The capital of India, during the colonial era, Kolkata was considered the getaway to India. Years down the line, this Indian megalopolis is home to more than 15 million people. Popularly known as the cultural capital of the country, this old-world city has undergone numerous changes in terms of economy on the past two decades. The city’s landscape underwent a revamp as Information Technology forayed into the market. Emergence of multinational companies saw the rise of business parks housing world-class office spaces. This was the time when the city’s realty market witnessed a boom.
Rising income as a result of economic growth resulted in improved lifestyles. Which in turn the saw an explosion of the residential realty segment of the city as well. Several areas began to be targeted by investors and end-users for the purpose of property investments. Of late, the regions that have come up in the city’s realty market happens to be the suburban areas—like Behala and Garia in south Kolkata have recorded a huge property boom.
Behala Realty Market—an Overview
Behala happens to be the one of the oldest residential area of the city. The area is also a significant industrial zone where manufacturing units like plastic recycling, chemicals, metal plating and galvanizing are stationed.
Encompassed within the Kolkata Municipal Corporation (KMC) only in 1984, today, Behala counts the largest suburban agglomerations of the city of Kolkata. Due to its strategic location and well-connectivity with the rest of the city, the neighbourhood has become one of the preferred realty destinations of Kolkata and one can find some of the best apartments located in Behala.
An end-user can choose from a plethora of options available in Behala’s realty market— rights from flats to independent houses, penthouses, and commercial assets to retail segments like shopping malls are obtainable in the region. The robust social infrastructure comprising hospitals, schools and colleges accentuates the area.
Accessibility and Price Trends
Strategically located, Behala is extremely well-connected to the rest of the city. Neighbourhoods like BBD Bag, Sealdah, Park Street, and Gariahat can be covered easily through various modes of transport—both private and public. Moreover, the Sealdah Railway Station and the Kolkata Suburban Railway Station are barely 45 minutes’ drive. This is not all. The anticipated metro railway extension of 17 kilometers, other social infrastructure such as hospitals, schools, and the closeness of establishments like the Indian Institute of Management, Joka (Calcutta) have boosted the realty market of this south Kolkata neighbourhood.
Keeping in mind the realty boom of the area, the government of West Bengal has already laid the plan to open up an IT park in the south-western suburbs of the neighbourhood.
With such mammoth developments all around, the property prices in Behala has received a shot in the arm. Within a year the property prices recorded a 7% hike. The average price of a 2 BHK flat in Behala way back in 2010 was quoted at INR 2000 per square feet. Today the same property will come at a cost of INR 3300 per square feet (as of March 2013). An end-user will have to fish out at least INR35 lakhs in order to buy a 2BHK flat in Behala in the present scenario.
Several new residential projects with state-of-the-art architecture are coming across the neighbourhood. These projects promise to offer the ultimate luxury lifestyle to meet the growing demand of the end-users. Developers and builders like Godrej, NK Realtors, and Unitech Groups have invested in area. Others like Ambuja Realty are also looking forward to capitalize on the Behala property market.
Because of its moderately priced lifestyle and upcoming real estate, Kolkata has always been a safe haven for investments with assured returns.