Property Valuation in Kolkata has long been the favorite tea-time conversation for most people. If you spend over 10 minutes with any local, they will tell you about how Chowringhee has grown over-crowded in the last decade, how IT parks have become all the rage in Salt Lake and how property valuation in Kolkata has ballooned in the last 20 years. To be fair, they are not wrong! Property valuation in Kolkata has reached the zenith making all real estate companies in Kolkata and their investors laugh all the way to the bank.
Property valuation, Kolkata: Cluster-wise trend
- Property prices in Kolkata Central fall in the range of 6000 – 8000 INR/ sq.ft.
- Property prices in Kolkata West fall in the range of 2000 – 3000 INR/sq.ft
- Property prices in Kolkata East fall in the range of 3000 – 7000 INR/ sq.ft
- Property prices in Kolkata North fall in the range of 3500 – 7800 INR/sq.ft
Property Valuation, Kolkata: Price Trend according to locations
The City of joy is pegged as the fastest growing cities in India and there is a high concentration of residential projects, making Kolkata one of the largest real estate markets in Eastern India and ranking above the major property markets such as Gurgaon, Noida, and Mumbai in terms of growth in the last 10 years. Homebuyers have a variety of options to choose from especially among reputed projects developed by legacy developers like PS Group which offers futuristic homes with modern amenities in prime locations in Kolkata.
|Locality||Avg Price/Sq.ft||Price Range/Sq.ft|
|Beliaghata||4567||2054 – 9373|
|Alipore/New Alipore||9976||1935 – 23,333|
|Salt Lake City||5647||492 – 42,751|
|New Town||4949||1111 – 23,148|
|Joka||3569||750 – 40,909|
|Ballygunge||10,298||2333 – 26,562|
Phoolbagan and Beliaghata
With people getting busier than before, easy access and connectivity have become top priorities for homebuyers. As EM Bypass is in the vicinity, Phoolbagan and Beleghata in North Kolkata have gained traction in the real estate business. With upcoming IT hubs and high-end market value for real estate in Kolkata, the city is especially becoming popular among NRIs and IT professionals. The localities have a metropolitan touch along with a fair share of local Bengalis.
4 bhk houses in the area will cost you between 1.85 to 1.9 Cr. Ensconced in a natural reserve, the Jiva housing project by PS Group offers luxury living in Phoolbagan and Beleghata. 4 bhk flats at Jiva cover a carpet area of 1490 sq.ft along with a balcony area of 95 sq.ft. Furthermore, Jiva is the perfect option if you are looking for green homes. It offers plenty of options for rain harvesting, groundwater recharge, and recirculation of condensed water from air conditioners which is further treated through STP for reuse. 4bhk homes in Jiva cost above 2 Cr.
Close to EM Bypass, is Anassa— a luxurious residential project by PS Group for a 5 bhk or 4 bhk home. The architecture is French inspired with large windows, and spacious bedrooms and kitchen area. A 4 bhk home in Anassa is available in six variations— ranging from 2084 sq.ft to 2566 sq.ft. On average, a 4BHK house covers a carpet area of 1971 sq.ft and 151 sq.ft balconies and costs above 3.07Cr.
If you have a high budget, flats in Alipore are among the best preferred upmarket residential areas among comparable properties in Kolkata. With coveted attractions of Diamond Harbour Road in the west and Basanta Lal Saha Road in the east, New Alipore offers the best options for schools and the New Alipore Children Park is one of the best in the city. Furthermore, the area also has a fair number of hospitals.
4 bhk houses in Alipore range between 2.27 – 2.50 Cr. PS Group offers Vyom— a high-end residential project with luxurious duplexes flanked with triple-height balconies, garden homes on vast green spaces in New Alipore. Furthermore, Vyom has semi-furnished air-conditioned homes amidst aesthetically planned green cover. A 3 bhk house in Vyom has 1700 sq.ft to 1831 sq.ft carpet area and cost above 1.7 Cr. while a 4 bhk flat in New Alipore at Vyom will set you back by 2.13 crore.
