Buying Residential Property in Kolkata

Although Kolkata property markets have alwayskms of the central residential area that
been identified as the end-user one, investorencompasses Ballygunje, Alipore and
activities have started to gain ground in the city,Hastings-areas where capital value of residential
of late. According to experts, it is DLF that hasplots is as high as Rs 4,500 per sq ft. The capital
suddenly brought Kolkata in the attention of realvalues for a 3,000 sq ft apartment in Alipur are
estate investors.recorded between Rs 1.50 and 2 crore. Similarly,
Winning the tender floated by Kolkata Municipalthe average rentals in the aforesaid locations are
Development Authority, the company recentlyfrom Rs 25,000 to Rs 60,000 per month.
bought 4,900 acre of land in Kolkata outskirts, atNow that buying property in Kolkata prime has
a whopping cost of Rs 2,400 crore. As much asbecome impossible, peripheral locations at the
3,900 acre of land will be developed, under theeastern side of the city have also come up as
project, for residential purposes while the rest willpotential alternatives. Massive construction
be utilized for building commercial properties,activities have been taking place at Eastern
sources inform.Metropolitan Bypass, Kasba, New Rajerghat
This development in the real estate sector ofTownship and Topsia. Capital values for
Kolkata has triggered secondary residentialapartments are in the range of Rs 1,800 to Rs
districts of New Alipur, Moulali, Shah Road, Prince2,400 per sq ft in these locations. According to
Anwar, Sealdah and Kankurgachi. The capitalproperty consultants, investors can expect a
values for residential properties have increased bymoderate hike of 5-15% on residential property
30-50% in these areas in the past couple ofcapital value, in the next 12 months.
years while the rentals have shot up by anFor more details on Kolkata Real Estate, log on to
average of 15% between 2005 and 2008. Allmagicbricks.
these locations are located within the radius of 10