NRI Real Estate and Property Investment in India
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New Residential Developments fuel Real Estate in Kolkata
Tuesday, June 12, 2007

Real estate Kolkata market is hotting up as its peripheral limits stretch to include once distant suburbs like Rajarhat in the north-east, Batanagar in the south-west, Howrah in the west and Dankuni in the north-west. Garia and Narendrapur are pushing further south-east towards Sonarpur and Baruipur.

The expansion is accompanied by a proportionate increase in property prices in Kolkata, especially in the upcoming localities. Property prices in Rajarhat gained by more than 100% over the last 2 years, now fetching Rs. 2800 per sq. ft. Unitech’s presence has been largely responsible for this - its 150 acre township in Rajarhat is selling at Rs. 3000 per sq. ft, with plans to raise it to Rs.4000 per sq. ft next year.

Property prices in Dankuni, on the other hand, have been influenced by the DLF mega township project. The Belghoria Expressway will improve Dankuni’s connectivity, bringing the airport within a 20 minute driving distance. Property rates in Dankuni are expected to go up further by 50 to 60% once the Expressway is complete. Howrah property prices are showing a similar trend, as a contemporary township and several shopping malls are making the suburb a favourite amongst the middle income group and businessmen.

NRI investors are opting for the Kolkata West project in Howrah for the high-end quality of services it promises. Similarly, property prices in Bata’s Batanagar Township in south west Kolkata are likely to touch Rs.2000 per sq. ft as against the prevailing rates of Rs. 900 per sq. ft. Real Estate in Kolkata’s Diamond Harbour Road has fared well too, banking on the government’s plans to develop a township in Baruipur. A 15-20% increase is expected over current prices in Narendrapur, which currently hover around Rs.1,500 per sq. ft. Patuli, Baishnabghat, Sonarpur and Barasat are some of the upcoming localities one can invest in.

In terms of property and land valuation, Kolkata is a Tier II city, and identified as the most promising amongst emerging cities. Property consultants Cushman and Wakefield report that property prices in Kolkata increased by 15-20% in the last 12-18 months, and similar appreciation is expected in the coming year.

Rajarhat property rates are expected to grow a trifle faster as new residential apartments become available. Infrastructural improvements like the Raichak - Kukrahati Bridge and the metro rail upto Garia are stimulating the Kolkata real estate market. Analysts suggest this as a good time to invest, with properties in Kolkata likely to appreciate by another 50-60% in the developing suburbs

Related Readings

NRI Investment in Kolkata Real Estate

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