With the country emerging from the lockdown in phases, homebuyers in tier 1 cities have resumed looking for properties on the real estate portals. Based on the listings and purchases on these portals, a shift in buyer preference towards the affordable segment (2 and 3 bhk flats) is to be witnessed. There has also been a downward price trajectory in the under-construction segment mainly owing to the crisis of the pandemic and the pressure of unsold inventory. A demand-supply mismatch is also evident in the affordable housing segment. The city of Kolkata recorded a 15.30% demand as against -31.10% supply rate during the April-June 2020 quarter.
Real Estate Price trend in Kolkata
Furthermore, ready to move flats in Kolkata have become marginally cheaper, whereas mid-segment configurations 2 and 3bhk flats continue to drive most traction. The approximate price per square feet among the most- searched residential localities in Kolkata is as follows—
- Newtown-Rajarhat Rs 2,500–5,950
- North Kolkata Rs 2,100–8,250
- Central Kolkata Rs 3,200–16,400
- South-West Kolkata Rs 2,400–5,550
- South East Kolkata Rs 2,750–9,150
- South Extension Rs 2,750–5,850
- Howrah Rs 1,900–4,600
The Best: Premium 3 BHK Flat in Kolkata
- Jiva by PS Group, 3 bhk flat near Phoolbagan
Jiva offers vastu-compliant 3 bhk flats in Kolkata in the range of 850sq.ft. to 1150 sq.ft that cost 1 Cr. and above. Located only 700 m from the Phoolbagan-Beliaghata crossing, this project lays special emphasis on living amidst greenery.
– The housing property has dedicated 43% of its space to natural water bodies, 20% greens, 12% walkways, and 25% to homes and amenities.
– Intelligent design for optimum space, efficient and luxurious living.
– A collection of wind, water, greens, birds, natural reserves, walkways, ponds, lakeside promenades, cabanas and homes.
– Contains floating gardens, jogging tracks, ghats, outdoor yoga zones, and jogging tracks.
– Maintains 6 natural ponds conserved within the housing compound ensconced within the serenity of 1 lac trees.
– Has a sauna room, banquet hall, games room, massage center, and recreation center to host your guests.
- Vyom by PS Group, 3 bhk flat in New Alipore
Regarded as the epitome of affordable luxury, Vyom is located at the New Alipore crossing, and offers 3BHK apartments in Kolkata within the size range of 1,200 -1,400 sq.ft. A 3 bhk in Vyom will cost you Rs1.7 Cr. and above.
– The plush residential complex is spread over 7 acres of lush greenery and natural ponds.
– It is one of the largest landscaped townships in New Alipore.
– A clubhouse of 31,500 sq.ft.
– Offers 17 exclusive garden homes.
– International concierge, three swimming pools, exclusive kids learning center, state-of-the-art home theater, wellness center, squash court, among others.
- Aurus by PS Group, 3 bhk flat off EM Bypass
– The flats are designed with a centred layout with the living room in the centre and bedrooms on all four sides.
– The residential complex has 22 ft. tall homes with 22 ft. wide balconies.
– The project boasts of several sustainable infrastructures and has been awarded the Luxury Project of the Year in 2020’ by Realty+.
– The project is located in one of the most searched localities in Kolkata with ITC Sonar, Mirania Lake, JW Marriott, and Science City in the vicinity.
– A sky lounge at 374 ft. high.
– An exclusive clubhouse ensconced in the greenery of 50,000 sq.ft. open space.
– Squash, tennis and badminton courts within the residential complex.
– Round-the-clock security systems, dedicated seismic sensors, and fire detection systems.
– A sun deck, aqua gym, cabana, and outdoor jacuzzi.
- Larica Township by Larica Estates Ltd. 3 bhk flat in Barasat, North Kolkata
– Table Tennis, Jogging Track, Fire Fighting Systems, Badminton Court.
- Flora Fountain, 3 bhk flats in Tangra by ASPS Developers LLP
Flora Fountain by ASPS Developers LLP is a residential project that offers apartments with a perfect combination of contemporary architecture that provides comfortable living. The apartments are available in the following configurations: 2BHK, 3bhk flat and 4BHK with a size range between 83.52 Sq. mt and 174.84 Sq. mt. Flora Fountain price ranges from 60.68 Lacs to 1.27 Cr.
– Flora Fountain offers facilities such as Gymnasium and Lift. It also has amenities like Jogging track and Swimming pool and indoor activities such as Dart board and Pool table. It also offers services like Community hall, Library and Car parking.
Difference between Luxury Apartments and Mid Segment Apartments
Let’s observe some of the key differences between luxury apartments and mid-segment apartments—
|Largely depending upon amenities, the price of a luxury apartment range from Rs 1 to 4 Crore, inclusive of an annual appreciation rate of 3% to 7%.
|With majority of homebuyers belonging to middle-class group, mid-segment apartments are in high demand in tier 1 cities. The price usually ranges from Rs 40 lakhs to Rs 90 lakhs, depending on the location and amenities with an annual appreciation value ranging between 2% and 4%.
|Location & Neighbourhood
|Luxury apartments are mostly constructed within up-scale neighborhoods of the city. Developers usually prefer niche neighbourhoods to attract a defined clientele.
|Mid-segment apartments are available in both newly formed neighbourhoods as well as in areas with developing infrastructure.
|Luxury apartments in Kolkata usually spread over more than 1800 sq ft, accommodating a 3 or 4 BHK space. Expansive kitchens and living areas, servant quarters, attached balconies are a part of it.
|Mid-segment apartments are available within the range of 700 to 1200 sq ft and are mostly compact units housing all under the same roof.
|Amenities and comfort
|Premium luxury flats in Kolkata offer a hoard of amenities for the comfort of its homebuyers. You are spoiled for choice—roof-top private pools, canopied walkways, landscaped gardens, state-of-the-art construction materials, fittings, among others—the luxurious lifestyle amenities let you live life king-size. Furthermore, luxury apartments provide higher levels of security with emergency buzzers, intercoms, fire chutes and top-of-the-line security installations.
|Mid-segment apartments usually offer standard amenities like power back-up, swimming pool or a gymnasium. As for security, mid-segment complexes mostly opt for outsourced security agencies.
|High-end apartments in an upscale neighborhood is a performing asset with a rental value of 40% premium compared to regular apartments. Furthermore, price volatility is higher with prices fluctuating between both ends of the spectrum.
|Regular apartments deliver consistent rental income owing to their popularity among the floating population who prefer affordable and smaller spaces.
The real estate market has seen a resurgence with the luxury market showing significant growth in the last quarter. However, the segment of regular apartments continues to be a popular choice with the middle and salaried class. Experts watching the real estate space are extremely optimistic about the demand for both the segments. While luxury apartments in kolkata raise the bar on comfort, convenience, and quality, regular apartments come with their own advantages. Statistics show that more than 60% of first-time homebuyers continue to opt for regular apartments.
If one is looking for 3 BHK Flats in Kolkata, Rajarhat, New Town, E M Bypass, Action Area 1 and Action Area 3 are hotspot areas you should go for.
There are over 8000 society flats in Kolkata available for sale that come at a pocket-friendly price. In addition, there is ready infrastructure, sound connectivity and greenery all around make these flats worth exploring in Kolkata.
Going for resale flats in Kolkata is a great choice as they come at a price that is lower than the
market rate. Liveable, affordable and luxurious 4K+ 3 BHK resale flats in Kolkata are available
in several options.