Luxury homes are not exclusively meant for affluent, high net worth individuals (HNIs)—those are bygone days. No, we are not joking, the luxury segment in real estate India has implemented new strategies to make the luxury homes and properties market in India within reach to mid-segment homebuyers too!
The Best 3 bhk in Kolkata in the luxury segment
- Vyom, Flats in New Alipore
Regarded as the epitome of affordable luxury, Vyom is located at the New Alipore crossing, and offers 3 bhk flats in new alipore in the size range of 1,200 -1,400 sq.ft. The plush residential complex is spread over 7 acres of lush greenery and natural ponds, making it one of the largest landscaped township in New Alipore. A 3 bhk in Vyom will cost you Rs1.7 Cr. and above. With a clubhouse of 31,500 sq.ft., the residential project offers 17 exclusive garden homes and an array of well-maintained amenities to choose from, like International concierge, three swimming pools, exclusive kids learning center, state-of-the-art home theater, wellness center, squash court, among others.
- Jiva, Flats near Phoolbagan
Jiva offers vastu-compliant 3 bhk 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. With a 3 bhk flat in phoolbagan Kolkata in Jiva, you will enjoy 43% of its space to natural water bodies, 20% greens, 12% walkways, and 25% to homes and amenities—a treat to homebuyers who value green living! Furthermore, it features floating gardens, jogging tracks, ghats, outdoor yoga zones, and jogging tracks and maintains 6 natural ponds conserved within the serenity of 1 lac trees.
- Panache, Flats in Salt Lake
Located in one of the most searched localities in Kolkata, Panache offers plush 900-1000sq.ft flats in kolkata salt lake with spacious and airy balconies in high-rise towers. Panache is right in the heart of Salt Lake and has the tallest residential towers in the neighborhood designed in a funnel-shaped architecture for ample wind circulation. Adding to its many unique features, Panache is a gold rated IGBC Certified Green Building. The residential project is spread over 7.5 lakh sq. ft. The price of 3 bhk in kolkata at Panache can cost you upwards of 97L. Among several other amenities, homebuyers can enjoy landscaped gardens, outdoor gymnasiums, montessori and preschool for young kids, dedicated kids’ play areas, a 28000 sq.ft. clubhouse with a swimming pool and steam rooms, and fully equipped mechanical car parking.
- Amistad, Flats in New Town
Located in heart of New Town, Amistad features plush 900-1000sq.ft apartments in kolkata new town. The plush residential building is awarded ‘Best upcoming mid-segment residential project of the Year at the CREDAI Bengal Realty Awards’2018. A 3 BHK apartment in this development is priced at 67L. Homebuyers can enjoy among several well-maintained amenities—Mini Theatre, gymnasium, yoga and meditation room, games room, and co-working space.
- The 102, Flats in Joka
Located in South Kolkata’s prime locations near the upcoming Joka Metro Station, the 102 offers 3 bhk flats over 650 sq.ft space. The residential complex has over 6 towers. It is the only residential property in Joka to offer 102 amenities to its residents— hence its name. The price of a 3 bhk flat at the 102 starts at 31 lakhs. The residential project boasts construction technology from South Korea and landscaping by Tectonix Thailand. For homebuyers, the 102 is located in an excellent suburb for end use as well as investment and has amenities like 30-meter long swimming pool, skating track, karaoke room, library, yoga lawn, and golf-putting area.
- Aurus, Flats off EM Bypass
The top-notch two high-rise tower residential project—Aurus by PS Group features premium 3 4 bhk apartment in kolkata e m bypass between 1473 – 1475 sq.ft. A 3 bhk at Aurus will cost you up to 3.07Cr and above. 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 and a sky lounge at 374 ft. high. Homebuyers will especially value the exclusive clubhouse ensconced in the greenery of 50,000 sq.ft. open space. The project boasts of several sustainable infrastructures and has been awarded the Luxury Project of the Year in 2020’ by Realty+. With Squash, tennis and badminton courts within the residential complex, 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.
- The Skylake on Deshapran Sasmal Road
The Skylake offers 3 bhk & 4 bhk residences from 1755-3856 sq.ft with 63% wide open spaces. These houses celebrate space and design and provide its residents with an envious lake view. A 3 bhk in Kolkata at Skylake starts at Rs.1.85 Cr.
