Kolkata, the cultural capital of India, has been witnessing a steady growth in its real estate sector over the past few years. The city, known for its historical landmarks and rich cultural heritage, has emerged as one of the top real estate investment destinations in India. In this blog, we will take a closer look at how Kolkata’s real estate market and the factors that have driven this growth.
Price Index Growth:
According to data from the National Housing Bank’s Residex Index. Kolkata’s real estate market has seen a consistent rise in property prices over the past 5 years. The Residex Index tracks the price movements in the residential real estate market across major cities in India. As of March 2021, Kolkata’s Residex Index stood at 197.2. Which is a significant increase from the 146.9 index recorded in March 2016.
Locations with Significant Growth:
Several locations in Kolkata have witnessed significant growth in their property prices in the past 5 years. The southern part of the city, has seen a steep rise in property prices. These includes areas like Ballygunge, Alipore, and New Alipore. These are the areas having high demand for luxury homes and high-end apartments. Rajarhat, EM Bypass, and Newtown has shown significant growth. These eastern art of Kolkata is preferred by homebuyers looking for modern amenities and infrastructure.
Factors driving the growth in Kolkata’s Real Estate Sector:
- Infrastructure Development : The city has seen significant infrastructure development over the past few years, with the expansion of the metro network and the improvement of road connectivity. This has made it easier for people to commute to different parts of the city, leading to a rise in demand for homes in areas with good infrastructure.
- Affordable Housing : The state government has launched several schemes to promote affordable housing . This has made it easier for people to purchase homes. The government’s Pradhan Mantri Awas Yojana and the West Bengal Housing Infrastructure Development Corporation (WBHIDCO) have played a significant role in providing affordable homes to people in Kolkata.
- Increased Investment : Kolkata has seen increased investment from both domestic and international players. This has led to the development of several large-scale residential and commercial projects in the city. This has contributed to the overall growth of the real estate market.
- Growing Economy : Kolkata’s economy has been growing steadily, with several new businesses setting up shop in the city. This has led to an increase in job opportunities, leading to a rise in demand for homes.
Conclusion:
Kolkata’s real estate market has witnessed significant growth in the past 5 years, with property prices rising consistently. The city’s infrastructure development, affordable housing schemes, increased investment, and growing economy have contributed to this growth.