Kolkata is
known for its wide culture and the increasing demand of real estate sector in
the city is keeping it in the limelight as there are many renowned developers
that are either working in the city or entering the city to develop residential
and commercial projects.
With the
coming of a joint development agreement between Square four Group and Tata
Value Homes for a 25.5 acres of housing land at Barrack Pore Trunk Road
provides affordable housing a major boost in the city. As per the reports, the
overall yield of the land has been valued to be around INR 3000 crore. Tata
Value Homes is also planning to bring an integrated township with 3500 budget
apartments.
There is
another locality which is definitely worth looking at which is just minutes way
from NH 34. Bablatala is the location in Kolkata which has a choice for
perspective home buyers those are looking for a precinct which is said to be
well-connected to the rest of the city. This area has a bustling retail market,
a metro station along with some colleges, schools and numerous hospitals
around. Also, there is close proximity to the airport which is only 5 kms away.
Bablatala is convenient for people using public transport as there is good and
smooth connectivity to other cities of Kolkata.
The new
researches also shows that the Demand for Residential Property in Kolkata is on a slowdown. In today’s time, the
demand for affordable residential property is more than 50% that that of the total
demand followed by the middle and upper range which is just 12%.
One area
which was majorly affected by the fall in demand is EM Bypass. Irrespective of
an auction by the Kolkata Municipal Corporation for a land in this area did not
bring in the expected results. After 2005-2006 the prices have not reached the
high water mark, yet there are demand for affordable residential segment.
The Housing
Infrastructure Development Corporation has decided to provide additional 10% of
floor area ratio more than the usual area. Also, there will be no extra charge
for the additional area. This is for any locality that the person is developing
apartments in.
The town
planning authorities are encouraging the builders to come up with the
multi-storied parking for the large commercial and residential buildings.Although
the additional parking will not be included in the floor area ratio. The use of
eco-friendly building materials and solar power will make the building
certified as green. Also, an additional 15% floor area ratio will be allowed
for complexes and mass residential to cater to the IT and multi-storied
commercial complexes.
Along with
the apartments in Rajarhat, the independent houses are also increasing on the
list of preference of the prospective home buyers. The home buyers investing in
the Property in Kolkata Bablatala are
majorly NRIs and Bengalis those are living and working in the other metro
cities of India.The buyers are inclining towards buying individual homes than
the apartments. Noticeably, there has been an increase by 12% in the sale of independent
homes but this is over a low base but still it is important to be noticed.
Space is said to be the major reason for this increase in demand for
independent homes. Also, people are ready to invest more for a better location
which makes Property in Kolkata a
better and good option for investors and buyers.
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