A Comprehensive Guide to Real Estate in Kolkata: What you need to know?
Kolkata’s real estate industry is booming, with the government’s support and initiatives taken by real estate associations like Credai and Real Estate Association Bengal.
Kolkata, the cultural capital of India, is now becoming a hot spot for real estate investments. With the growing infrastructure and initiatives taken by the West Bengal government, the city is attracting more and more investors. In this blog, we will explore Kolkata’s hottest real estate markets, industry overview, and the latest initiatives taken by the government and real estate associations.
Real Estate Industry Overview:
The real estate industry in Kolkata has witnessed a steady growth in the past few years. According to West Bengal’s finance minister, Amit Mitra, the state’s GDP marked a 12.58% growth during the financial year 2018–19. The city’s real estate market has seen the highest home sales in the country in the first nine months of 2022, with more than 10,000 flats being sold.
Real Estate Initiatives in Bengal:
Credai (Confederation of Real Estate Developers’ Association of India) is an apex body that represents the real estate industry. There are many Credai approved builders in Kolkata, including Godrej Properties, Ambuja Neotia, Merlin Group, and many more. These builders are known for their quality construction and timely delivery of projects.
The West Bengal government has taken many initiatives to promote the real estate industry. One such initiative is the Credai Bengal Initiative, which aims to promote transparency and accountability in the real estate sector. The government has also introduced the Real Estate (Regulation and Development) Act (RERA) to protect the interests of buyers and promote fair practices in the industry.
What are the emerging hotspots for real estate investment in Kolkata?
Kolkata has been emerging as a real estate hotspot, and there are several hidden gems in this city that provide attractive investment options.
- Garia — One of the most promising areas in Kolkata for real estate investment, Garia is known for its excellent connectivity and infrastructure development.
- Naktala — A friendly neighborhood with a peaceful atmosphere, Naktala is an excellent option for those looking for affordable real estate investment opportunities.
- Howrah — This historic town on the Hoogly River’s south bank is one of Kolkata’s oldest neighborhoods and offers attractive real estate investment opportunities due to its antique and unique location.
- Rajarhat — This fast-developing area on the outskirts of Kolkata is witnessing tremendous growth in terms of infrastructure development and commercial activity, making it an attractive destination for real estate investment.
- Tollygunge — Known for its rich cultural heritage and excellent connectivity, Tollygunge has emerged as a promising area for real estate investment in Kolkata.
Real Estate Events in West Bengal:
The Real Estate Association Bengal is a non-profit organization that represents the real estate industry in Bengal. They organize various real estate events in West Bengal to promote the industry and bring together real estate developers, builders, and investors. Some of the popular events include the Bengal Real Estate Summit and the CREDAI Conclave.
Conclusion:
The city’s hottest real estate markets are witnessing high demand from investors, making it an attractive destination for real estate investments. With Credai Bengal’s professionals and growing infrastructure, it is the right time to invest in Kolkata’s real estate market.
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