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Friday, January 24, 2014

Real Estate Investment Destinations Of Kolkata City..Rajarhat - New Town..


by Surekha BihaniSurekha Bihani, JLL India

Rajarhat - New Town..

Rajarhat has many factors going for it in terms of real estate market drivers. It enjoys good road connectivity with Eastern Metropolitan Bypass and Belgharia Expressway connecting it to southern and northern parts of the city.

Netaji Subhash Chandra Bose International Airport is close to Rajarhat and is well-connected to the submarket.
 
Surekha Bihani, Head – Transactions (Kolkata)
Jones Lang LaSalle India
Now, work on metro railway is in progress which can connect Rajarhat to the airport as well as to the southern part of Kolkata city. Work on another metro route is also in progress connecting Salt Lake with central Kolkata & Howrah.

This submarket has witnessed interest from various national and international developers like DLF, Unitech, Tata Housing, Shapoorji Pallonji Group, Keppel Magus, etc. for residential projects development. In addition, regional developers like Shrachi Group, Belani Group, Shrishti Group and Bengal DCL are also present with projects.

Present Scenario..

Commercial..

The average capital values for commercial spaces are in the range of Rs. 3,300 to 3,600 per square feet and rents are within the range of Rs. 30 to Rs. 35 per square feet per month. We expect the rents to increase by nearly 15 % in the next 5 years.

Residential..

The average capital values & rental values are on the higher side in the planned part of New Town when compared to the surrounding areas of Rajarhat. The capital values in New Town are Rs 3,300 to Rs.  5,700 per square feet and the rental values would be Rs. 9,000 to Rs. 15,000 per month for a 2 BHK apartment (1,000 square feet). The capital values in the surrounding areas are in the range of Rs. 2,500 to Rs. 4,700 per square feet and the rents are within the range of Rs. 7,500 to Rs. 12,500 per month for a 2 BHK apartment (1,000 square  feet).

About the author..

Mr. Surekha BihaniSurekha Bihani is  Head – Transactions (Kolkata) at Jones Lang LaSalle India

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