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Housing in Kolkata

 

Going back in history under the British Raj, Kolkata was named as the Gateway to India, and it was also colonized as their capital till the year 1912. With the turn of the 21st century, one looks at Kolkata as a vibrant and sparkling city that supports almost 15 million people. The city is a meeting ground of various cultures, and even today its best defined as the “City of Joy”. The city is known for its housing facilities with simple yet grand architectural patterns. From the days of the “Rajbari” to the modern day flats and apartment, housing in Kolkata has undergone several stages of metamorphosis,
 
Presently, Kolkata is at a flourishing stage of real estate industry thereby making various housing options available not only for the inhabitants of the city but also for the ones residing outside planning to settle here. Realty Expo 2009, the annual property fair that is held in the city, recorded a high footfall at the event. Some of which also translated into spot booking for residential plots and spaces. The concerned authorities added that the amount of the spot bookings has increased doubly resulting in an unparalleled rise in the footfalls with a leap of 20 per cent as compared to the previous chapter of the Realty Expo 2008. Owing to the economic downswing this progress in the realty market was unexpected.
 
Trend in Real Estate in Kolkata
 
A review of the real estate trend in Kolkata would show that there had been consolidated amount of cost cuts in the city during the economic recession. The reduction in the cost of the property by a 5-20 per cent throughout the city and the promotional packages with schemes like EMI’s and reduced price, generated a buzz about the realty market amidst the potential house owners.
 
The property exponents and experts are of opinion that the realtors and the builders now have become way more flexible and are focusing at the consumer at present. The objective that the realtors have now adopted is offering reasonable housing options to the customer which always has been the trademark of the city. The property prices in major locations of the city will nevertheless experience an upward trend. Therefore, this time is the best to contemplate any sort of property investment in Kolkata. Housing in Kolkata is way more lucrative and reasonable now.
 
Housing and Property rates in Kolkata
 
The real estate market is throbbing with a bundle of developments and activities. There is a bouquet of activities pertaining to construction and re-designing that are taking place. These are taking place in various unexplored areas in Kolkata. Some of them are suburban towns like Dum Dum, Hugli, South Suburban city, Rajarhat. These are some of the new spots that are identified in Kolkata.
 
Kolkata still happens to be a city where you can opt for a house or residence even in this fast pace of competition and urbanization unlike other cities, where housing merely gets limited to flats or rented apartments. Kolkata, still has empty spaces that can be used for residential purposes.
 
The present property rates can be identified as follows, as of January 2010
 

Rental Value
Apartment (Rs/month)
 
Locality
July –Sep 09 (%)
Jan 10
Central (6)
-7 to 17
10000-26000
North(8)
-10 to 9
5000-17000
South (19)
-12 to 33
5000-25000
East (2)
-7 to 3
12000-17000
Others (30)
-16 to 13
6000-20000

 

Capital Value
 
 
 
 
Locality
Apartment (Rs/month
 
Plot (Rs/sq yd)
 
 
Jul-Sep’09 (%)
Jan’10
Jul-Sep’09 (%)
Jan’10
South (19)
-9 to 41
1700-12000
-3 to 20
3800-65000
East (2)
0 to 8
3000-4200
-3 to 18
6000-20000
North(8)
-10 to 24
1800-4300
-11 to 9
6000-34000
Central (6)
-3 to 22
4000-11000
-1 to 2
35000-72000
Others (30)
-13 to 41
1500-8000
-4 to 8
5000-64000

 
 
Real estate listings or Land Holdings in Kolkata for sale
 
Apart from the construction works that going on in Kolkata in various sites there are several land holdings available in the city for both residential as well as commercial purposes, that are presently up for sale. The listings with the approximation charges are given below :-
 
  • About an expanse if 14 bigha of unhindered land is available for potential consumers near the Science City, E.M Baypass area. The approximate price for the same is Rs.50 -60 lakhs per cottah.
  • 5,00,000 sq ft commercial building that is mostly completed on a land expanse of three acres in New Town is up for sale.
  • About 17 bigha land near the E.M.Baypass, bedside the Bartaman Patrika area is available, where a hotel is being set up.
  • Huge expanses of lands are available in Narendrapur, Alipore, Rajarhat, New Town.
  • With regards to the premium apartments, an average area of 3000 square feet is available. On the other hand the penthouses are accompanied by a carpet area of 3500 square foot and a garden on the rooftop which again is approximately 1350 square feet. The cost for such apartments in Kolkata rise up to Rs 2 crores. The prices are subject to market fluctuations.
 
