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The planned township of Rajarhat, New Town has become choice of the property buyers as it is offering a wide variety of options. Flats in Rajarhat are in high demand as the place is well connected to Kolkata IT hub. Though property prices and demand have increased in Kolkata, still it is reasonable compared to other metropolitan cities of India.
In the real estate industry, the demand and supply of the housing property purely depends on the demand of the property in a particular state and its quality supplied. The buyer proposes his demand to the seller and it is up to the seller whether he will accept or reject it. The situation has changed in Kolkata and home buyers are showing interest to invest in housing property.
Kolkata, “the city of joy” as it is referred to, is the third most productive area in India. The demand and supply curve has to match perfectly for the real estate market to be keep going and earn maximum profit.
Survey on real estate market in Kolkata
Though the number of new projects in Kolkata launched between 2013 and 2018 is 1, 25,000, year 2014 has witnessed a mismatch in the supply demand curve. According to real estate consultant Anarock, the housing sector in Kolkata has witnessed a significant rise in Q3 as compared to Q2. Almost 4050 units have been launched in Kolkata during their festive season.
Why are home buyers interested more in investing in Flats in Rajarhat?
Rajarhat Newtown area of Kolkata is a newly developed area providing all possible comforts in terms of lifestyle, education, and transport facilities. It has become the major IT hub of the metropolitan city with top notch companies like TCS, Wipro, and IBM running their operations from here successfully. Employees working in this area prefer investing in and around the Rajarhat Township.
Due to demonetization and GST, the city’s market has been a spectator of stagnation. Many under construction flats in Kolkata were left uncared for due to a rapid fall in the demand of properties among buyers. But it is now emerging and becoming a hotspot of real estate industry.
Other factors that could be listed down are –
- Connectivity – Rajarhat, New Town provides good connectivity to other parts of the city via EM Bypass and VIP road. These two roads allow smooth and fast traffic movement. Kolkata International airport is at a close proximity. Kolkata is a city which provides good transport communication and hence various public transport including AC buses are provided for the convenience of the people. The upcoming Airport-New Garia metro corridor will boost up the connectivity to the southern end of Kolkata.
- Infrastructure – Rajarhat, Newtown is well-developed with the object of providing residents smooth life with clean environment, fast traffic etc. Wide roads and flyovers are built to speed up the traffic and reduce unnecessary road blocks and congestion. Apart from residential complexes, you will get an opportunity to spend your time with family and friends in clubs, parks. Also, convention centers are built in the area. Not only IT industry, Government of West Bengal has taken initiative to develop Rajarhat, New Town as an educational hub. Schools like DPS New Town. New Town school, Aliah University and Techno India are operational. IIT Kharagpur, St. Xavier’s will be developing their second campuses here shortly.
You can also enjoy quality time with your family and friends at shopping malls like City Center 2, Axis mall. Also, to experience greenery and get relief from the scorching heat, visit Eco Park, the place where ample trees are planted to provide the visitors a soothing experience and sooth your senses. There are luxurious hotels, cycling tracks, solar panel, water treatment plants etc. It is a well developed locality which is perfect for new buyers to invest in new projects in Kolkata.
Growth in property market
Everybody dreams of owing a house or property of his/her own. Metropolitan cities like Mumbai, Delhi, and Bangalore have been the first choice of any property buyer. But due to the increase in property prices, investors have shifted their choice to eastern region specially Kolkata. Kolkata is considered to be the city of commoners and life in the city is cheaper compared to any other metro cities. Cities are well connected with each other to provide most convenient and smooth transport facilities.
Top notch builders like Unimark group are coming up with their new projects in Kolkata especially in Rajarhat. Residing in the city of Kolkata has always affordable and therefore, there has been a significant growth in the housing sector in places like Joca, Madyamgram, Rajarhat, Pailan, Barasat etc. “PMAY” and “Housing for all” schemes initiated by the government also encourages property buyers to buy their dream homes in the city of joy.
The town of Rajarhat is landscaped beautifully with mini-townships, high rise buildings and complexes. Shopping malls, hospitals, schools and colleges are in close proximity which is essential to fulfilling one’s daily needs. Home buyers will get an opportunity to invest in apartments of low-priced to luxury and super luxurious apartments.
Looking for your own place of residence, why not invest in Kolkata?
Kolkata is a hugely populated metro and new locality like Rajarhat is witnessing well exposure, growth and interest among young urban and real-estate investors. With new policies and implementation of HIRA act in West Bengal, realtors are expecting much improve in the real estate sector in 2019. With the growing interest among the young investors, builders are coming up with new projects in Kolkata.