Real estate hotspot: How Kolkata's EM Bypass has come to be an IT-ITeS hub

Commissioned in the late 1970s, Eastern Metropolitan (EM) Bypass was previously just a long stretch of road abutted by undeveloped land. The Bypass stretching from Bidhannagar to Kamalgazi was built to create a high-speed link between the northern and southern fringes of Kolkata and also to reduce the perennial traffic congestion on Gariahat Road. The Bypass connects a few prominent localities of Kolkata such as Salt Lake, Maniktala, Park Circus area, Gariahat, Sealdah Railway Station, Jodhpur Park, Selimpur, Lake Gardens, Jadavpur and Garia.

EM Bypass is located close to the central business district (CBD). Today, there is a surge in housing demand in the region from thousands of employees working in IT-ITeS companies, industries and public offices in and around the Bypass. 

In addition to the continuous physical infrastructure upgrades, such as ongoing metro and BRTS network, EM Bypass is well-equipped with social infrastructure. A number of retail malls and shopping complexes, high-end hotels and restaurants, hospitals and educational institutions dot both sides of EM Bypass. This area is now grabbing the attention of buyers due to the availability of residential properties that offer world-class amenities. EM Bypass also provides excellent connectivity to distant parts of Kolkata and to other cities.

Property prices along EM Bypass have been rising for the past two years. The average price in this area is now in the range of Rs 6,400 per square foot. Property prices have appreciated by about 11 per cent between 2015 and 2017. Commercial and retail developments along with incessant demand from both investors and buyers has contributed to the substantial increase in average prices in this region.

With IT-ITeS and the commercial sector flourishing in and around EM Bypass, residential real estate developments in this area hold bright potential for price appreciation. 

Additional factors such as smooth connectivity, congestion-free roads, abundant land availability, and continually improving infrastructure also favour EM Bypass. It is set to emerge as one of the most sought-after micro markets of Kolkata. 

The writer is city lead-Kolkata, ANAROCK Property Consultants