Residential flats, Resale flats or Service apartments- the real estate of Kolkata offers a variety to end users as well as investors. Read this article to know about the market conditions of various residential units.
Increased economic activity in the city and more number of business visitors has created a market for service apartments. This concept is fairly new in the Indian Real Estate market and only a few cities have such units. Mumbai and Bangalore are two other cities where service apartment projects are launched. Kolkata’s real estate has added this new property segment and the best part is witnessing good demand.
The service apartments are ready to move in flats. Most of the apartments have a functional kitchen and other modern amenities. People prefer staying in such apartments mostly because of its homely environment.
Service apartments in Kolkata entered the market only 2-3 years back when expats visiting the city raised the demand for such residences. Tapping the demand, well-known developers including Merlin Group, Diamond Group, Siddha Group and Bengal Ambuja Realty Group launched such projects. The demand for such apartments in Kolkata increased and it is expected that more number of business visitors now prefer these to hotel rooms. Besides the homely atmosphere, staying in these apartments is cost effective.
Rent for a service apartment in Kolkata varies depending upon the location and amenities provided. The rentals range between Rs 2,000 and Rs 10,000. The demand of such apartments is from the IT workforce. The traveler staying in Kolkata for long also prefers such accommodation. Usually 1 or 2-BHK units are mostly in demand, though bigger sizes are also available. Room rents are lesser than hotels.
Where to Find Service Apartment in Kolkata?
The Salt Lake and Rajarhat areas have a good supply of such accommodation. These two localities closely surround the IT hub, SECTOR V and very near from the airport. Other areas where these apartments are available are Eastern Metropolitan Bypass, Park Circus, Park Street and Ballygunge. The upcoming projects are Merlin Regency by Merlin Group, Vrindavan Garden by Diamond Group and The V by Shrishti Group.
Residential and Rental Apartments in Kolkata
Kolkata is one city where it is advisable to invest in property than to opt for rented accommodation. The residential hub for budget buyers is Rajarhat. A slew of new residential projects are launched for the budget buyers. Every year, 2-3 projects launches are announced. Residential projects by Siddha Group, Rameshwara Group, MB Construction, GM Group, Magnolia Infrastructure Development Ltd. and Loharuka Group some of the new entrants in this locality. All these projects are targeted mostly to the middle-income class of Kolkata.
Most of the projects have 2 and 3BHK apartments. The price ranges from Rs 24-40 lakhs. Most of the announced housing projects will be ready by 2015 end.
This locality falls under the Eastern part of city. Availability of affordable housing options is leading to a rise in demand. With the properties in Kolkata’s EM Bypass and Park Street beyond the reach of budget buyers, people are shifting their interest in eastern Kolkata’s locality. Real Estate investors inform that average property values in the multi-storey flats ranges Rs 3,500-5,500 per sq ft. Residential projects launched are Shrachi Greenwood Elements, Urban Greens, and Highland Woods.
The rental market of Eastern Kolkata properties for 1-2 BHK apartments is between Rs 7000-15,000, which equals the EMI if invested in Kolkata property.
Shipra Sinha writes on behalf of 99acres.com, which is an online portal dedicated to meet every aspect of the consumers needs in the real estate industry. It covers information about all Real Estate property types including flats in kolkata, studio apartment for sale, houses for buy/sell & Rent for different Property locations like Mumbai Property and Goa Properties etc.