Luxury homes for sale in Kolkata witnessed a phenomenal rise of 20 per cent during the (H1) of 2016, According to a report published by a leading real estate industry observer. As the city scaled new heights throughout the (H1) 2016 timeline, the supplies for such swanky units also experienced an incredibly impressive hike in the tune of 10 per cent.
Premium projects (flats priced above Rs 1.5 crore) in Kolkata did a lot better than other cities. Against sales of 248 units in H1 2015, 408 units were sold in H1 2016, the highest in four years. Launch of high-end units has also significantly increased from 248 units in 2015 to 657 units in 2016.
Cited by many research firms, the spurt in Kolkata’s real estate scene is being propelled by returning NRIs, and a new generation of investors, who believe Kolkata has still enough steam left in it to generate a decent Return on Investment (ROI) in the coming years.
Reasons Fueling the Growth of Luxury Home Sales in Kolkata
The main reason for the city’s soaring real estate graph can be primarily attributed to the new upmarket projects sprouting in posh localities like Chowringhee, Rawdon Street, Ballygunge, and Jodhpur Park. These expensive launches, targeting the super-rich and classy high net worth individuals (HNIs), are vigorously luring them with luxurious heritage site locations, high-class facilities, and even chic add-ons like skywalk and helipad. Other areas like Rajarhat, EM Bypass, and its surroundings are also getting a major facelift, with developers swarming in with upper-class projects in multi-crore range.
Despite the premium price, south Kolkata emerged as the best performing market with 9.4 quarters or just over two years required to sell the inventory. Rajarhat is the next best location. The smart city accounted for 46% of new launches while south Kolkata accounted for 25%, north Kolkata 17% and east Kolkata 10%.
Skyrocketing price tags in India’s other prime cities like Mumbai, Bangalore, Delhi, and Pune, is proposing to hold an irresistible attraction for real estate investments in Kolkata, which is keeping the market trend up and bullish in the ultra-luxury segment.
Various studies suggest, NRI investments have mainly accounted for the city’s overwhelming real estate push. These cash-rich upscale individuals, including expatriate Indians from the UAE, comprise the core customer base. Real estate experts reveal, falling value of the rupee during (H1) 2016, acted as a significant booster for NRIs to invest in Kolkata properties, up for grab at profitable deals.
However, not just for investments, early retirement plans and an overpowering sense of nostalgia, are prompting NRIs in the age group 40 – 50 to return to their roots. Strong emotional connection for their motherland, blended with the ready availability of ultra-luxury accommodations, is making things easy for NRIs to pack their bags and return back to the city. Adding to the market pulse, these homebound NRIs are encouraging developers to come up with exclusive projects to cater the comfortable and lavish lifestyle they are used to in other parts of the world.
What Kind of Amenities Do these Luxury Apartments Provide?
Sporting super-glamorous architectural designs and plush interiors, upscale luxury apartments in Kolkata are not just setting new standards in terms of sales, but also in integrated facilities as well. While some projects are enticing buyers with the lush elegance of heritage sites, others are hooking them in with world-class amenities like skywalks and rooftop helipads. Facilities incorporated in these projects include sprawling landscaped greenery, jogger’s track, soothing water bodies with fountain, organic farms, 24X7 power backup, AC lounge, smart environment and Wi-Fi access, video conferencing provisions, tennis courts, panic alarms, visitors car parking…you name it!
You should contact a reliable property advisor to choose from a bouquet of such offering in Kolkata.
Keeping in mind the NRI interests, security for these deluxe projects has been beefed up with CCTV cameras, audio communication facilities, and ultra-modern surveillance systems. Covering every square inch of the property, the heightened security features are intended to provide residents the peace of mind, without fearing the chances of damage or burglary even when the apartment is locked for an extended period of time.
Judging from these positive trends, Kolkata looks like a lucrative market for luxury real-estate buyers now and in coming years. You can look up some of the best such homes here.
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