The lanes of Kolkata have experienced a gradual change with each passing day, where the old structures got replaced by modern buildings backed up by other infrastructural development. Today, the city, apart from being acknowledged for its culture and architecture, has become an IT center including business and financial sectors. With a rising population of the city (around 14.8 million) and an optimum employment rate, Kolkata is facing a high demand for residential real estate projects with each passing day. Hence, in this write-up, we will delve into the real estate scenario of Kolkata and highlight the legit reasons for investing in the real estate sector of the city for the year 2018.
An Overview of Kolkata Real Estate Sector
The current scenario of Kolkata real-estate is way different than what it used to be even 3 to 4 years back. According to a study by Knight Frank (a real estate advisory firm), Kolkata’s residential market value had dropped by 15% (approx) in the second half of 2017, owing to inactive demands and failing inventory levels of completed units. Such prices included a reduction in the base prices by the developers, along with a rejection of other charges like stamp duties. Moreover, with the announcement of demonetization, the yearly sales was also seen falling gradually.
However, with the implementation of (Real Estate Regulation Act) RERA in many cities gave rise to a positive impact, thereby promoting transparency, efficiency and increasing the home buyers’ confidence to invest in Kolkata real estate projects 2018.
End User Driving Growth
The determination for the potential buyers of Kolkata to own the perfect home is driving the developers to come up with remarkable real estate projects in 2018. In the quest of purchasing the best apartment in Kolkata, the prospective buyers do not even mind checking out a residential apartment in North Kolkata or the outskirts. Hence, due to this current trend, the real estate developers of Kolkata no longer hesitate getting into low-cost homes. In fact, they are coming up with projects in the greater parts of Kolkata taking up regions like Garia, Kona Expressway, Rajarhat and Madhyamgram within or beyond the city limits.
Creative Offers for Buyers
Many real estate companies in Kolkata are coming up with enticing offers to attract the prospective buyers, quite like other metro cities like Mumbai, Chennai, and Bangalore. This is mainly witnessed with the housing complex in North Kolkata so as to facilitate a modern lifestyle in regions like Madhyamgram, Sodepur, Konnagar, etc.
Sensible Property Prices
Unlike other metro cities, Kolkata property prices are more close to reality and in reach of various economic levels of buyers. The infrastructural development and the lower prices of the asset are compelling more individuals to invest in the housing projects in Kolkata. In fact, the highest number of buyers that Kolkata is receiving is either from the NRI Indians or from people who reside in the nearby small towns, seeking to make a safe bet. Thus, the demand for residential complexes in Kolkata is increasing leaps and bounds.
Affordable Housing for All
The 2018 Budget has also set a mark for affordable housing. ‘Housing for all’ is turning out to be one of the significant projects of the government by the year 2022. The government, in fact, intends to deliver 10 million houses under this project, out of which 95% of the houses will be built for the Economically Weaker Sections (EWS) and Low Income Groups (LIG). There will be an allotment of an affordable housing fund under the National Housing Bank for priority sector lending, thereby, stimulating the development of housing in this segment.