October 9, 2014

Rajarhat in Kolkata is booming with real estate demand

Kolkata, also known as ‘Calcutta’ is witnessing a steady and stable boom in the realty sector, however, due to its creditability, people are interested in investing in this city. The demand for apartments in Kolkata comes for places like Rajarhat, Garia and New Town; these three are some of the emerging areas of the city which is welcoming investment from all corners. In particular, Rajarhat.

In recent times, Rajarhat has been seen a noteworthy increase in the number of home buyers and the reason is attributed to the basic infrastructure and the proximity to the IT hubs in Kolkata and the upcoming metro rail. It is a planned township and offers all the amenities and facilities one can think of, hence the demand for flats in Rajarhat.

Reasons for the demand for flats in Rajarhat:

The locality is surrounded by DLF IT hub that houses all the major MNC’s like, Accenture, HP, Wipro, IBM, and Cognizant among others. As it offers job opportunities to many, this place has topped the list of home buyers and migrants, who are looking for flats in Rajarhat for comfortable living. Builders and developers are coming up with projects that will offer various amenities and facilities to the home buyer and they will get the value for their money.  Some of the projects in Rajarhat are:

•    Avenida by Tata Housing
•    The Banyan Tree Garden by Banyan Tree Group
•    Unitech Fresco by Unitech Limited
•    Jain Dream Palazzo by Jain Group
•    Silver Oak Estate by Salarpuria Group
•    Sampoorna by Bengal DCL Housing Development Co Ltd

 If a person is looking for an apartment in Rajarhat within Rs. 45 lakh, then the size would be like 700 to 1300 square feet. The demand is mostly for 2 and 3 BHK apartments, and those are available in furnished, un-furnished and semi-furnished form. The average price in Rajarhat is around Rs. 3,500 per square feet, which is quite reasonable.

The demand for rental property is also huge in this locality. For a multi-storey apartment, the rent is like Rs. 13 per square feet.

NRI Investment:

Rajarhat does not only attract investment from locals, but is also attracting investment from NRIs. Around 35% investors are from such NRIs who have recognized the potential of this area and know that it will yield good returns in the future.  Some of the NRIs are looking for investment for end-use, but give it for rent for extra income.

Rajarhat is affordable, has excellent connectivity, and superb infrastructure that has given a boost to the residential real estate and increased the demand for investment.