Growing Real Estate in Kolkata

Also known as ‘the city of joy’, Kolkata was earlier believed to be moving at snail’s pace as far as its development is concerned. But, the city’s industrial revival is fast taking shape now and with builders extending their support, "real estate in Kolkata" is fast picking up.

Kolkata is set to get the capital inflow of worth Rs 37,000 crore in the next five years. The city has already attracted an investment of whopping Rs 25,000 crore in real estate and infrastructure in the past two years. Such a bright investment scenario has helped West Bengal to secure second position among the states with the most bright real estate prospects in future.

Kolkata real estate has been on a high because of a number of factors. More and more MNCs are looking forward to foray into the city and a sudden increase in the number of developers of upmarket property, being just a few. Most of the growth is likely to take place in Greater Kolkata, including Garia-Narendrapur, Behala-Jok, Rajarhat, and Howrah.

Undoubtedly, Kolkata offers cheap cost of living in comparison to other cities. This has been seen as one of the most important factors for a rapid movement of Kolkata residential property. Some notable upcoming projects are South City, a Township by South City Projects (Kolkata) Ltd and Sanjeeva Town by Sanjeevani Projects Pvt. Ltd.

Then, it is Kolkata commercial property which is making rapid strides on the back of interests coming in from multinational companies. Kolkata is to certainly see an increased demand for office spaces, courtesy the rising call centre operations, insurance companies, and restaurants within the city.

The competition among builders in Kolkata is getting fiercer by day which is why they are toeing a different line. Whether it is about commercial or residential projects developers are trying to woo investors with exclusive features, which consistently better the best within the city.

Author Bio: Rakesh Malhotra, an associated editor of Indian Real Estate Forum, which is a platform to exchange ideas with real estate community on various issues related to property investments, property for NRI and real estate updates in India.