Premium and luxurious 2 bhk flats at New Town Kolkata or on Rajarhat that enclose about 800 sq.ft space with the flat start quoting at 70 lakhs while premium 3 bhk and 4 bhk flats in New Town Kolkata or Rajarhat ranging 900sq.ft to 1500sq.ft can cost upwards of 1.3 to 1.5Cr. On the other hand, if you’re looking for a budgeted option without many amenities and luxury, you will still be able to find properties upwards of 65L. New Town is an upcoming residential real estate destination in Kolkata that offers something for everyone.
In proximity to posh Park Street— Loudon Street sprawls in the heart of Kolkata. Several luxurious bungalows, mansions, and independent houses with 4,000 – 35,000 sq.ft nestle in this luxurious area of Central Kolkata. Furthermore, with good connectivity to road and rail, Loudon Street is in demand among the area of 1777 sq.ft and a 151 sq.ft of balcony area and costs above 3.73 cr.
With Park Circus, and Lake Gardens in the vicinity, Ballygunge is especially popular among HNI and metropolitan residents. Army Public School and bungalows safely ensconced behind high compound walls, Ballygunge is sought-after by affluent families of Kolkata. Price of 4 bhk homes in the area ranges between 6.5 cr – 7.5Cr.
Salt Lake City
Arguably, Bidhannagar or Salt Lake City as it is popularly known as is a bustling IT hub with the best public infrastructure and planning in all of Kolkata. Home to some of the biggest multinational corporations in India, Salt Lake City attracts hordes of professionals who look for alluring housing options in the vicinity. A 3BHK flat in Salt Lake city at Panache costs upwards of 90 lakhs.
Top Reasons That Drive Property Valuation in Kolkata
In this blog, we will investigate certain characteristics that contribute tremendously to the rise of property valuation in Kolkata across different suburbs.
- Accessibility: The important factor to consider for homebuyers with looking for properties in Kolkata is accessibility. With the superfluity of IT hubs mushrooming around the city, it is becoming populated with working professionals. Homebuyers are dominantly preferring connectivity to the bus, metro, local trains, airport, railway station, and crèches. Many working couples factor in their daily commute while glossing over the dizzying rates of property valuation in Kolkata. Moreover, localities that boast of close proximity to a child’s school, and nearby pick-up and drop points are also preferred by working parents.
- Preferred Developers: With fierce competition in real estate Kolkata, it is an uphill task to find a reliable developer. Site visits will give you insights into the quality of construction and finished homes. Besides, you get hands-on information about safety measures and the knowledge of the builder. Many a time, certain housing projects in the city are unceremoniously delayed or even shelved leaving homebuyers high and dry. This is the reason why real estate developers of high repute command a premium to the on-going ready reckoner rate, and hence, further, drives up the going rate for property valuation in Kolkata.
- Community living: Choosing a nice neighborhood is also another point many families take into consideration while making a purchase decision. Everyone prefers being surrounded by qualified professional and respected members of society as reliable neighbors. Many people inquire profusely about the neighbor profile before making a decision; hence reputed localities preferred by distinguished families play a part in the prominence of a locality in the residential real estate market. After all, staying in a united community can extend a sense of prolonged happiness and safety.
- Return on Investment: Various micro-market in Kolkata such as Salt-Lake and Joka are popular rental destinations. The high volume of IT professionals and students flocking to these areas on the lookout for rented 2 bhk, 3 bhk and 4 bhk flats in Kolkata in these areas are very high, which in turn contributes to demand for properties on sale in these localities. High yields are a big contributor in property valuation in Kolkata.
Property valuation in Kolkata is seemingly seeing an upward trend year on year We hope we have made this crucial decision a little less daunting for you. An impactful and well-aligned home-purchase after holistically considering the trends in property valuation in Kolkata will take you to your dream home. Choose well and you will not only have a high-quality dream home but also an enjoyable, and creatively fulfilling living experience with your family.
There has been a 5.57 % drop in the property rates in Kolkata in the last 1 year.
Joka, New Alipore, New Town, Madhyamgram, EM Bypass are some of the popular localities to buy flats and apartments in Kolkata in 2021
New Alipore, EM Bypass, Salt Lake are the best upcoming localities for luxury investments in Kolkata