The residential real estate market is booming in the entire Rajarhat-New Town-Barasat stretch which is well-linked to the city and offers several affordable housing options for buyers. The realty sector was witnessing a slowdown after demonetization but buyer enquiries have gone up in this belt over the last few months. With property prices uncomfortably high in central and southern areas of the city, New Town, Rajarhat and Barasat have emerged as high-growth destinations, particularly in case of entry-level and mid-range buyers.
According to the Chairman at Ambuja Neotia Group, Harsh Neotia, Rajarhat is witnessing massive growth in terms of real estate. The huge infrastructural improvements and setting up of social amenities have contributed towards making it a great bet for investors according to him. Experts state that Rajarhat offers cheaper land parcels along with excellent supporting infrastructure. Proximity to the Netaji Subhas Chandra Bose International Airport is also a major plus point. Barrackpore and Sodepur on the northern fringes are steadily turning into real estate hotspots, New Town and Rajarhat are prominent eastern localities. Barasat is also holding its own in the northern fringes of the city or Greater Kolkata.
Barasat is located just 11 kilometres away from the International Airport and the Barasat Junction lies on the Sealdah Station’s Bongaon line. Jessore Road and VIP Road offer easy access to Barasat. According to the Managing Director at the Sureka Group, Pradip Sureka, New Town and Rajarhat have several townships that are well-planned with several commercial zones, schools, hospitals and shopping zones. The IT hub is also shifting to Rajarhat steadily and this makes it a great option for elderly people who wish to stay away from the hustle and bustle of the city and for young professionals who want proximity to their offices and a more peaceful life.
Growing demand for affordable homes in Rajarhat and New Town has also spilled over into Barasat, boosting the property market here. Properties between Rs.30-60 lakh are being sold in large numbers. Proximity to major IT hubs and low prices are major USPs for properties that are located in this stretch. Several IT employees prefer buying homes here, particularly in planned townships which have all necessary amenities as per experts.
Several luxury apartments have also come up in New Town and Rajarhat and this segment is also witnessing a growing number of takers, particularly NRIs and the elite. The prices for luxury projects range between Rs.80 lakh and Rs.1.5 crore here which is lower than other prime areas in the city. Barasat has several properties starting from 2,000 sq. ft. and prices are even lower in comparison to New Town and Rajarhat. This is driving demand, particularly with the good connectivity and growing amenities being major plus points.
There are several well-planned townships here which come with spacious apartments, clubs, shopping complexes, beautifully landscaped gardens and swimming pools. New Town and Rajarhat contribute close to 50% of the residential supply in Kolkata at present and this has gone up by approximately 0.5% in Q2 FY 2016-17. The positive buyer sentiments in case of lower interest rates and incentives has already spurred several buyers to take the plunge.
