Kolkata, the cultural capital of India, is a city that has been chronologically developing since the Raj era. With a rich history, heritage, and culture, Kolkata has been evolving rapidly in recent years to become an economic hub in eastern India. As a result, the real estate market in Kolkata has experienced significant growth in the last decade.
And, accessing Kolkata's real estate market has been made easier with the support of Bajaj Housing Finance, providing convenient home loans. With generous loan amounts, adaptable repayment schedules, and a simplified application process, acquiring residential property in this area has become more attainable than ever.
Locality |
Avg Price (₹/sq. ft) |
Price Range (₹/sq. ft) |
Properties Available |
Santoshpur |
7,529 |
3,240 - 17,777 |
146 |
Ballygunge |
12,751 |
2,650 - 35,820 |
114 |
Bansdroni |
4,352 |
2,238 - 8,076 |
113 |
Madurdaha |
5,372 |
3,076 - 10,411 |
83 |
Behala |
4,433 |
2,045 - 8,540 |
42 |
Thakurpukur |
4,230 |
2,402 - 7,500 |
59 |
Kalikapur, EM Bypass |
5,592 |
3,428 - 9,084 |
77 |
New Alipore |
12,847 |
4,250 - 22,885 |
42 |
Patuli |
5,537 |
3,333 - 8,000 |
76 |
Ashok Nagar |
7,072 |
3,125 - 15,584 |
35 |
Narendrapur |
4,381 |
2,880 - 6,321 |
43 |
Garia |
4,516 |
3,333 - 6,832 |
30 |
Tollygunge |
6,289 |
2,741 - 13,684 |
26 |
New Garia |
6,287 |
3,157 - 13,501 |
48 |
Purbalok |
5,951 |
3,125 - 8,408 |
37 |
Mukundapur |
4,496 |
2,222 - 16,228 |
29 |
Kamalgazi |
5,551 |
3,498 - 11,785 |
19 |
Dhakuria |
6,688 |
2,558 - 12,195 |
47 |
Jadavpur |
6,536 |
2,906 - 12,595 |
41 |
Kalighat |
9,874 |
6,400 - 15,160 |
- |
Factors influencing property rates in Kolkata
The city of Kolkata has been booming with respect to the real estate sector, which has been mainly driven by the following factors:
- Location - The location of the property is the most crucial factor that determines the property rates. The areas that are near the central business district, educational institutions, hospitals, and other important landmarks have higher property rates.
- Construction quality - The quality of the construction, amenities, and facilities offered in the property, such as parking spaces, elevators, swimming pools, fitness centres, etc., significantly impact the prices. Better quality construction and amenities come at a higher cost.
- Infrastructural development - The infrastructural development such as roads, bridges, metro rail, and other public transportation facilities have a direct impact on property rates in the city.
- Demand and supply - The demand-supply gap of properties in the market is also a crucial factor in determining the property rates. If there is high demand and low supply, property rates tend to go up.
Residential property rates trends in Kolkata
The residential property market in Kolkata has been growing at a steady pace in recent years. The property rates in residential areas have increased by 10-15% on average in the last five years. While the real estate market had been slow in the past due to the economic situation, it has recently started picking up again, indicating renewed interest in the sector.
The most popular residential areas in Kolkata, such as Salt Lake City, Ballygunge, Alipore, New Town, and Rajarhat, have witnessed a steep incline in property rates. For instance, the average property rates in Salt Lake City range from Rs. 5,000-8,500 per sq. ft. and Ballygunge has the highest average property rates of Rs. 15,000-18,000 per sq. ft.
Commercial property rates trends in Kolkata
Commercial spaces, such as offices, shops, and shopping malls, are in high demand in Kolkata. The commercial real estate sector has shown growth in recent years, with several new office spaces coming up in places like Salt Lake and Rajarhat. On average, the commercial property rates in Kolkata range from Rs. 5,000-12,000 per sq. ft.
Upcoming infrastructure projects impacting property rates in Kolkata
The city of Kolkata is undergoing significant infrastructural developments that will positively impact the real estate market in the future. The most significant infrastructure projects that will impact property rates in Kolkata are:
- Kolkata Metro Rail expansion – The expansion of the Kolkata Metro Rail will improve connectivity to various parts of the city, reducing travel time and increasing accessibility.
- Kolkata east-west metro corridor – The east-west metro corridor connects the different regions of Kolkata, making the transport system more convenient and reliable.
- Kolkata Monorail – The Kolkata Monorail project will strengthen the transportation network, connect different regions and improve the property rates of such regions.
Buying guide for properties in Kolkata
If you are planning to purchase a property in Kolkata, here is a quick buyer's guide that can help you make a well-informed decision:
- Location – Look for properties located close to essential services such as hospitals, schools, metro stations, and public transportation facilities. These properties will always attract good demand and decent rental yields.
- Market demand – Always check the demand for the property that you are considering buying. Research the future projects and the rental trends in the area.
- Legal documentation – Before making a purchase, ensure that all legal documentation involved has been thoroughly checked and vetted by a lawyer.
- Loan Against Property – If necessary, avail of a loan against property to help finance your purchase. Bajaj Finance offers this product, providing a support to those in need of substantial funds.
With substantial funds of up to Rs. 10.50 crore* you can meet your financial needs. The competitive loan against property interest rates and lap long repayment tenures of up to 15 years* make repayment hassle-free.
The lap online application process is simple, and the loan amount can be disbursed to your bank account within 72 hours* of approval..
Apply for a loan against property today.
