The residential market in Rajarhat, New Town and Barasat, well connected to the main city, is offering interesting options in affordable housing.
The real estate sector, which had slowed down for a few months post the central government’s demonetisation drive of November 8, 2016, is seeing renewed interest. The time is opportune for first time home buyers who have been waiting on the fence for the right opportunity as the government is offering incentives for first time home buyers and the banks have cut down on lending rates.
While options are not too exhaustive and prices per square feet high in the heart of the city as well as areas close by, Rajarhat and New Town and further down Barasat, well connected to the main city, have a host of excellent and cost effective options for home buyers.
“Real estate is gradually picking up all over, including Rajarhat. The massive improvement in infrastructure and the inauguration of new social and other amenities on a regular basis will no doubt make Rajarhat a coveted destination for investors,” observes Harsh Neotia, chairman, Ambuja Neotia Group.
According to property portal magicbricks.com, availability of cheap land as well as supporting infrastructure and presence of Netaji Subhas Chandra Bose International Airport have been the key reasons for real estate development in these areas. While Sodepur and Barrackpore are the key localities in the north of the city, Rajarhat and New Town are the prominent localities from the east of the city. Barasat, an urban setup in the northern vicinity of the city, is within the area of Greater Kolkata. It is at about 11 km from the international airport while Barasat Junction is the railway station on Bongaon line of Sealdah Station (North Section). VIP Road and Jessore Road lead to it.
“Rajarhat and New Town are well-planned townships with a number of schools, markets, hospitals and commercial spaces. The IT hub is also there. It is ideal for young working people who want to relax in a peaceful environment post a hard day at work as well as the elderly who prefer staying away from the humdrum associated with a busy city life,” says Pradip Sureka, MD Sureka Group.
With a rising demand for houses in the affordable segment, apartments in Rajarhat New Town in the price range of 30-60 lakh are moving briskly. “The residential market here has affordable housing units. Prices and proximity to IT hubs are the two highlights of these projects spread across acres. IT employees prefer staying in this belt. Planned development in this area along with availability of all basic amenities is definitely driving sales here,” points out Sanjay Jain, MD, Siddha Group.
Rajarhat and New Town have also witnessed the launch of luxury apartments and this segment has clientele from the city’s elites as well as NRIs keen on a pad in the city. “The prices for luxury projects here start from 80 lakh-1.5 crore while it is way higher in the main part of the city,” adds Sureka.
With properties mostly starting from 2,000 per sq ft, even lower than that in Rajarhat and New Town, and great environment, communication and all modern amenities, Barasat too is getting popular as a residential destination with realty developers and home buyers. There are well-planned self-sufficient township projects that have sprawling apartments, landscaped gardens along with clubs, swimming pools and shopping complexes.
Rajarhat and New Town region account for almost half of the city’s residential supply and grew by 0.5% over Q2 FY 201617. The positive sentiment associated with incentives and lower home loan rates is expected to motivate fence-sitting buyers to take the plunge.