The Real Estate business in Kolkata is consistently growing owing to the steady flow of major investments, increasing job opportunities, infrastructural developments, and upcoming real estate projects Kolkata. Furthermore, Kolkata has the largest market in Eastern India, a crucial contributor to the rate of flats in Kolkata that is attracting major players from the realty sector to invest with real estate companies in Kolkata. The City of Joy is gradually picking up pace with the high-value markets of Mumbai, Bengaluru. Lastly, the Central Government along with the State Government of West Bengal has launched subsided plans like PMAY Scheme, and Nijashree Scheme. Such schemes are opening doors to affordable homes in real estate kolkata. Furthermore, major banks are also reducing the rate of interest for different kinds of home loans, thus boosting the number of launches of real estate projects Kolkata.
In Q1 2021, the majority traction for sale of flats in kolkata was driven by Northern suburbs (BT Road, Dum Dum, Lake Town), southern suburbs (Behala, Jadavpur, Joka, Kasba, Tollygunj), and eastern suburbs (EM Bypass, Rajarhat, Topsia). According to some of the top real estate developers in kolkata, the rate of flats in kolkata has been more than that of pre-COVID level, with greater demand for ready-to-move-in flats in kolkata and substantial traction for upcoming residential projects in kolkata—
Rate of flats in Kolkata North
North Kolkata is a prominent residential area with comprehensive road and rail connectivity. The area boasts proximity to the employment hubs of Salt Lake, Rajarhat and New Town. Furthermore, the area includes key hospitals such as Columbia Asia Hospital, Apollo Gleneagles Hospital, and ILS Hospitals in the vicinity. Adding to the hot spot market value of flats in kolkata north is the area’s proximity to famous shopping malls such as Salt Lake City Centre, Diamond Plaza and Mani Square. Lastly, let’s not forget the widespread connectivity through VIP Road, Belgachia Metro Station and Jessore Road.
The rate of flats in Kolkata North’s prime residential
- BT Road: Price per square feet Rs. 2,807 – Rs. 4,305 / sqft. Price trend: -10.2%
- Dum Dum: Price per square feet Rs. 1,600 – Rs. 9,873 / sqft. Price trend: 25.3%
- Lake Town: Price per square feet 2,774 – 10,898 / sqft. Price trend: 60.9%
- Bangur Avenue: Price per square feet 3,300 – 7,318 / sqft. Price Trend: 2.5%
Developed as a smart city, this northern suburb of Kolkata not only has high-end residential units with excellent connectivity to EM Bypass and the VIP Road, the locality also has good connectivity to bus and other public transport services. Covered by New Town Kolkata Development Authority, New Town boasts of commercial properties, clubs, business parks, and offices of top-notch companies thus making the locality an ideal concoction of residential and commercial developments.
Being a major IT industrial hub, the rate of flats in Kolkata in New Town, especially for 1 BHK apartments, falls in the price range of 21.5 lacs—30.8 lacs, depending upon the carpet area. Moreover, there is no dearth of luxury flats in New Town, with builders eyeing the location for its extreme value.
Owing to the area’s proximity to IT hub, New Town has high demand from out-of-state IT professionals. Furthermore, rapid urbanization and the focus on creating smart cities and the proximity to the place of work foster the demand of the area. The rate of 3 bhk flat in Kolkata in New Town will cost you from Rs.50.33 lacs—Rs. 72.99 lacs depending upon the built-up area. 3, 4 bhk flats in New Town also cost Rs. 1.3 crore with a carpet area of 1,918-1980 sq.ft. with Rs 6777/sqft. Super luxurious 5 bhk flats in New Town cost 1.5 Crore onwards. The price range per sqft is Rs. 382-72,359/sqft, and the price rise trend is 14.6%.
The demand for this locality has recently increased owing to its connectivity to the southern employment hubs and the upcoming metro from Airport-New Garia. The prominent demand in the residential segment has made it a residential hot spot in North Kolkata. Prominent demand in this area is for 2, 3 BHK variants. A 2 bhk in Bansdroni ranges from Rs. 19.14 lacs— Rs. 42.74 lacs, whereas the average price per sqft for a 3 bhk flat in Bansdroni ranges from Rs. 2,694—Rs. 7,090.
With the proximity of Masterda Surya Sen Metro Station and the emerging development of housing complexes in the area, the rate of flats in kolkata Bansdroni is anticipated to rise soon, considering that the property prices in the locality have also doubled from the last five years. The price range per sqft in Bansdroni is Rs. 1,500 – Rs. 6,800 / sqft, and the price rise trend is -11%.
A mouza in the Rajarhat area—Kestopur is also among one of the most sough-after residential localities in Kolkata. The proximity of the area to employment hubs like Salt Lake and New Town makes it a real estate hot spot. Furthermore, the area is connected to Kestopur within a radius of 8 km. With the work of the new bridge over the Kestopur canal, and the expected shorter commute to prominent areas such as New Town and Salt Lake, the market value of the area is expected to improve.
The area also boasts of developed infrastructure, thus picking traction for real estate prospects. 2, 3 bhk flats in Kestopur are the most common room configuration in the locality. 2 bhks in Kestopur start from Rs. 16 lacs— Rs. 20 lacs, whereas 3, 4 bhks range between Rs. 36 lacs— Rs. 40 lacs. Price range per sqft in Kestopur is Rs. 300 – Rs. 4,762 / sqft, and the price rise trend is 6.5%.
