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Promising Times Ahead For Kolkata Real Estate
Kolkata property market has been growing by leaps and bounds and is today one of the most lucrative investment destinations in the state. The city has attracted around 25,000 crore in real estate over the past two years.
Gujarat real estate wins the second position with investments worth Rs 30,000 crore whereas Maharashtra comes third after West Bengal.
As compared to other Indian metros, Kolkata offers cheap cost of living which serves as its biggest attraction. Despite such a high growth, the prices of essentials in the city are much lower, says Mr. Lakshmi Narayanan, CEO of RBI.
Despite all the benefits, Kolkata requires significant improvements in its infrastructure or the property boom will get limited to already developed areas like Rajarhat, Salt Lake, and Durgapur.
Improvements in the city will pave way for more investments and make the investors feel confident about selling their real estate projects, adds Narayana. Kolkata in any case will add up to 250 million sq ft of built up space, for which an investment of more than Rs 37,500 has been earmarked.
The demand for properties is shooting up in areas such as Greater Kolkata comprising Garia-Narendrapur, Behala-Joka, Rajarhat, and Howrah.
No slump has yet been identified in the growth as there is a huge housing shortage in the country. Kolkata possesses an untouched potential and is likely to see an astronomical growth of 25-30 per cent in very near future, avers Narayana.
News Published Under: Kolkata | 1 Comment »
If unprecedented developer led real estate construction goes on in Kolkata without proper infrastructural planning then we shall soon see a crisis of traffic jams, water shortage, sewage disposal into natural soil and water bodies with chaos and filth.
The government should be careful not create a fiasco; they still have the chance to it right if the planning and anti-corruption vigilance can be given priority.