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The real estate market in the historic North Kolkata has once again redeemed its position and started to emerge as a realty hotspot after a long-standing slowdown spanning the past few decades. While developments in the other parts of the city took place at a rapid pace during that time, the northern areas witnessed slow yet gradual progress. Despite the potential that the realty market here holds owing to the rich heritage that this part of the city enjoys, the housing sector in this area was also affected further recently due to the preliminary confusion and chaos in the aftermath of the recent policy overhaul such as the introduction of RERA, GST and demonetization.
However, in the long run, these effects turned out to be a temporary side effect and the once-latent market is now characterized by medium to high demand and supply dynamics. This can be attributed to the well-developed infrastructure and good connectivity by both road and metro rail that have made properties in this area a popular option among both homebuyers as well as investors looking for lucrative returns. Located at a distance of less than 10 km from both the airport and NH-12 and 3 km from the railway station, more and more consumers are pivoting towards this region. Thereare also a host of prominent schools and hospitals located in the areathat cater to the healthcare and education requirements which forms an important part of the purchase decision of those looking for a suitable home. North Kolkata is also located in close proximity to workplace hubs such as Salt Lake, Rajarhat and New Townwhich is leveraging this market as an attractive choice.
Besides these, there is an abundance of bars, restaurants, shopping complexes and grocery stores in and around localities based in this area which offer the perfect work-life balance further creating an upswing in overall demand.
In recent years, a large number of housing complexes have come up in the area. The residential complexes offer variable sizes of apartments to the residents and you can get the floor area customized according to your requirements. Those who are looking at making investments in property in North Kolkata can go through the online property websites India and get the property customized.
In terms of popular configurations amongst consumers looking for properties in North Kolkata, 46 percent of interested homebuyers have hitherto showed a keen preference for 3BHK units; however, there has been a shift in this pattern and 2BHK units are now becoming more popular. The driving force behind more and more potential homebuyers showing interest in projects in this area is their desire to upgrade from the characteristic G+2 and G+3 home layouts of North Kolkata to projects that offer better amenities good connectivity to IT hubs such as Salt Lake City. These factors are driving developers to expand their footprint by catering to the requirements of IT professionals who form the core of the market.
As far as upcoming markets are concerned, some localitiesthat are coming up as popular investment destinations in North Kolkata includeMadhyamgram, BT Road, Dum Dum,Kankurgachi, VIP Road, Nager Bazarand Jessore Road, among others. Current trends indicate a high demand for affordable housing in Rajarhat which is a hub of projects that fall within this category. Space constraints in Lake Town, Baguiatiand Kestopurarealso encouraging people in this area and propelling demand for this segment in Rajarhat. Apart from these locations, Madhyamgramspecifically is also emerging as a hotbed of investment activity due to its good connectivity to Sodepur and the airport. The market landscape hereis occupied by leading builders and developers in the state such as PS Group, Diamond, Belani, Srijanwho enjoy a large scale presence with a number of projects in this region. To further improve connectivity by metro, construction is underway to create an East-West metro line connecting Madhyamgram to Salt Lake to Howrah which will boost the demand for housing in this area manifold.
Therefore, the overall property market in the northern part of Kolkata seems to be rolling forward at a steady pace and the momentum will only increase in the long run. So, if you are planning to invest in property located this region, then the time is conducive to do so as it will give greater yields.
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