‘Smart City project infused enthusiasm, buoyancy in real estate market’

The Smart City project has infused enthusiasm and buoyancy in the real estate market of Kolkata in the last quarter of 2015, said a report prepared by the 99 acres.com.

The 99 acres had carried out survey in seven major cities in India and the report provides an analysis to enable sellers and buyers to determine direction of the market.

It has been revealed that affordable and ready to move in properties within Rs 40 lakh ruled the roost as buyers were largely looking to buy homes without straining their pockets.

The New Town recently has attracted the buyers because of the facilities available in the township. The supply of filtered water through pipes will start soon. Besides, it is coming up as an educational hub, medical hub, financial hub, cultural hub and wellness hub. The Eco Park has become a major tourist attraction.  Four smart cities are also coming up in West Bengal. They are New Town, Salt lake, Durgapur and Haldia. 

The report further added that New Town has become a preferred residential location because of its well knit plans and presence of IT hub. This has pushed the ‘ask’ rates up by 4 per cent in the past three months.

The average rental values in the city recorded a growth of 2 per cent in October-December, 2015. Price competitiveness and metro connectivity were the common factors and the preferred areas are the stretch between Garia and Narendrapur.

Garia and Narendrapur localities situated along EM Bypass and its extension witnessed a mushrooming rental market and recorded an average hike of rental values since October- December, 2015.

The real estate market in and around Dum Dum, Sodepur, Ultadanga, Baranagar and VIP clocked an average price rise of 4 per cent to 8 per cent in the capital values in the last three months.