Located in Northern Kolkata, Baguihati is covered by the Kolkata Metropolitan Development Authority. Connected to the commercial hubs of New Town, Krishnapur, and Dum Dum, the average price per sqft for flats in Baguiati is Rs. 3,693. While 2 bhk flats in Baguihati range from Rs. 20 lacs— Rs. 28 lacs; 3, 4 bhk flats in Baguihati fall in the range from Rs. 30 lacs- Rs. 40 lacs.
The area is majorly popular among the lower-middle class strata and hence offers low price flats in kolkata. Furthermore, the four-lane flyover connecting EM Bypass to VIP Road and the proximity of several schools such as Calcutta High and North Point Sr Sec School located along VIP Road is adding to the popularity of the locality. Price range per sqft in Baguihati is Rs. 1,107 – Rs. 5,411 / sqft, and the price rise trend is 17.6%.
Rate of Flats in South Kolkata
South Kolkata in general is a prominent real estate hot spot. The market value of the posh flats in kolkata south is determined by various factors, some of which include –good rail, road and metro connectivity, presence of renowned hospitals, shopping malls such as IPGMER, Quest Mall, South City Mall, and schools and restaurants. Furthermore, the area boasts of excellent overall connectivity to Old Ballygunge, AJC Bose Road and Blue Metro Line, and proximity to commercial areas of Bhawanipur, Park Circus, Park Street, Salt Lake, etc.
Flats in Alipore
Price per square feet Rs. 2,500 – Rs.30,000 / sqft. Price trend: 19.2%. No locality in Kolkata captures the essence of South Kolkata like Alipore. Home to the elusive elite for over maultiple generations, Alipore is home to some of the top bureaucrats and industrialists of the country. As a result, property prices of Alipore have always been sky-high; if you’re a homebuyer looking for a celebrated bungalow for sale in Kolkata, Alipore is one of the most sught-after pincodes to consider.
Flats in New Alipore: Price per sqft. Rs. 3,529 – Rs. 17,660 / sqft. Price trend: -14%
New Alipore has seen one of the fastest growth rates in the city, both in terms of scale and speed of construction. Evolving as the newer, younger, and better planned version of the posh Alipore, New Alipore is home to a wide diaspora of people. New Alipore is joined at the hip to Central Kolkata by the Kolkata Suburban Railway Line and is connected to Central Kolkata and Salt Lake by road and rail.
Flats in Prince Anwar Shah Road
Price per sqft. Rs. 2,889 – Rs. 17,941 / sqft. Price trend: -14.9%. Prince Anwar Shah Road is a thriving arterial road in South Kolkata that originates from the posh Tollygunge area in South Kolkata and extends uptil EM Bypass in South-East Kolkata. It’s well-connected to upscale localities such as Jadavpur, Jodhpur Park, Garfa, Haltu and Kalikapur. As far as residential real estate is concerned, this road includes a mix of standalone bungalows as well as multi-floor apartment complexes.
Flats in Ballygunge
Ballygunge is a notable upmarket and one of the best preferred residential localities for houses in Kolkata. If you are looking for ‘kolkata bungalow price’, look no further. The area is well-connected to Kalighat Metro Station, taxis, and bus. Furthermore, with top-ranked schools in proximity like Army Public School, Modern High School, and South Point High School, this locality of South Kolkata is most coveted among homebuyers with families and has some of the highest rate of flats in kolkata.
Given the area’s posh repute, it boasts of premium projects. 3, 4 bhk flats in Ballygunge range from Rs 1.93 crores to Rs 4.2 crore. The rate of flats in Kolkata Ballygunge ranges from Rs 4,700-15,700 per sq ft. A 1 bhk (470 sq ft) costs Rs 25 lakh on an average, whereas a 4 bhk and above (2,800 sq ft) costs Rs 3.42 crore on an average. Price range per sqft in Ballygunge is Rs. 2,286 – Rs.21,094 / sqft, and the price rise trend is -5.6%.
Apart from the above mentioned localities, Mukundapur, Lake Town, Kalikapur, Patuli, Dum Dum, Kasba, EM Bypass and Salt Lake are also gaining prominence in the residential sector of real estate Kolkata. In general, with the city refurbishing to several civic and social infrastructure developments, and upcoming projects of metro lines in the works, marked by the presence of schools, and healthcare institutes, retail malls, shopping complexes, residential localities, the rate of flats in kolkata is adequately endowed with social infrastructure promising healthy returns on rental investments.
Based on a recent survey, Kolkata recorded the highest growth in the sector of residential real estate india sales in the first quarter of 2021 (January-March). The survey was a comparison to the last quarter Q4 (Oct-Dec) of 2020 among all the Indian metro cities. The City of Joy witnessed a three-fold jump in numbers (201%) during this period, thus bringing good news to top construction company Kolkata. In Q1 2021 (Jan-March), the rate of flats in kolkata recovered to more than 90% of the volume recorded in Q1 2020 (pre-COVID) in the top seven cities which includes Hyderabad, Pune, Chennai, and Kolkata.