Kolkata is the oldest metropolitan city in India, which enjoys the reputation of being a cultural place with a rich heritage in form of the monuments and cultural centres. The “City of joy” is usually considered to be a growing market in the real estate sector. During these years, Kolkata witnessed substantial growth and expanded geographically. This resulted in a high growth in population and there was budding of new opportunities here. This era of conversion gave a boost as well to the Real Estate property in Kolkata.
Over the years the situation of the markets and customer’s preference have been volatile, however, what has remained constant is the demand for property in Kolkata.
Let us figure out some the factors, which are working positively for the growth of the commercial and residential property in Kolkata:
- Infrastructure growth- Kolkata has good infrastructure and growth is phenomenal. Currently, there are several infrastructural projects, which are happening in different parts of the city. This growth is helping the residential market to become more attractive. The advancement of the metro rail in various parts of the city is solving connectivity issue. This will surely make travel a much easier process in the city and will attract investors as well as the homebuyers. The areas such as Jessore road, BT road, Sector V and VIP road have good infrastructure and connectivity.
- Office space demand- The commercial space has also seen a widespread growth in the past few years. The total area, which has been developed in the year 2015 is a 2.17mn sq ft, which is almost double than in 2014. It will definitely attract corporate migration in this city. This influx will also escalate the sales of ready-to-move-in office spaces and residential apartments.
Furthermore, the newly announced Amritsar-Delhi- Kolkata industrial corridor will brighten the situation in the near future. The three major IT parks, which are planned in Durgapur, Siliguri and Rajarhat will create a thrust to speed up the infrastructure development process in Kolkata.
The builders in Kolkata are breaking the embargo and are creating innovative real estate properties that would cater the need of the young and vibrant population of the city.