Girikunj Phase II adjacent to New Alipore, is the newly found residential option in Kolkata. Private real estate developers have lined up their projects in the range of Rs. 28 -36 lakhs. Capital values of builder floor apartment in Tolly Gunj near Menoca cinema hall is Rs 65 lakhs and the rental value of an 1800 sq ft apartment in Tolly Gunj near Menoca cinema hall is Rs. 15000 per month. In Jadabpur the capital values of a 1000 to 1200 sq.ft is in the range of Rs. 25 to 48 lakhs whereas the premium apartments in this region is between 52 to 60 lakhs for a 1000 to 1200 sq.ft multi-storey apartment.
Kolkata Real Estate has witnessed an unprecedented price rise in the South Kolkata localities like Ballygunge, Prince Anwar Shah Road and Elgin road. The factors behind such a steep rise in select localities are the limited availability of real estate options, successful retail and commercial projects and improved connectivity with improved urban road build quality.
Rajarhat, unlike Salt Lake, is being developed as a new city, with not only residential projects but SEZs, IT Parks, hotels, malls and commercial and shopping complexes as well. This well balanced approach towards development has increased the possibility of commercial office demand shifting along with residential requirements. A gradual change is in the offing, with Park Street and its adjacent areas likely to emerge as retail high street locations. Over the last two-three years, residential property prices in the area had gone up by over 50 per cent. Developers are anticipating more than 15-20 per cent rise in the prices by this time of the year also.
Thus, it can be concluded by saying real estate in Kolkata is in a high growth phase, especially in office, hospitality, retail and residential sectors. For commercial, it is the EM Bypass, Sector V in Salt Lake, Park Street, Camac Street and Theatre Road. For residential, the majority is again around the EM Bypass towards the Rashbehari Connector and New Town. There are some pockets in Central Kolkata, but not too many projects are happening here due to the non- availability of large plots of land.
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