Property prices increase in Kolkata suburbs
Kolkata- It is very much understood that property prices at peripheral areas running along metro network would increase. But some of the areas which are independent of suburban railway system like Uttarpara, Konnnagar, Sonarpur, Rajpur, etc are witnessing steady rise in property prices.
Suburbs like Sonarpur and Rajapur are some hours drive away from Kolkata while suburbs like Uttarpara and Konnagar are just 40 minutes drive from the city. Although these towns do not fall along the metro route but still they are recording high rise in real estate prices. As per market sources, in past one year these suburbs witnessed a growth of 25 to 30 percent in property prices.
Some real estate advisers feel that property prices in these suburbs have increased by approximately 15 to 20 percent. According to them Kolkata was lagging behind cities like Bangalore and NCR when it comes to infrastructural development at peripheral areas.
The suburbs in Kolkata are seeing a steady inflow of big realtors. The key factors which make these areas as good option are lower land prices as compared to the other areas in city and availability of catchment area due to proximity to factories.
Some developers launching projects in these suburbs are RDB Realty and Infrastructure in Konnagar, Unimark Group in Uttarpara, Keventer group in Rishra. Unimark group will soon launch its project “Unimark Riveria” which will have around 500 apartment units. This project in Kolkata is targeted for both premium and mid segments.
The current per sq ft rate along Konnagar and Uttarpara is around Rs 2,500 to Rs 4,000. While per sq ft price in fringe areas of south Kolkata such as Sonarpur, Rajpur, Baruipur is around Rs 2,7500 to Rs 3,000. The property prices in Narendrapur has also increased due to proposed extension of EM bypass which will connect north and south Kolkata.
According to the Executive Director of Cushman and Wakefield, in last three years, these areas have witnessed a significant growth in terms land prices. Many developers are acquiring land to reap benefits in future. Market sources say that there has been a substantial (50 to 60 percent) hike in the property prices in these areas.
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EM Bypass, Kolkata, Kolkata suburbs, Projects in Kolkata, Property prices in Kolkata, Property prices in Konnagar, Property prices in Uttarpara, RDB Realty and Infrastructure, suburbs in Kolkata, Unimark group, Unimark Riveria
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