With little space left in the developed areas of metropolitan cities, home buyers have shifted their focus towards upcoming locations. In Kolkata, there are many advantages to buying a home in an emerging location, over an established one. Cost benefit, good connectivity, spacious units, etc., are some of the aspects due to which people prefer upcoming locations in Kolkata. “While selecting the location for purchasing a new home, connectivity and distance to high-density micro-markets, availability of infrastructure, especially social infrastructure like schools, hospitals, local markets, etc., are the most important factors that buyers keep in mind. The supply of organised residential projects, mainly caters to the mid and the affordable segment, with limited options in the premium segment,” says Saikat De, general manager, valuations and advisory (Kolkata), at Colliers International India.
Emerging property locations in Kolkata
According to De, the emerging locations in Kolkata are Barasat-Madhyamgram (along Jessore Road), Dunlop-Khardah (along BT Road), Baruipur (area adjacent to the Eastern Expressway), Thakurpukur-Joka (along Diamond Harbour Road), Sonarpur-Narendrapur, Rajarhat-New Town, etc. “The physical and social infrastructure in these locations are well planned and substantially developed. The standard of civic services extended by the various urban local bodies, is reasonably adequate. These areas are well-connected with the main part of Kolkata, through suburban railways and various modes of public road transport facilities. Moreover, the ongoing metro railway project will further increase the overall connectivity with the main part of the city,” he explains.
Most of the existing and upcoming residential projects are on the larger size, with integrated amenities and facilities. The design, orientation and the specifications of the flats are relatively modern in nature and conceptualised by architects and consultants of national and international repute.
Benefits of buying a home in Kolkata’s upcoming locations
Property prices in upcoming locations remain affordable. The availability of large land tracts at cheaper prices, allows developers to build large residential complexes with modern facilities and amenities like community hall, gymnasium, landscaped garden, children’s play area and parking spaces.
Sushil Fatesaria, vice-president of marketing, Alcove Realty, points out the benefits of settling for a home in one of the upcoming locations of Kolkata:
“Price: People of the middle income group (MIG) can cash-in on the benefit of a maximum interest subsidy of Rs 2.67 lakhs on home loan schemes, under the Pradhan Mantri Awas Yojana (PMAY).
Amenities: People are increasingly turning to residential townships to buy their homes, as these offer more amenities for the home owners to enjoy.
Infrastructure: Upcoming locations also provide ample space for infrastructure facilities like malls, multiplexes, schools, colleges, hospitals, in addition to security features, power back-up options and drinking water supply.
Liveability: Upcoming locations allow home buyers to choose projects according to their lifestyle, including various apartment sizes and a number of in-house amenities.
Connectivity: The best upcoming locations are characterised by excellent connectivity and offer several modes of travel, including public transport facilities that were previously unexplored.”
Finally, while the property prices may be relatively cheaper in upcoming locations as compared to the established markets, prices do vary vastly between different upcoming micro-markets. The prominent and sought-after locations with good connectivity, naturally have prices on the steeper side. Thus, it is important for home buyers to decide upon their budget, while choosing a home, even in an upcoming location.