500 to 2,000/
square feet in the year 2007 to Rs. 2,000 to 4,000/ square feet today.
The costliest housing areas of
Kolkata these days are Ballygunge, Park Street, Camac Street, and Alipore where
the rates range between Rs. 12,000 to 15,000/ square feet. Cheapest areas in PBD
include Garia and Dumdum where the rates range from around Rs. 1,500 to 2,500/ square
feet. Considering the requirement, the prices are expected to rise faster for the
residential possessions than in the other property segments.
