Fringes of Kolkata witness realty boom in 2024, say city realtors
Kolkata, 15th February, 2024: Kolkata is witnessing rapid and persistent changes in housing patterns. People are strategically choosing their homes in diverse locations that cater to modern amenities and lifestyle preferences.
According to city realtors, presently places like Joka, Pailan, Madhyamgram, Barasat, Rajarhat, and New Town are a few localities that are witnessing maximum exposure, growth and interest from end-users as well as investors. Some also mentioned that among the metros, share of affordable segment homes in residential realty pie is the highest in Kolkata.
According to Anarock, real estate consultancy firm, prices of residential properties in Joka have increased maximum by 24 % in last three years, followed by Rajarhat, New Town and areas near the EM Bypass by 19%, 14% and 13% respectively. Incidentally, Joka real estate market increase is driven by metro expansion and other factors, which include the upcoming Majerhat Metro station, which will provide a changeover to the Eastern Railway, which is expected to faster travel to Sealdah and Ballygunge, further enhancing Joka’s appeal.
These places continue to thrive because of being planned townships of Greater Kolkata having commercial complexes and IT parks – DLF IT Park 1 & 2, TCS – Gitanjali Park, Ecospace, and Candor Techspace in its vicinity. Further, the proposed Bengal Silicon Valley IT Hub planned to be set up on approximately 200 acres of land in a strategic location in New Town’s Action Area-II, near Eco-Park, has also added value to the residential areas coming up in these areas.
Elaborating on the same, COO of Keventer Realty, Mr. B.P. Singh Roy said, “The importance of proximity to the airport, the burgeoning IT sector demand proximity, making locations like Newtown the undeniable choice for Kolkata’s discerning homebuyers in 2024. With its strategic positioning offering both connectivities to the airport and proximity to the IT hub including home-buying options for people with all income ranges, Newtown has become the most convenient area thus solidifying its status as Kolkata’s prime destination for dream homes in the future ahead.”
“At present, areas close to Kolkata like Joka, Rajarhat, Barasat, and Madhyamgram cannot be classified as outskirts due to the development of excellent infrastructure that provides effective connection and a variety of transportation options. The state is witnessing a rise in affordable housing. The available bank loan rates have also propelled the rise. The time has come for micro-market expansion, hence these places are witnessing a rise in residential quarters,” Mr Piyush Beriwal – Managing Director – of Jai Vinayak Group said.
Echoing similar views, Mr. Manmeet Singh, Ralty Consultant said, “It has been understood that realtors are getting affordable and sufficient area of land areas in these places, which is also justifying the construction cost as well as the selling cost. Post-pandemic there has been 20 percent rise in property buying.”
(This story has not been edited by News Mania staff and is published from a Media Release)
