A ‘new’ Kolkata:
For any homeowner, a perfect flat is one which has basic facilities and good connectivity. The real estate brands in Kolkata are very much aware of this and hence the recent residential ventures are endowed with these features. The market for real estate in Kolkata has rapidly changed and now it is one of the lucrative places for construction and real estate investment. The real estate developers here have been successful in incorporating the high-end apartments and commercial spaces with the classic look of the city. Kolkata has now become a new place, signifying advancement in technology and media along with the culture for which it was famous.
The city, as of now flourished in the outskirts such as New Town, Bypass and some suburban areas. One of the reasons by builders and real estate companies now prefer it is geography. Some prestigious projects are in the last stages of completion around the river Hooghly and other places close to Ganges. With sudden boom in IT and retail market, the City of Joy has become a common target for these construction businesses. Sector V in Salt Lake is now a place with sprawling commercial spaces and more to take place in future. This has further fuelled the demand for comfortable and luxurious residential projects.
How is it Occurring?
Certain places in Kolkata are now treated as landmarks with real estate projects from renowned brands. Places in and around South City, Rajarhat (New Town), EM Bypass are endowed with luxurious residential places, malls, schools, colleges and hospitals as well. These properties have slightly increased prices but that didn’t stop the middle class people from investing in these. Perhaps the caricature and culture has prevented in steep rise in residential prices. Real estate agencies and top builders are however, happy with the market condition and they plan to have further commercial and residential ventures in future.
Government in Favor of these Real Estate Developers:
The government of West Bengal has allowed these developers the scope to have profits with a cross-subsidy model. With that they are able to make much income on the bigger projects, if they are selling the middle income group apartments at a neutral rate (i.e., no profit, no loss). They are also supposed to provide the lower income groups low cost prices. According to experts, the ready to sell commercial projects in the city will make it more attractive to the big corporations who are looking for such facilities.
Kolkata to Reach New Heights of Real Estate Success:
Thus, a lot of multinational companies are trying to make their way in the city. A lot of reputed names are looking forward to invest in residential along with commercial projects in Kolkata. The international and domestic retail chains play an important role in this sudden increase of property demand. Well-known developers want to invest and create large townships and other projects which will meet higher standards. This will make way for international brands to think of investing in the city.