Realtors and Real Estate groups in Kolkata

 
There are several projects being undertaken in Kolkata with regards to providing residential facilities to the customers. They are generally undertaken by several realtor or real estate groups in Kolkata, thereby providing various options of housing in Kolkata. Some of the noteworthy names in this regards are:-
 
1. Avani Group
2. Fort Group
3. Diamond Group
4. Ambuja Realty
5. Merlin Group
6. Eden Projects
7. PS Group
 
Avani Group
 
Avani Group is an ISO 9001:200 certified organization that is known for its excellence in residential projects. The qualities that characterize the group are its quality management, adhering to timelines and the respect and acclaim that it has earned in Eastern India over the years. One of its major ongoing projects is as follows:-
 
  1. AVANI OXFORD - II 
 
The Avani Oxford II is one of the ongoing residential projects under the brand name with 5 towers that stand as tall as the 4 stories. It is one of the premium residential complexes in North Kolkata. The total proposed build up area is said to be over 600 cottahs of land. The residential complex has entracnces from Jessore Road and Lake Town in Kolkata, and is well connected to the major colleges, schools, markets, hospitals and other important areas in the city. The facilities that are included in the Avani Oxford II can be listed as below:-
 
  • AC Community Hall
  • Swimming Pool
  • Health Club and Gym
  • Hanging Garden
  • Indoor Games Room
  • Independent guest houses
 
Fort Group
 
Fort Group is one of well known and acclaimed Real estate developers and promoters in Kolkata. Mostly their projects are in Central Kolkata. The group over the years have contributed considerably in residential and industrial projects that it has undertaken modifying the skyline of Kolkata. The group is supported by a set of skilled professionals trained in infrastructure development as well as recent upgradations in CAD technology. The current projects under its name are:-
 
  1. Oasis
 
It is a residential complex that is located in Ballygunge and also happens to be the tallest tower building in that area. The total land area is one 440 cottahs and has approximately 350 flats. The facilities it provides to its customers are:-
 
  • Party Zone
  • Joggers Park
  • Water Supply
  • Home Theatre
  • Club with a community hall
  • Elevators
  • Guest Rooms
 
  1. Sunny Fort
 
Sunny Fort, is situated in New Town, opposite to the Convention Center, The residential complex is close to the major schools, malls, multiplexes, restaurants and the like. The building is not just a residential place, but a hub of elite culture and lifestyle.
The provisions provided to its customers are:-
 
  • Community Hall
  • Swimming Pool
  • Yoga and Meditation Hall
  • Grocery Store
  • Jacuzzi and many more.
 
 
Merlin
 
The Merlin group is a well acknowledged group and an admired brand name that has made its mark in the real estate domain in Kolkata. The group signifies quality establishments. Over the years it has completed 50 residential as well as commercial complexes and 150 independent bungalows. The group also has alliances with the West Bengal Housing Board, West Bengal Small Industries Developmental Corporation. At the same time it is a member of CREDAI India. Some of its projects where people can identify housing options both for residential as well as commercial purposes can be listed below as:-
 
  • Merlin Sapphire – Behala
  • Merlin Camellia – Moore Avenue
  • Merlin Supriti –Salt Lake, Sector 3
  • Merlin Lotus- Clown Town
  • Merlin Emerald – Behala
  • Merlin Ashoka – Alipore
  • Merlin Orchid – New Alipore
  • Merlin Grove Behala
  • Merlin Jyoti Chaya – Triangular Park
  • Merlin Tulip – Sarat Bose Road
 
Ambuja Realty
 
The name that rules in Kolkata in real estate is Ambuja Realty. The group has been formed by the Neotia family. The group has been an integral part of Kolkata in real estate since the last 120 years. The founders of the group originated from Rajasthan and then settled in the city of Kolkata since 1890’s. Since then they have been instrumental in structuring the real estate industry in Kolkata with their innovative residential as well as commercial projects. The group has given the city it new age shopping and entertainment outlet namely The City Center in Salt Lake. Presently the group is being led by Shri Harshvardhan Neotia, guided by the Group Patriarch, Shri Suresh Neotia.
 
The residential and housing projects undertaken by Ambuja Realty, caters to the three segments of HIG, MIG and the LIG. Some of the famous housing options for potential homeowners are:-
 
  • The Residency
  • Udayan
  • Ujjwala
  • Upohar
  • Utsa
 
Other realty groups like Diamond Group, PS Group, Eden Homes too are coming up with lucrative projects keeping in mind the customer requirements and other facilities. The attempt taken by the real estate groups or the realtors now is to elevate and enhance the pattern of the Housing in Kolkata, catering to the basic necessities simultaneously