Why is real estate so expensive in Kolkata?

Why is real estate so expensive in Kolkata?

“The real estate market in Kolkata is only driven by actual users rather than investors,” said Harsh Neotia, chairman of developer Ambuja Neotia Group. Sushil Mohta, chairman of the Merlin Group, said about 90\% demand in Kolkata is for homes priced at between ₹30 lakh to ₹75 lakh.

Where should I buy a flat in Kolkata?

Best locations to buy luxury flats in Kolkata

• Ballygunge.
• Sarat Bose Road.
• LoudonStreet.
• EM Bypass Near Science City.
• Phoolbagan and Beliaghata.

Is Kolkata a good place to invest in property?

Buying a flat in Kolkata is an excellent investment. Real estate is one of the most profitable investments in India, with real estate prices going up by an average of 2-5\% year on year. Kolkata is one of the primary real estate markets for several reasons.

Will apartment prices rise?

Housing costs were rising before Covid, but the coronavirus exacerbated the problem: The national median rent has increased by 11.4\% so far in 2021, compared with just 3.3\% for the first six months of 2017, 2018 and 2019, according to a report from Apartment List, a rental listing site.

Is real estate down in Kolkata?

KOLKATA: Real estate has been the worst hit in Kolkata among big cities during the pandemic, leading to an average 4\% decline in property prices in January-March 2021 against the first quarter of 2020. In Kolkata, the micro-markets in Rajarhat and Howrah are among the worst affected with sales continuing to dip.

What is the price of flat in Kolkata?

3, 4 BHK flats in Ballygunge range from Rs 1.93 Cr. to Rs 4.2 Cr. The price of flats in Kolkata, Ballygunge ranges from Rs 4,700-15,700 per sq. ft. A 1 BHK (470 sq.

Which area of Kolkata is posh?

Alipore
Alipore – One Posh Areas in Kolkata Along with Ballygune, Alipore comes under the poshest residential areas across the country. For several decades it is the home to the top industrialists like Bangur, Singhanias, Birlas, Mittals, and Goenkas.

What are the most expensive localities of Kolkata?

While residential property prices in Kolkata average at Rs 4,400 per sq ft, the city has its fair share of posh locales which command a premium over other areas. 99acres.com compiles a list of the top most expensive localities of Kolkata. The city of Joy, Kolkata, is known for its iconic colonial buildings and heritage structures.

How much does it cost to rent an apartment in Kolkata?

The price of the monthly rent in Kolkata depends very much on the district of the city, on the size of the building and on the availability of furniture. The cheapest are one-bedroom apartments outside the city center with prices ranging from Rs.4,000 to Rs.10,000 per month.

Which are the best residential areas in Kolkata for buying property?

Proximity with the military area, Birla Mandir, Institute of Child Health and Bhowanipore has had a positive impact on the property prices of the area, which range between Rs 9,500 per sq ft and Rs 10,000 per sq ft. 4. Park Street – Since the British era, Park Street has been the prime recreational zone for the residents of Kolkata.

What is the average property price in Salt Lake in Kolkata?

Relatively affordable than the other affluent residential locations of Kolkata, Salt Lake is considered to be a haven for the upper-middle-income segment homebuyers. The average property prices here range between Rs 6,500 per sq ft and Rs 7,500 per sq ft.