A Bengali living anywhere in the world remains a Bengali. Fond of the language, adda, and Durga Puja.
Even if you live abroad for years, and have no immediate plans to come back and settle down in Kolkata, the City of Joy remains your home in your heart. You are forever wistful to come back and retest the touch of quintessential Bengali lifestyle.
Generally, the opportunity to return to Kolkata, although for a short period, comes during the winters, when the Western world is taking time off from work and it’s the holiday season.
And every time an NRI Bengali comes back to Kolkata, he becomes nostalgic of the city.
Still today, his friends and relatives live in this city. Meeting them, reminiscing the old golden days have its own charm.
His roots are forever anchored in Kolkata.
So, how about buying an apartment in Kolkata?
Kolkata Property Market is at All-Time High
Kolkata is where every Bengali’s heart is and it is pertinent that every Bengali aspires to have a home in Kolkata.
At this point in time, there are ample opportunities to buy a property in Kolkata.
In fact, 2022 was a bumper year in terms of residential property sales in India. Real estate industry watchers are saying that the property market is set for a buoyant 2023.
Kolkata is not far behind in this nationwide euphoria among homebuyers. After the pandemic receded, huge pent-up demand started to come to the fore, raising home sales to an all-time high.
Properties in all price points experienced this boom, although the affordable segment benefitted the most. Even premium properties priced above 1 crore sold more than their averages of the last 7 years.
There is been some moderation in the supply of new residential units because of the pandemic, and therefore demand outstripped supply. Now, it is expected that supply will now slowly catch up with demand.
The current situation will most likely entail considerable appreciation of properties and real estate investment will provide a lucrative return on investment going forward.
The biggest advantage of the Kolkata property market is that real estate prices are far more affordable than similar properties in other top cities of India. So, you can buy a flat for a moderate amount.
Big Corporates are Increasing Their Presence in Kolkata
The richness of available human resources has long been a positive factor in Kolkata. Kolkata residents made their mark in various fields in India and abroad.
In the new, primarily knowledge economy, high-quality manpower is essential.
Traditionally, Kolkata is ahead of most other Indian cities to offer the best of them.
Big corporates recognize this and are now taking steps to set up offices in Kolkata. Software companies are especially keen to start campuses here to take advantage of the local talent.
Companies like ITC Infotech, Infosys, and Wipro are either expanding their existing offices or setting up new offices and this will obviously increase their headcount in Kolkata.
In turn, this will give a boost to the residential real estate sector in Kolkata as they will need new homes. Demand for lifestyle homes in gated communities will only rise.
Extensive Infrastructure Development in Kolkata
Infrastructure development projects increase the comfort and convenience of the citizens. In areas that are directly benefitted from development projects, property prices go on an upward trajectory.
This is exactly what is happening in Kolkata right now.
Especially, various Metro and road projects are moving toward completion. These are transforming lives of the citizens in various ways. Even residents staying in Kolkata suburbs are experiencing superior connectivity.
Kolkata is turning into a city with a Metro network from the erstwhile single North-South line (Metro Line 1) and this is going to speed up commutes in an unprecedented way.
Massive infrastructure development is already boosting property prices.
Take Advantage of Unprecedented Economic Growth
India is currently experiencing unprecedented economic growth. In fact, India is now the fastest-growing economy and her GDP growth rate is surpassing all other countries.
The whole world is looking at India with interest. Top economy-watchers are declaring that it is India’s decade and the country is well on its way to becoming the 3rd largest economy in the world.
In fact, top commentators are saying it’s India’s century.
Kolkata is likely to be a major beneficiary of the imminent explosive economic growth. More so, because Kolkata is the gateway to Eastern India. The economic growth of Kolkata is critical to the upliftment of the entire region.
More People are Migrating to Kolkata
Being the only metro city in Eastern India, Kolkata is the favourite among students, job seekers, and working professionals.
Migrants gather in Kolkata from the districts of West Bengal as well as all the states of East India, especially the North-East.
Most of them stay on rent initially, but once well settled into jobs, they look for buying apartments to settle down here.
Because of this reason, there is a rising demand for homes in Kolkata.
Home prices are supported by this demand in Kolkata and investors are unlikely to go wrong on property investment in Kolkata.
In 2022, we have witnessed a considerable hike in the average price per sq. ft. of residential properties in Kolkata.
Let’s examine them in greater detail as that will give us an indication of probable property investment opportunities in Kolkata.
Where to Invest in Kolkata in 2023?
If we compare average per sq. ft. prices in different zones of Kolkata such as North Kolkata, South Kolkata, Central Kolkata, and Rajarhat-New Town, we will see that property prices have risen in all zones, although in varying degrees.
Instead of going into each and every area, let us discuss some prominent indicative areas to see how prices have changed from June to December 2022.
Let’s look at Joka. Joka is preferred by more than 30% of all homebuyers in Kolkata.
Apartment prices in Joka have risen from a range of Rs 3500-4400 to Rs 3700-4600 in only 6 months.
The second most preferred location is Behala Chowrasta, preferred by 19% of all homebuyers.
Prices have gone up from Rs 4800 to Rs 5000 on average.
In Tollygunge, prices have risen from Rs 5700-8200 to Rs 5900-8500 range.
In a matter of 6 months, flat prices in Garia, EM Bypass have risen from Rs 6800 to Rs 7000.
Another favourite area of homebuyers is New Town.
In all the action areas, viz. Action Area 1, 2, and 3, apartment prices have increased by about 10% from June to December 2022.
If we consider all the areas for investment opportunities then we can confidently select some areas that have great potential.
These areas are witnessing major infrastructure development projects and their connectivity with Kolkata is improving further.
Contact us for the most lucrative property investment opportunities in Kolkata now.
A Home in City that has a Soul
Above and beyond the economic logic of investing in Kolkata properties, let’s understand that Kolkata is an amazing city with a soul.
The charm of the cultural extravaganza, unparalleled food, and the romantic flowing of the Ganges by her side with always keep Kolkata as a very special city. The citizens are also extremely hospitable, cultured, and caring.
Kolkata is also a very peaceful and safe city with excellent law and order situation.
There is never a greater joy than watching the Ganges flow past your home.
Kolkata is and will forever be your home.