Kolkata is one of the promising cities when it comes to job opportunities and real estate investment. The city offers a host of residential options across budget segments, embracing people from all walks of life. Some of the most popular housing destinations in Kolkata include Bhaguihati, Maheshtala, Behala, Garia and New Town.

Kolkata joined the IT hub bandwagon much later than the other Tier 1 cities; but, today it encompasses some of the leading corporate houses of the world, including Cognizant, Wipro, TCS and Infosys, among others. The thriving IT culture has paved the way for quality infrastructure and increased residential demand in the city. Besides, the relative affordability and higher rental yields than its counterparts have also contributed to the realty growth in the metropolitan. The city has several growth corridors which cater to different budget segments. Hence, if you are planning to invest in Kolkata, then here are the locations that you can consider as per your budget requirements.

Price bracket – within Rs 40 lakh: Baguihati and Maheshtala

Popular areas with properties priced within Rs 40 lakh

Locations

Capital values (in per sq ft)

Average capital appreciation QoQ in Jan-Mar 2021

Monthly rental values (in per sq ft)

Average rental appreciation YoY in Jan-Mar 2021

Rental yields YoY

Baguihati

Rs 2,900-3,400

2%

Rs 12

0%

4.30%

Maheshtala

Rs 3,100-3,800

-1%

Rs 22

6%

3.69%

Source: 99acres Insite (Jan-Mar 2021)

Baguihati is located in the north-eastern periphery of Kolkata, while Maheshtala is located in South Kolkata. Both the locales fall under the Kolkata Metropolitan Development Authority (KMDA) and have been the most preferred among homebuyers looking for properties priced within Rs 40 lakh. The housing market of Baguihati has benefitted from its contiguity to the famous Rajarhat, Dum Dum Lake, New Town and Salt Lake, and a metro station at Biman Bandar (eight minutes away). Maheshtala, on the other hand, has garnered traction due to its proximity to the port facility and educational centres. A few areas surrounding the locality include Behala, Chata Kalikapur, Budge Budge, Uttar Raypur and Pujali.

The average property values in Baguihati hover at Rs 2,900-3,400 per sq ft. In Maheshtala, the average home rates are around Rs 3,100-3,800 per sq ft, which might appreciate post the proposed purified water supply project. In January this year, the West Bengal government laid the foundation of the project at Akra Brickfield land, Naun Pool. Around 10 lakh people in Maheshtala, Budge Budge, and Pujali areas are expected to benefit from this Rs 400 crore project.

From an investment perspective, both the micro-markets have immense potential as the annual rental yields in Baguihati and Maheshtala as of the quarter ending March 2021 stand at 4.30 percent and 3.69 percent, respectively.

 

Price bracket – within Rs 40 lakh – Rs 1 crore: Behala and Garia

Popular areas with properties priced within Rs 40 lakh and Rs 1 crore

Locations

Capital values (in per sq ft)

Average capital appreciation QoQ in Jan-Mar 2021

Monthly rental values (in per sq ft)

Average rental appreciation YoY in Jan-Mar 2021

Rental yields YoY

Behala

Rs 3,300-4,200

1%

Rs 14

4%

Rs 4.36%

Garia

Rs 3,300-4,200

1%

Rs 14

0%

Rs 4.02%

Source: 99acres Insite (Jan-Mar 2021)

Behala is one of the promising residential locales in Kolkata that has primarily benefitted from the upcoming Joka-Esplanade metro corridor. The 17 km-long high-speed rail corridor is slated for completion by 2021-end. It will connect Behala with several notable locations in the city, including Diamond Harbour, Joka, Park Street and Esplanade.

According to Chandrika Prasad, Property Broker, Prasad Realty, Kolkata, “Behala’s high connectivity quotient, sound social infrastructure and proximity to employment hotspots make it a popular housing market in Kolkata. It is a famous industrial hub comprising a host of pharmaceutical, chemical, plastic, recycling, metal plating, galvanising and spray-painting factories. Besides, a host of technology-driven companies in Tollygunge, Alipore and Salt Lake also contribute to the popularity of the area. Located along the National Highway (NH) 12, Behala is a favourable investment destination among the working populace, who primarily prefer 2 BHK and 3 BHK configurations in Rs 45-60 lakh and Rs 60 lakh to Rs 1crore budget categories, respectively.”

With respect to Garia, an industry analysis reveals that it is one of the fastest-growing suburbs in Kolkata. Ravi Khaitan, MD, Prudent InfraRealty Pvt Ltd, avers, “The geographical positioning of Garia is commendable. The area is well-linked to Jadavpur, Dhakuria and Golpark to its north, Narendrapur to its south and Mukundapur towards the east. The under-construction Kolkata Metro Line 6 is expected to further boost its connectivity network. The IT hubs in Sector V-Salt Lake, New Town and Rajarhat area are also close by via Eastern Metropolitan Bypass, which makes this location an ideal investment hub for working professionals. The area has decent infrastructure facilities and taking into account the burgeoning residential and commercial demand in the last 3-4 years, property prices in Garia will increase manifold in the upcoming years.”

 

Price bracket – Rs 1 crore and above: New Town and New Alipore

Popular areas with properties priced Rs 1 crore and above

Locations

Capital values (in per sq ft)

Average capital appreciation QoQ in Jan-Mar 2021

Monthly rental values (in per sq ft)

Average rental appreciation YoY in Jan-Mar 2021

Rental yields YoY

New Town

Rs 4,400-5,200

1%

Rs 16

3%

3.76%

New Alipore

Rs 6,500-7,900

3%

Rs 22

7%

3.63%

Source: 99acres Insite (Jan-Mar 2021)

New Town, at 4 km from Salt Lake 5, the famous IT hub, enjoys maximum demand from white-collar professionals and comprises many quality projects by reputed developers, such as DLF Park, Gitanjali Park and Unitech. The property prices in New Town range between Rs 4,400-5,200 per sq ft.

New Town is well-connected to noted areas of the city via SP Road. These include areas, such as Howrah, Tollygunge and Dakkhineshwar. To further enhance its connectivity, the Housing Infrastructure Development Corporation (HIDCO) has proposed to develop either a ropeway or a Light Rail Transit (LRT) from Action Area III to Biswa Bangla Gate on the Narkeldanga intersection of the main arterial road in Action Area I. Additionally, Eco Park, the famous amusement hub, and the wax museum are the major attractions located in New Town.

New Alipore is a planned residential area of Kolkata and is the latest address for the High-income Group (HIG) families. According to Nakul Himmatsingka, MD, Ideal Group, “New Alipore has scores of housing choices specifically designed for upper-middle, and affluent home buyers, which has transformed it into an exclusive zone that blends the best of the natural and material worlds. New Alipore is basically an extension of Alipore, which is surrounded by well-established developments and areas like Tollygunj, Kalighat, Behala and Ballygunge.”

New Alipore enjoys extensive road, rail and air connectivity. The Netaji Subhas Chandra Bose International Airport is only 26 km from here. The nearest metro station to Alipore is Netaji Bhavan metro station at 4 km. The average property values in New Alipore range between Rs 6,500-7,900 per sq ft, and the rental yield in the area as of the quarter ending March is 3.63 percent.

In the backdrop of the COVID-19 second wave and the ongoing liquidity crisis in the market, developers are providing various lucrative schemes and offers. Besides, there is also a moderate price correction in the market. Hence, if you want to make a real estate investment, then it could be the most suitable time. However, review the project thoroughly before taking the plunge and invest only in RERA-registered projects to avoid any trouble later.