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About Kolkata

Kolkata is the capital city of West Bengal and the former capital of India. It is also a commercial, educational and cultural center of the country and the most important metro in eastern India. The port of Kolkata is the oldest operational port in the country which was operational even during the Second World War.

Rapid growth was seen in the Kolkata real estate market at the turn of the 20th century and a tremendous increase in investment during the same period. It is one of the primary metropolitan cities of India. Kolkata's real estate market is vibrant, with infrastructure projects increasing demand in the market.

The city is a benchmark for modernity in India, but it has also retained its old-fashioned charm. North Kolkata has 19th-century architecture and some of the cultural features of the city. Also, there are many business and IT hubs across the city, including Kolkata's own Software Technology Park.

 

Kolkata real estate status

Kolkata is one of India's seven major real estate markets, with potential investment areas in each coordinate. India's third most populous city has five major real estate micro-markets with major pockets seeing significant growth in residential projects. Rapid corporatization is attracting more and more job seekers to the industrial hubs of Kolkata, thereby boosting the real estate sector in the city at prime locations. Buyers coming from diverse socio-economic backgrounds are looking for both luxury and affordable residential properties. The preferred option for a compact and affordable homeowner is a 2BHK flat In Kolkata. With more than 50% demand for apartments in different sizes, 3BHK requests are close to 42%. According to a survey by The Economic Times, real estate Kolkata registered a growth of 11%.

Players like Gurgaon, Noida, and Mumbai in terms of growth over the past 10 years. Furthermore, Kolkata has the largest market in Eastern India and is well above the major real estate market. Moreover, the survey also reveals that Kolkata has the largest number of unsold properties due to COVID-19. Despite which the market size is at number three after Bengaluru and Pune.

  • In fast-growing urban cities like Mumbai, Bengaluru, and Hyderabad, there is rapid growth in the property market, unlike Kolkata's stagnant graph in the real estate market, especially in the residential properties sector. The impact-resistant feature of Real Estate Kolkata has been a key contributor to why major players in the realty sector are investing with real estate companies in Kolkata, especially in the current bearish trend of the market.
  • Kolkata has recently gained a place in the race for lucrative property sales. However, Kolkata has shown great tolerance to market volatility and has emerged as an excellent investment option. The multiple launches of new residential projects in Kolkata North, upcoming residential projects in Kolkata South. And new residential projects in Kolkata Rajarhat provide all the reasons Kolkata should be your destination of choice.
  • Although the Kolkata real estate market is quite diverse and has a considerable number of micro-markets. Majorly two locations account for almost half of the inquiries from home buyers. We observed this trend in our previous study over the same period last year. The trend continues in New Town, and Joka attracts the maximum number of home buyers.
  • Kolkata offers a range of affordable housing projects with adequate connectivity to various regions, including South, East, West, Central, and North. Employment centers in the vicinity, and efficient local transport including existing and developing ones. Some 2 BHK apartments in Kolkata are priced as low as INR 20 Lakhs. While larger sizes are available under INR 50 Lakhs depending on the location and the project.
  • After two consecutive years of poor financial performance, Real Estate Kolkata recorded a decline in the absorption rate. Leading to a significant increase in the absorption prices at present. Developers of Kolkata’s real estate are expecting more innovative measures and support from the government.

 

Lifestyle and Infrastructure in Kolkata

The infrastructure development of Kolkata began with the rise of the industrial sector in the 19th century. Subsequently, British companies invested heavily in the infrastructure of the city. The next big game in the development of the town was the investment boom in the year 2000.  

The healthcare infrastructure in Kolkata is remarkable as it has 48 government hospitals and over 300 private medical establishments as of 2010. The number of hospital beds in the city is above 60 for every 10,000 people - higher than the national average below 10.

Kolkata has given a facelift after various social and civic infrastructure development projects initiated by KMC (Kolkata Municipal Corporation). More beautification initiatives are being taken in the city of Anand. From modern automatic garbage bins to beautiful underpasses to the banks of the Hooghly river. Kolkata, now emerging as a clean and green city, offers vast residential and commercial development opportunities.

 

Growth, Economy, and Opportunities

Although Kolkata joined the band of popular IT city culture. Today real estate Kolkata has become a preferred choice for IT corporations like Cognizant, Infosys, TCS, and Wipro. The city is also becoming a preferred choice for start-ups, thus contributing to Kolkata's economy. This transformation is followed by major infrastructure developments like East-West Metro in the city and proposed government projects like SEZs in New Town, thus increasing the market value of the town.

Upcoming cities like Kolkata have all the indicators of becoming a market favorite. Joka and New Town are among the top areas in Kolkata, with the maximum number of properties launched by developers. Due to the proximity of IT job sectors in the region. Residential projects in the new city of Kolkata and other upcoming residential projects in Kolkata indicate a lucrative market for active investments. Like rental properties and real estate projects for Kolkata shortly. Provides more scope.

The IT sector in Kolkata is one of its major economic drivers and has grown up to 70% in 2006. Which was twice the national average at that time. The main influencer for the IT sector in Kolkata has been the IT Policy of West Bengal, which was announced in the year 2000.

Price trends in Kolkata Real Estate

The Kolkata real estate market slowly changes with the buyers' budgets, flat areas, and location preferences. The process of change is gradual but definite. It seems that homebuyers prefer certain locations in South Kolkata, like Joka or Rajpur Sonarpur. Some other areas near EM Bypass and Rajarhat New Town for high-end affordable homes.

