Kolkata’s Residential Realty Market Witnesses New Growth Hubs
There has been a steady rise in new residential projects in Kolkata over the last couple of years due to several reasons. One of the biggest growth drivers has been pent-up demand and another has been the continuation of the rebate on stamp duty on real estate transactions. The infrastructural and connectivity growth in the city along with the metro expansion have also contributed towards growth in the residential real estate market.
Kolkata has already seen a massive increase in sales figures for its residential real estate market, touching 14,600 units in 2023 as compared to 4,400 units in 2019. Sales figures may even surpass 18,600 units in 2024 based on industry estimates by CBRE. Locations like the southern Bypass, Rajarhat, New Town, Joka, Lake Town, EM Bypass and BT Road are expected to be key growth drivers for the residential real estate market going forward. Here is a closer look at the new growth hubs in the Kolkata residential real estate industry.
New Real Estate Growth Corridors in Kolkata
Here are a few areas that are witnessing the development of several new residential projects in Kolkata. Several reputed real estate developers in Kolkata are coming up with projects in these zones which are also witnessing skyrocketing demand, particularly with infrastructural growth and connectivity improvements.
- Rajarhat-New Town- The entire Rajarhat-New Town stretch is being developed as a Smart City. It has transitioned into one of Kolkata’s biggest industrial, educational and business hubs, particularly in terms of the flourishing IT and ITeS sector. Rajarhat-New Town is today home to several leading IT firms, MNCs and companies across multiple sectors. The locality is also well connected to the Kolkata International Airport along with the VIP Road and EM Bypass. It is also home to several social and recreational amenities, including attractions like the vast Eco Park, Mother’s Wax Museum, and many more. Several healthcare and educational institutions are already present here along with multiple commercial and business parks.
- Joka- This locality in southwestern Kolkata has also become a major residential hotspot, particularly with the upcoming metro project till Taratala and eventually Esplanade. Joka offers properties at affordable rates while there are several luxury properties available here as well. Top healthcare and educational institutions are also coming up in the area along with other social infrastructure.
- Dum Dum and Airport Area- Several new residential projects in Kolkata have also been developed in this stretch. The Airport area is situated around 15 kilometres away from the city centre and is also located near Sector-V in Salt Lake. Dum Dum is also well-connected through the metro railway network along with trains, buses and other public transportation facilities.
- EM Bypass- The EM Bypass is Kolkata’s major thoroughfare and is located near the CBD (Central Business District). The entire zone is home to several offices and hotels in addition to restaurants, schools, shopping complexes, hospitals and more. The EM Bypass connects several zones including Salt Lake, New Town-Rajarhat, Gariahat, Santoshpur, Survey Park and more.
- Southern Bypass- It is another happening residential area of Kolkata today. Several top projects including Primarc Southwinds have come up along this stretch. It is well connected to the metro station and the EM Bypass which make it an excellent choice for homebuyers. Medical facilities and other amenities are also within easy reach of the locality, making it a major growth hotspot for the residential real estate market in Kolkata.
To Conclude
Real estate developers in Kolkata are optimistic about the continued positive momentum in the city’s real estate market in the near future, after a stellar performance in 2023. These new growth hubs are expected to spur considerable growth in the market with several new project launches and completions in the pipeline. The completion of the metro expansion will also lead to real estate demand in several areas in and around the city as per the expectations of industry stakeholders.