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Construction : Web Exclusive | February 2013 | Source : Construction Update

Suburbs of Kolkata witness rise in property rates

Prices of apartments in Kolkata's suburbs would get appreciation along the Metro Railway network. But areas which do not fall along the Metro routes or are dependent on a suburban railway system are now witnessing a steady rise in real estate prices.

Kolkata's Uttarpara or Konnagar (around 40 minutes’ drive from Kolkata), north of the city, and Sonarpur and Rajpur (some one-hour drive to the South East) – that are still dependent on the suburban transport system – are witnessing a steady increase in supply of condominiums.

According to market sources, these suburbs have seen a 25 - 30 per cent rise in property prices over the last one year. In the last one year, property prices in the suburbs have moved up by an estimated 15 - 20 per cent, Manish Mehta, vice-president, IndiaHomes, a real estate advisory company, said.

According to Mehta, Kolkata had been one of the slow-movers when it came to infrastructure development in fringe areas. The National Capital Region and Bangalore have seen a much faster uptake of properties in the periphery compared to Kolkata.

The entry of big ticket developers (from Kolkata) too has led to an appreciation in real estate value. Once dismissed as non-lucrative areas, these areas are now witnessing a steady inflow of big realtors. Lower land prices compared to the city and an available catchment area due to closed factories remain key factors.

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