Zone

Area

South

Narendrapur, Joka, Garia Baruipur, Tollygunge Alipore, Sonarpur

East

EM Bypass, Rajarhat, New Town Tangra, Salt Lake City

West

Howrah, Maheshtala, Andul Kona, Expressway, Makardaha 

Central

Kankurgachi, Machuabazar Entally, MG Road

North

Barasat, Madhyamgram BT Road, Uttarpara Serampore, Dum Dum

 

  • In addition to location preferences, home buyers are approaching different value for money equations concerning their choices for budget and flat area.
  • An analysis of market data for the January-June period of 2021 provided interesting insights as follows.

 

Locality Name

Properties Rates In Rupees (INR)

 

Price per sqft

Avg price per sqft

New Town

867 - 19,894

13,790.34

Rajarhat

1,583 - 11,500

9,668.19

Garia

2,111 - 10,144

8,657.02

Joka

1,805 - 14,988

11,239.54

Tollygunge

833 - 68,569

52,169.25

Madhyamgram

1,546 - 40,000

30,830.28

Behala

2,200 - 11,129

7,701.52

Dum Dum

651 - 9,027

7,906.9

Kestopur

2,041 - 6,316

4,969.74

Narendrapur

1,800 - 42,781

18,568.49

Sodepur

1,622 - 9,749

7,118

Tangra

1,083 - 19,418

16,334.51

Salt Lake City

1,000 - 13,316

10,514.49

Mukundapur

604 - 21,624

13,539.05

Kasba

2,000 - 13,478

8,793.68

New Alipore

2,500 - 20,642

15,349.6

Howrah

2,292 - 12,603

10,905.2

Barrackpore

1,860 - 7,385

6,269.61

Sonarpur

1,840 - 15,000

9,979.72

Konnagar

1,558 - 4,967

4,656.5

Uttarpara Kotrung

1,300 - 5,784

5,328.14

Lake Town

2,687 - 10,836

7,156.43

south dum dum

2,250 - 9,900

7,14.87

Baranagar

750 - 13,999

9,88.51

Ballygunge

2,400 - 31,613

22,458.45

Bansdroni

2,315 - 10,500

8,314.42

Beliaghata

2,599 - 13,125

12,97.07

Jadavpur

1,400 - 16,058

11,227.35

Alipore

2,400 - 28,333

23,599.46

Barasat

1,583 - 5,505

4,804.46

Picnic Garden

2,051 - 10,092

7,801.79

Bramhapur

2,125 - 4,904

4,464.85

Belghoria

2,000 - 7,711

5,347.5

Santoshpur

2,866 - 13,889

9,480.96

Kalighat

5,667 - 21,389

14,559.05

Kamarhati on BT Road

2,893 - 7,939

6,130.37

Serampore

1,881 - 5,473

4,904.08

Haltu

961 - 9,302

7,618.74

Kaikhali

1,778 - 8,410

7,459.2

Patuli

2,400 - 7,530

6,254.78

Thakurpukur

1,538 - 5,464

4,242.92

Maheshtala

1,700 - 6,452

5,434.75

Nager Bazar

2,667 - 9,753

9,312.06

Baruipur

1,558 - 4,514

4,259.57

Tagore Park

2,917 - 6,846

5,827.09

VIP Nagar

2,381 - 10,464

5,852.84

Barisha Purba Para Road

1,833 - 5,796

5,336.55

Jagadishpur

1,974 - 8,168

5,837.26

Rahara

2,200 - 3,201

3,181.44

Baguihati

1,833 - 20,800

6,705.4

Phool Bagan

3,000 - 14,444

9,837.87

Topsia

1,091 - 29,252

18,632.57

Baghajatin

2,241 - 8,403

5,973.92

Baguiati

1,250 - 5,000

4,243.42

Chinar Park

3,113 - 7,671

6,852.52

Kankurgachi

3,518 - 14,643

10,864.41

Nayabad

2,000 - 11,851

5,996

Dhapa

2,462 - 11,533

6,932.36

Agarpara

1,381 - 4,571

4,25.47

Lake Gardens

3,200 - 9,583

8,115.74

 

Connectivity and Transportation

  1. The port of Kolkata is the only major river port in India. The Shipping Corporation of India operates freight services to ports in India and other parts of the country, including the capital of the Andaman, Port Blair, and the Nicobar Islands.
  2. There is an excellent service of air transport, Netaji Subhas Chandra Bose International Airport, the largest airport in eastern India. It connects Kolkata to other cities and countries by air. It is one of the 2 international airports in West Bengal.
  3. The city is part of India's largest highway project, The Golden Quadrilateral, connecting it to other major cities such as Chennai, Delhi, Ahmedabad, Mumbai, and Bengaluru.
  4. Howrah and Sealdah are the 2 major railway stations within the city that connect it to other parts of the country. And the circular rail system surrounds the whole of Kolkata.
  5. National Highway 34 also passes through Kolkata and has a length of 261.5 km.
  6. The city's underground railway system - The Kolkata Metro - is India's oldest underground mass transport system. It was constructed from 1972 to 2010 and ran for a total distance of 25.135 km.
  7. Kolkata is the only city in India to possess a tram network. The network is operated by the Calcutta Tramways Company and is limited to certain areas of the city.

Charges by Government Bodies while buying or transferring the properties in Kolkata

Property registration

If the selling price is less than 25 lakhs:

  1. 5% stamp duty for Panchayat areas.
  2. 6% stamp duty for Municipal Corporation and Corporation areas.
  3. 1% registration fee.

If the selling price is more than 25 lakhs:

  1. 6% Stamp Duty for Panchayat Areas
  2. 7% stamp duty for the municipal corporation and corporation areas
  3. 1.1% Registration Fee    

Kolkata Municipal Corporation (KMC) is levied Property tax in Kolkata. Rates and other charges for property tax are revised regularly and have several levels.

Construction Cost in Kolkata

The estimated construction cost in Kolkata starts from 1000 Rs Per square foot to 10000 Rs per square foot. It could be higher depending on location and demand.

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