Real Estate in Kolkata have appreciated in monetary value in the last few years. A rapid industrialization and creation of a better infrastructure has contributed to development of Real Estate in Kolkata.
Real Estate in Kolkata is defined as the land in the Kolkata metropolitan region along with anything attached to the land like buildings and its fittings.
The demand of real estate in Kolkata is fueled by the development of the Information Technology(I.T) and Information Technology enabled Services (ITeS) sectors.
The real estate in Kolkata is also driven by the following factors:
- Lower land acquisition cost
- Attractive government initiatives
- Lower asset prices
- Availability of scalable infrastructure
Foreign real estate investors makes Kolkata Real Estate as their first port of call.
Prices of Kolkata real estate have shown a steep upward graph- especially in South and South central Kolkata where the price per square feet has risen a mind blowing Rs 800 in just six months! For example real estate prices in Bhawanipore has risen to Rs.3000 from Rs.2,200 in only six months! The other boom areas are the Eastern Metropolitan Bypass area and the new Rajarhat township.
The unprecedented price rise in Kolkata Real Estate is seen in south Kolkata localities like Ballygunge, Prince Anwar Shah Road and Elgin road. The factors behind such a steep rise in select localities are the limited availability of real estate options, successful retail and commercial projects and improved connectivity with improved urban road build quality. There is also an abstract reason- aspirational quotient of the consumer.
The inflow of Foreign Direct Investment (FDI) has also led to an appreciation of the overall quality of real estate projects. Movement in real estate market has given push to Kolkata Hotels too.
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