Premium Homes are Driving the Realty Segment of Kolkata. The article explores luxurious real estate market segment of Kolkata. Read on to have an insight of booming high-end home segment of the city.
Kolkata is witnessing introduction of a number of residential projects, which have been a main driving factors for the growth of Kolkata’s real estate segment.
There have been increase in demands and supply of ‘high end luxurious flats’ for quite some time now. These newly launched premium flats and villas have been successful in attracting end-users as well as investors.
Besides, High Net worth Individuals (HNI) and big names in the corporate world mainly belong to the buyer population for such properties.
It will be surprising to know that such types of housing projects are performing well. They have marked transactions of 10 – 15% as compared to affordable and mid-range projects.
There are some increased investments from non-resident Indians (NRIs) in the premium property segment of Kolkata.
Kolkata Witnessing Several New Launches
Some of the recently introduced premium housing projects in Kolkata are the following:
– Ideal Legacy by Ideal Group,
– Arihant Viento by Arihant World,
– PS Magnum by PS Group, and
– Siddha Pines by Siddha Group, among others.
Such projects are the perfect examples of ultra-modern and luxurious housing. They are designed in an aesthetic manner and are equipped with a number of contemporary specifications.
These properties are equipped with advanced security systems, modular kitchens, thermal control living areas, and home automation system, to name a few.
Kolkatas real estate areas like Chowringhee, Ballygunge, Jodhpur Park, and Rawdown Street have contributed in the premium home segment, with a pick-up in sales and the ticket price of Rs. 5 crore and above.
Property Prices & Extra Expenses
Actual buyers and end-users have been the main driving factors for the luxurious residential segment.
Sellers have found their niche and property values remain stable as compared to affordable homes. Currently, capital values of such high end projects vary from Rs. 8,000 – 12,000 per sq. ft.
These rates are indeed 2-3 times more than the existing market values. In addition, extra costs associated with these projects may vary from Rs. 10 – 20 per sq. ft. every month. This is certainly a burden on the buyer’s pockets.
Still, despite being costly, such projects have fetched its buyers like never before. They are witnessing continuous demands.
This has created a tough time for the small developers and builders. They are feeling the heat of the market. A number of them are offering 5-7% discounts in their mid-range projects. This is done by them to at least recover their cost.
Many small developers are finding their funds stuck in their projects.
On the other hand, as already discussed, premium homes, which are available at no less than Rs. 1 crore are selling like hot cakes among the niche.
Market experts suggest that most of these projects are located in South Kolkata. South kolkata is a locality where property prices are somewhere around Rs. 10,000 per sq. feet.
Big names in the industry are holding firm to their price lines.
Rental Market of Luxurious Properties
These high end homes have also been in demand as rental properties.
Mostly professionals working at top-notch positions in the corporate world have taken up such properties on rent.
Besides, young professionals and working couples have also found it better to have a quality lifestyle in these luxurious homes.
Despite the increased demands of such luxurious properties, there has been no dip in the prices of properties.
These flats for rent in Kolkata are available in various price bands.
The 2 BHK flats have rentals around Rs. 10,000 – 13,000.
The 3 BHK apartments have a rental value of somewhere around Rs.13000-18000 per month.
Duplex 4 BR apartments are as high as Rs.50,000-70,000 per month.
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