Survey reports from various agencies have already made it clear that the real estate sectors have already witnessed a sale surge of the luxury homes in the current year. Over the past few years, the city has scaled new heights and the swanky units have seen an impressive surge in the sale.
Kolkata has seen a major boost in recent years as compared to other cities in India. As per the researchers, this boost is partially resulting from the NRIs seeking out their roots and coming back to the City of Joy. However, that’s not all. The city still excites the new age investors who believe that Kolkata still has much more to give and as a result, there has been some investment in the recent years with the hope of a better Return on Investment (ROI).
So, what are the factors that are bringing about this change and boosting the real estate market in Kolkata? Let us check out the major factors.
The real estate sector has received a major boost from the recent rise in the number of high-value projects. Premium residential apartments near Victoria Memorial and many such other regions in Kolkata, which remained neglected by the real estate developers’ couple of decades ago, have transformed the cityscape. Luxurious living spaces along with premium add-on features like the inclusion of helipads and skywalks have attracted the upper-class and extremely rich section of the society. The multi-crore projects have boosted the real estate ROI graph in the past couple of years in Kolkata. These projects have successfully targeted the high net worth individuals (HNIs) in the city with their exquisite offerings and world-class facilities and amenities.
High performance by the southern part of the capital resulted in much higher ROI. As per statistics, the average inventory sells out time for south Kolkata is at 9.4 quarters, which means a real estate developer takes just about 2 years to sell off the entire inventory even with the high-value projects. In a competitive market, the price is an important factor and when it comes to any city in India, a price can be quite a sensitive factor and decide the success factor of any project. The other high-class cities like Bangalore, Mumbai, Delhi, and Pune saw a sharp rise in price in the real estate sector. The price rise has been moderate as compared to these cities in Kolkata. Naturally, the real estate investors shifted their focus on Kolkata and the availability of the ultra-luxury flats and apartments helped satisfy the demand.
As already discussed, the NRIs played an important role in boosting the real estate market in Kolkata. Well, there have been some international factors such as the falling rupee value that further acted as catalyst pushing the NRIs towards investing in the real estate market of Kolkata.
But when we are talking of the NRIs it is not just the working class that are investing in the real estate sector of the city. Kolkata is known for its nostalgia and many among those who left the country years back are returning to the roots after taking early retirement. Kolkata is seen as a great investment option by these NRIs who generally belong to the ripe age group of 40 to 50 years. While the luxury apartments and housing projects are satisfying their need of luxury and high-class living, the charm of Kolkata is satisfying their soul and quenching their thirst for a flavor of the place that once they called their home.
The luxury apartments are providing amenities and facilities that are in tune with the super-classy and high-end apartments available in the international market. Let’s find out more about these.
Architectural design and high-end interior décor are among the top features of these luxury apartments. World class designs and architectural marvels are available in Kolkata. The wide array of luxury apartments and flats each come with a unique offering. While some are luring the investors with their promise to provide super high-class lifestyle, facilities, and amenities, there are those that are relying on the culture and heritage of Kolkata and offering the perfect blend of heritage and culture along with a high class luxurious staying experience.
Modern facilities and amenities like lush green open spaces, water bodies such as lakes, swimming pools, joggers tracks, health and lifestyle centres, organic farms, various recreational and sports arenas like tennis courts, cricket grounds, and more, along with an access to WiFi all across the property are few among the host of deliverables available with these luxury apartments. There are those that even have multiplexes, shopping malls, schools, health centers, and all other necessary facilities turning these into mini township projects.
When it comes to buying a real estate property, besides luxury, security is another major concern. Especially if you happen to be an NRI who might be staying out for long or wish to take up the apartment to stay with your entire family, it is imperative to get an apartment that will provide high-end security. 24X7 power backup with panic alarm, complete CCTV coverage, disaster management facility, easy audio communication, and round the clock security are among the few important needs to ensure the much-required peace of mind. It is important that you find the perfect real estate agent who will be able to provide you all and that too at a competitive price range, even when you are investing in multi-crore properties.
The future sure looks are bright for the real estate sector of Kolkata. The high-class real estate properties are high in demand and the trend is definitely showing an upward growth in the demand.