Garia, Kolkata: Demand boost with improvement in connectivity, affordable prices

The trend in Kolkata's residential real estate sector has been upbeat over the past few years. Many micro markets in the peripheral areas are witnessing increased activity, on the back of development in infrastructure, availability of affordable land and improving connectivity with key business districts.

Developers such as Godrej, Merlin and Salarpuria have turned their attention to the outskirts and are offering a range of projects. Affordable housing options in emerging suburbs like Garia are now the most sought of investment propositions.

Garia in south Kolkata has been witnessing a significant increase in activity over the past few years. Constantly improving connectivity with the city has helped make it a residential real estate destination. Proximity to the eastern metropolitan bypass (EM Bypass) is an advantage and extension of the Metro rail project will provide further impetus. The area has a combination of residential and commercial projects. After a quick appreciation in residential capital values between 2011 and 2013, property prices have been showing slow but steady growth. With prices surging in the heart of the city, most investors are looking for opportunities in suburbs, mainly along the EM Bypass.

New Garia, considered an extension of Garia, is expected to benefit significantly from metro connectivity. The area is adequately developed and has many independent bungalows and multi-storey apartment complexes. Builders are betting big and expecting an increased interest in Garia and its extension.

With about 100 projects at various stages of completion, Garia is attracting both investors and end-users. Demand is largely from Bengali non-resident Indians, information technology professionals and people in rural areas who wish to move to an urban one. Some of the best projects here are a mix of both affordable and high-end properties, with prices from Rs 3,200 to Rs 3,900 per sq ft.

Hence, Garia is a very interesting investment proposition for mid- to long-term investors.
The writer is managing director - Kolkata, JLL India