The real estate market contributes almost 50% of India’s GDP (Gross Domestic Product) in the domestic Real-estate Investment market. However, this market was one of the worst affected markets during the pandemic. However, his market has recovered a lot and it is rising again.
According to the data, the real estate market will rise by 15% from 60 billion dollars in 2010 to 1,000 billion dollars by 2030. Currently, this market is 20,000 crores in terms of GDP contribution and it is expected to grow 65,000 crores by 2050.
As the whole real estate market is growing fast, the Kolkata real estate market is not missing out on growth. It is also growing rapidly and recovering from the pandemic losses.
In this blog, I will help you to understand the reason for this growth and some of the top real-estate investments market for 2023.
What are the reasons for this rapid growth?
Rapid growth always makes us happy, however, it’s important to evaluate the reasons for the growth which helps in managing the balance of the business.
One of the important reasons for this rapid growth is the support of the government. The state government offered a stump duty rebate which was a 2% and a 10% discount in market valuation till 31st March o 2023. This encouraged a lot of home buyers and helped in increasing sales.
Although home loan interest rates have increased, it is still less than the years of 2019 or 2020. This feature is also supporting the dream of the home buyers a lot.
Kolkata is expanding every day and the connectivity is getting better day by day. This helps the buyers in finding the right property or themselves more easily.
It is true that after recent changes by the RBI interest in home loans has increased, however, the trustworthy & empathetic builders making it easy for home buyers. They are helping in finding the right property at an affordable price. For example, Realtech Nirman has been serving for a decade now and they are helping every homebuyer to get their dream house at an affordable and best price.
What are the emerging real estate market locations of Kolkata?
As I have stated already, the real estate market of Kolkata is rising rapidly so let me give you a quick view of the market which will help you get the overview more clearly.
1. New Town, Kolkata:
New Town is the suburban area of Kolkata and it is growing rapidly due to many reasons. It is the home of many commercial buildings such as Synthesis Business Park, DLF 2 IT Park, TCS Gitanjali Park and so on.
VIP Road and the EM Bypass are helping in extremely good connectivity and it is making it the top choice of home buyers. This area also has some of the famous hospitals such as OHIO Hospital, Tata Medical Center, Bhagirathi Neotia Woman & Child Care Center, etc. It also has some famous schools and malls as well. In a nutshell, this area has all the basic amenities of life.
In the New Town area you will get a residential property at an average price of 4,979 rupees per square ft. So it can be said that this area is affordable. To know more & get your dream property you can contact Realtech Nirman.
2. Joka, Kolkata: Real-estate Investment
Joka is situated in the Southwest part of Kolkata and Diamond Harbour Road, the area provides quick access to other well-known locations like Esplanade, Howrah, and Sealdah. Apart from the road connectivity, this area has metro connections as well.
In the amenities part, this area has hospitals like ESI-PGIMSR, ESIC Medical College, and Humanity Hospital, for education it has Techno India Group & Children Academy. Joka also has a lot of options for shopping and entertainment purposes.
This is a developing part of Kolkata and many works are going on. You can get a residential property here at an average price of 2,306 rupees per square ft.
3. Rajarhat, Kolkata: Real-estate Investment
Rajarhat can be named one of the most popular places among the home buyers of Kolkata. It is just the adjacent area of South Kolkata and Salt Lake and it is one of the main reasons for this popularity too.
In the amenities part, it is connected with the rest of Kolkata by road and by metro both. It has famous educational institutions such as National English School and Derozio Memorial College. In hospitals, it has Rajarhat apex hospital Pvt.Ltd and Lotus Hospital. Although these names are not all and this area has much more.
You can get a residential property here at an average price of 4,753 rupees per square ft.
4. International Airport Area, Kolkata: Real-estate Investment
This area is located in the neighbourhood of Kolkata airport, Salt Lake sector V which is famous for the presence of various Multinational Companies and it is the neighbourhood area of Jawpur, Chatakal, Rajbari, and Nager Bazar of DumDum. In a nutshell, it can be said that it is present in the heart of Kolkata.
When it comes to connectivity, no area literally can match this area. This area has great connectivity by every aspect like bus, rain, metro or by road. So it is obvious that the home buyers of Kolkata prefer this area a lot.
In amenities, this area has Netaji Nagar Vidyamandir and JLD College Of Engineering And Management in education, in hospitals it has Lions North Calcutta Hospital & Medical Centre and Astha Medical and a dozen of entertainment hotspots of Kolkata. Again this is just a glimpse and this area has much more to offer.
You can get a property at a multistorey building at an average price of 3,755 rupees per square ft.
5. Southern Bypass Stretch, Kolkata: Real-estate Investment
Southern Bypass Stretch can be named as the most convenient place when it comes to metro connectivity & as the name suggests it is the bypass area so it has great connectivity by road. It is one of the favourite places of the buyer & builders too due to the connectivity, and availability of places.
In amenities this area has one of the best education places such as Delhi Public School and Sammilani Mahavidyalaya, in hospitals it has reputed places such as Peerless Hospital and Ruby General Hospital. As this area is growing it has a number of theatres or hang-out places. Again it is just an overview according to my data & this area has much more to offer.
It is important to mention that, you can get a property in the Southern Bypass Stretch area in a multistorey apartment at an average price of 5,000 rupees per square ft.
6. Behala, Kolkata: Real-estate Investment
Behala is also present in the heart of Kolkata & it is adjacent to almost every place in Kolkata. For example, it is connected to important places like Park Street, Howrah, Bidhannagar, and Sealdah. On the other hand, it is just 28 kilometres away from Netaji Subhash Chandra Bose International Airport.
Now it is time to focus on the amenities part. In the educational part it has National Gems Higher Secondary School and Behala College, in hospitals it has Vidyasagar State General Hospital and Narayan Memorial Hospital. You can get residential property at Behala at an average price of 4170 rupees per square ft.
Final word:
Well, undoubtedly Kolkata real estate market is doing great and these places are quite popular among home buyers. The prices are also affordable. Increasing connectivity and the affordable price range are showing the current growth of this industry. Hopefully, this article will help you to choose the right property & to get an overview.