- Aurum on BT Road
The project offer 3 bhk & 4 bhk apartments on BT Road. A 3 bhk has a built-up area of 1373 sqft-1595 sq.ft that start from Rs. 65 Lacs. Aurum is an award winning project in BT Road with well-maintained amenities such as children’s play area, jogging track, club house, gym, power backup, gated security, among others.
- Flora Fountain in Topsia
This project in Central Kolkata redefines urban lifestyle with architectural excellence where luxury flows. The project offers 3 4 bhk premium residential flats on topsia kolkata starting at Rs. 79.45 Lacs.
Real Estate Trends for Luxury Apartments
Let’s consider some of the latest trends in the Indian real estate that will bring you closer to buying that ultra-luxurious 3 bhk in Kolkata you had always dreamt of:
The popularizing concept of fractional ownership in India
Originating from the West in the 1960s, fractional ownership allows investors to secure a piece of property through a timeshare ownership model. Based on that, investors can own luxury properties in Kolkata at a fraction of its total cost. The concept involves multiple investors jointly holding ownership of a single asset where every investor owns a fraction or a small percentage of the property and the ownership is split among investors as per their agreement. Fractional ownership thus allows even investors with a smaller budget to access luxury properties.
The concept of fractional ownership is largely dominated by commercial real estate but luxurious residential homes and resorts are also adopting the trend owing to organised players and tech startups like BRIKit, Fracsn, Propertyshare, Strata, Myre Capital, Assetmonk, Grip and RealX. These startups are popularizing the concept in Indian real estate with the help of technology. Do we already see your dream of buying a 3 bhk in Kolkata taking shape?
The contribution of the NRIs and HNIs to the growth of luxury homes
NRIs usually target IT hubs in India like Bengaluru, Pune, Chennai and Kolkata. Furthermore, Mumbai Capital Region, and NCR launched over 2.3 lakh new housing units in 2019, out of which 10 percent i.e. nearly 23,000 units belonged to the luxury and ultra-luxury segment. Based on a survey, 73 per cent of NRIs preferred properties priced between Rs 90 lakh to Rs 2.5 crore. This resulted in 48,370 homes sold in 2020 alone.
NRIs are usually interested in investing in residential properties in Kolkata for either moving in with families, as a re-investment opportunity, or for renting out to locals for good returns. Overseas buyers are investing in luxurious flats in Kolkata and spacious 4 bhk flats in Kolkata, partly to stand out from the general housing units. The demand for high-end luxury houses in posh locations in Kolkata has risen. The main factor is the location—be its proximity to nature in Alipore, or flats in Kolkata south Bhawanipore with its good civic amenities, and plush villas and bungalows, or 4 bhk flats in ballygunge kolkata—the most preferred location for housing properties in Kolkata among High Net-Worth Individuals (HNIs) and NRIs. These ultra net worth individuals are investing in luxury housing units, including duplex flats in Kolkata, flats in Kolkata near the airport, 3 bhk in Kolkata, penthouses, villas, and bungalows in high-end localities of Park Street which are popular in the city’s realty market.
Furthermore, the inward remittances by NRIs especially those settled in the US, Canada, the UK, the Middle East, and some of the Southeast Asian countries have increased in the past couple of years. These remittances are used into real estate, a fair share of which is taken by sizeable investments made into luxury residences.
The plummeting prices in real estate India
The demand for luxury housing in India can be attributed to two main factors—a sharp decline in the prices of properties, and an increase in the exchange rate of the US dollar, which has increased the purchasing power of NRIs.
The Indian real estate witnessed vulnerability during the pandemic. As a result, banks offered loans to common citizens at a lower interest rate as a rescue remedy. The government initiatives also helped in boosting sales in the real estate sector, some of this included lower stamp duty and reduced circle rates. This encouraged homebuyers to make a wise investment having long-term benefits, for instance buying a 3 bhk in Kolkata.
The pandemic push
As people are spending more time at home and with family, homebuyers are looking for options to upsize without compromising on the luxury quotient. Stable assets like real estate that provide comfort as well as sustainability, were especially sought-after and what’s better than luxury real estate? The well-heeled sections of the society, for instance bought luxurious 3bhk in Kolkata, or duplex flats in Kolkata with amenities like rec rooms, or flex spaces, swimming pools, and home gyms.
In general, it is one of the best times to invest in real estate. The concept of work from home has picked during COVID-19 and people are seeing the benefits of owning a house, rather than rented accommodation. The new normal of owning an office space at home has further surged the demand for buying own properties among middle-income and upper-middle-income groups.