How To Find Premium Real Estate In Kolkata?

Real estate can be one tricky market for sure, especially in metro cities like Kolkata. On one hand, price rises have impacted the entire market and supply chain, demand still remains steady at a very basic level. The latter occurrence is a natural cause though, because of the demand and supply gap in most urban areas. Developers often have no choice but to hike rates in order to offset their losses. Real estate is not a business that is considered too favorable any longer. This is mainly because of the losses plaguing the sector of late. Since the recession, real estate has taken a huge beating.

Demand has gone down in a jiffy and developers have been left with piled up inventory all throughout the year 2013. Budget housing projects have almost stopped and developers are trying to recover as much of their investment as possible by selling residential units at a competitive price. Alongside, much of this dilemma has arisen out of the rising prices in most areas. This has resulted in an overall slump in demand in most premium areas owing to the high prices of projects. The upper middle class and premium customers are turning their backs on multiple projects owing to the price factor.

Developers are now looking to clear unsold inventory through a plethora of innovative schemes like flexi pricing, flexi repayment, freebies and so on. Alongside, there are various contests and prizes attached with real estate projects these days to enable developers to clear inventory. Prices are not being corrected in most premium areas in metro cities though owing to the demand and supply imbalance talked of earlier.

Alongside, prices have stagnated at unbearably high levels owing to high rates of land. Increasing prices of land and other building materials also combine to keep property prices extremely high in premium locations.

It is the same story in Kolkata, a city where real estate has not been hit as badly as the rest of the country. Some semblance of market demand still remains and there are multiple projects still on the anvil as well. Yet, finding a premium property in Kolkata can be a very difficult task if you do not know where to look. You should also avoid taking the help of a broker or agent. These people can take you for a ride and you may have to end up paying a hefty commission to these brokers and agents as well. Why take all this trouble when you can find it out for yourself online?

You can use online classifieds to find property in your chosen area in Kolkata. Looking for a premium area to invest in? You must be aware of the spiraling prices and high demand from particular sections of the affluent class in the city. You should be prepared to shell out anything between INR 50/60 lakhs to INR 1crore and more for a property in premium areas of Kolkata. Online classifieds will help you strike a direct deal with the buyers as well. Are you confused with regard to the best area for investment or residential purposes?

If you are hell bent on a posh area in Kolkata, you can try looking at the Ballygunge area. The entire length and breadth of Ballygunge circular road is a much coveted place along with other intrinsic flanks. This area has some of the best eating joints, roads and a fabulous ambience. It is home to the famous Maddox square puja and connects seamlessly to Lansdowne which is another top notch area for buying premium property. Some other areas that you can try include Dover Lane, Hazra Road, Garcha Road, Cornfield Road, Gariahat, and Lake Gardens and so on.

The serenity of the Rabindra Sarobar lakes and Southern Avenue might attract you as well. This is another fantastic area for snapping up a good property as well. Property is highly expensive in this area especially in the lanes and by lanes leading to the Lake Kalibari temple. Another expensive place is New Alipore which is fast turning out to be a posh area for sure! New Alipore has seen unprecedented development in recent years as well. Alipore continues to be the most expensive location in Kolkata followed by Salt Lake which has been transformed into a glitzy township for sure!

Alipore has the most expensive rates for every square foot of residential space. It is home to numerous bungalows belonging to the who’s who of Kolkata. Emerging areas that you can invest in include New Town and Kasba. You can still find property at decent rates in these areas and this will bode well for you in the future considering the development in the area. New Town is still in the process of development and promises to have unparalleled development and growth in the future. It will fast become a business hub and this will see you earning a handsome sum on your initial investment for sure!

Kasba, situated on the Eastern Metropolitan Bypass, is close to Gariahat and is a fabulous place to buy property as well. Kasba is now home to multiple restaurants, bars and departmental stores among other attractions. It is being labeled New Ballygunge for the unprecedented development taking place in the area. Many high net worth individuals are steadily moving into the Kasba area and this has created a buzz around the same. Some other premium areas that you can take a look at include Mudiali, Jadavpur, Bhawanipore and of course, Park Street.

North Kolkata still has its own charm and you can look for property in this area as well. All in all, Kolkata still has potential for investment in real estate, especially in posh and premium city areas. You should always consult an expert before zeroing in on your investment. This is the best time to invest in premium Kolkata areas before prices shoot up even further owing to scorching development and growth in the city. Happy buying!