It’s strange how the realty sector in Kolkata is resurfacing despite the industrial sector of the city turning belly up. This phenomenon can be attributed to the inclusion of a few major reforms and amendments made in this particular sector. As a result, the market is gradually stabilizing while the realty sector is picking up pace. Also, owing to the economic condition of the state, Kolkata’s property prices haven’t really gone up and this coupled with the growth in the market makes investing in it, a wise choice. Listed below are Kolkata’s top 5 affordable localities (and also what it would mean to rent a house there).
- Salt Lake
‘Bidhannagar’, or Salt Lake, as it is more popularly known, is a planned auxiliary town developed in the years from 1958 – 1965. This satellite town was carefully planned and built in order to control and accommodate the expanding working population of the city. Moreover, its connectivity and developed social infrastructure make it a ‘go-to’ area for rental home seekers as well. All these factors, combined, end up driving more demand to this auxiliary town of ‘The City of Joy’. Salt Lake is home to few of the biggest IT companies of the country, such as Wipro, TCS, Cognizant, besides housing a host of schools, colleges, malls, eateries and healthcare institutions as well. The demand for a house has surely increased over the past 10-12 years with many people seeking rental flats as well. To get a 2BHK accommodation here, you need to pay around Rs.12-14 for every square feet. One more factor that works for this area is its overall connectivity. The railway station is just 6 kilometers away whereas the International Airport is about 13 kilometers off Salt Lake. Most importantly, many families have taken a fondness towards this particular locality as well. Because of the high returns from rent, Salt Lake is gradually becoming the new hotspot among investors.
Rajarhat promises swift and significant development in the social infrastructure; a fact that makes this aide township one of the most promising localities of Kolkata. The close proximity to some of the major business districts is further stepping up the demand. Rajarhat attracts a lot of oscillating population because of it being an integral part of the business districts. It’s mostly the employees working around the IT sector who live in rented accommodations in this area. However, the expanding metro route that links Biman Bandar to New Garia via Rajarhat is expected to eliminate the traffic woes for those residing here. A 2BHK flat on rent could cost anywhere between Rs.9-13 for a square feet.
- Dum Dum
Dum Dum enjoys close proximity to the city’s airport; reason enough for the demand of realty to remain comparatively stable here. The relatively moderate property cost is another factor behind the increase in demand. Moreover, the area is finely connected via an efficient network of roadways and railway that prevents much hassle in spite of Dum Dum being located around 10-12 kilometers from the main thoroughfare of the city. This part of the city enjoys the reputation of being largely family friendly and is home to many a healthcare and academic institutions. Of late, the tendency to purchase flats for resale or on rent has increased. This is because a lion’s share of the properties in the locality is owned by NRIs and thus renting out is often the only way for them that guarantees maintenance of their houses. You might have to shell out anywhere between Rs.8-10 per square feet for a 2BHK accommodation on rent.
One of the oldest localities of the city, Garia, of late, has witnessed hefty improvements and developments of conveniences in the form of hospitals, educational facilities, wholesale and retail chains, malls and other corporate workplaces. These advancements have resulted in increased demand for both commercial and residential plots. Moreover, easy connectivity via the metro route and a hassle free approach to the EM Bypass stretch make this southern locality a top notch when it comes to demand for homes, be it on rent or self-owned.
- Ruby connector
The demand for residential homes in and around the Ruby connector emanates primarily from the middle income families of Kolkata. Akin to every other locality mentioned in the article, the adjoining area is almost chock-a-block with retail chains, restaurants, branded eating joints and malls. But the factors that make this locale a favorite among the middle income group of the city include superior infrastructure, better inter-state connectivity, efficiently planned neighborhoods and the availability of newer flats and accommodations.
To sum it up, you might feel a little spoilt for choice when it comes to residential localities and complexes on the offering, but it is in your best interests to do the homework (and the math) properly before zeroing on any one.