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Kolkata, traditionally an end-user driven market has exhibited vibrant growth in residential real estate market in the past few years. The core city grows exponentially over time, both towards north and south directions, with corresponding development of social and civic infrastructure due to population explosion and fast urbanization. The same have been the driving force for sustainable demand for affordable residential properties in and around Kolkata.

The realistic value proposition for the residential units, strong market foundation and relatively stable political scenario have given competitive edge for Kolkata over the other metro cities in India. The introduction of HIRA (Housing Industry Regulatory Authority) from 1st June 2018 has further strengthened the market nerves in terms of transparency, accountability and trust. It has been recorded that majority of the ongoing residential projects and just completed projects from reputed builders in city and suburb locations have been showing steady absorption over last few quarters.

Kolkata has witnessed many new launches especially around the city suburb areas like Birati, Madhyamgram, Barasat, Belghoria, Sodepur, Barrackpore etc. in the north and Garia, Boral, Narendrapur, Baruipur, Behala, Thakurpukur, Joka, etc., in the south to meet the continuous demand from the buyers. These areas give good value for money. BT road and Jessore Road are the major northern suburb thoroughfares which have seen rapid construction activities due to gradually improving transport and civic facilities and the availability of suburban railway network running parallel to these roads. In the southern suburbs, the fast development and metro connectivity alongside of the long stretches of Diamond Harbour Road (Joka, Thakurpur, Amtala) and NSC Bose Road (Tollygunj-Garia-Baruipur) have been instrumental for its transformation as a preferred zone of affordable residential settlement. The PMAY (Pradhan Mantri Awas Yojna) scheme of affordable housing has also stimulated the overall market demand.

The transaction of the properties in Rajarhat-New Town area are also taking right pace as the entire locality gradually upgrades its basic infrastructure, offerings of social amenities during last few quarters. Moreover, smooth connectivity and the proposed expansion of metro railway network to link the core city and other suburb areas give added feature for the ongoing and upcoming properties to attract potential buyers. Additionally, this satellite township continues to draw the attention of IT professionals due to its proximity to Salt Lake Sector V, the well-developed IT hub of Kolkata. Apart from its importance in terms of IT, New Town has also become hub of education, healthcare, hospitality and recreation.

The EM Bypass and adjoining neighbourhood have rapidly changed the skyline of the eastern fringe areas of the city during last decade and still continue to attract the hi-end buyers with the superior residential projects amidst greenery and excellent all-round transport connectivity. EM Bypass can be also regarded as the emerging lifeline of the city connecting the north and south seamlessly. The upcoming Garia-Airport Metro connectivity has also increased the demand of properties. The premium residential projects around the well-established posh localities in Kolkata like Alipore, Ballygunge and some selected south central city locations generate limited supply targeted for niche segment of citizens in Kolkata along with steady appreciation of property values backed by sufficient demand.

Howrah, the adjoining twin-city of Kolkata in the west, traditionally recognized as the industrial hinterland of Kolkata, is undergoing a speedy transformation into a residential destination and subsequently witnessed growing interest for housing as both demand and supply have increased over the period due to improvement of road infrastructure, under construction east-west metro railway linkage and easy connectivity options to the main business areas of Kolkata. The locations close to Vidyasagar setu, Kona expressway, Andul Road, Belgharia Expressway-Nibedita setu (the major connectors between Kolkata and NH2/Delhi Road & NH6/ Bombay Road) have gradually become hot picks for organized residential settlement.

The rental property transactions in Kolkata also witnessed a positive trends and value appreciation during the last few quarters in various sub-markets in Kolkata due to increasing demand for rental housing, mostly from the outstation workforce of the expanding IT/ITeS sector. The rental values saw steady growth in the past one year in some residential pockets of Kolkata. It is anticipated that the demand for rental homes from IT professionals, students, retailers and immigrants from across the eastern cities and other regions of India would push the rental values in micro pockets and this trend is expected to continue in the near future.
Service apartments, another relatively new concept, has picked up in Kolkata over the last few years. These are the ready-to-move-in flats that provide the occupant a fully-furnished unit along with optional facilities such as creche, chef, Wi-Fi connection and a 24×7 service kitchen. Enhanced volume of foreign tourists, frequent & prolonged business trips in the corporate sector and increased investor interest has made service apartments a sought after property segment in the city. It is expected to rise further, as the visitors/tourists now prefer to stay in these apartments over hotel rooms, due to their cost-effectiveness and for this reason the rental values for such properties have witnessed significant push in the last year.

As the matter of fact, these apartments create huge interest amongst the investors. The demand for rental apartments is primarily seen for 2 BHK units. Usually, IT professionals from other states and business travellers cover approximatel. 80% of demand for such apartments as tenants. Presently, Rajarhat and Salt Lake areas have the maximum supply for service apartments because of its proximity to Sector V, the IT hub of Kolkata and the international airport. The areas in south and central Kolkata such as Park Circus, adjacent locations of EM Bypass, Park Street, Ballygunge etc. also witness good demand due to their connectivity to the railway station and metro network.

n essence, Kolkata’s residential real estate market is experiencing huge growth and affordability, transparency and accountability are the core premises. 

Eastern Metropolitan Bypass or EM Bypass can be reckoned as one of the major lifelines of Kolkata which has moved much ahead of the curve in transforming the city’s realty skyline. The adjoining neighbourhood of this 21 Km stretch has metamorphosed both residential and commercial real estate dynamics to altogether new levels in the recent years. At this juncture, I would like to share its growth story and present its current picture with you.

Starting from Ultadanga in the north till Kamalgazi in the south, the thoroughfare can be subdivided into three main segments i.e. North (Ultadanga to Chingrighata), Central (Chingrighata to Ruby) and South (Ruby to Kamalgazi). Connectivity, mobility, infrastructural development, pro-active governmental policies, affordability and luxury value propositions are the major drivers that have leveraged the necessary resources for organized real estate growth in and around the stretch.

If we consider the northern segment i.e. Ultadanga to Chingrighata, high-end apartments with exclusive facilities and amenities drive the aggregate market demand. This stretch plugs directly with the IT hubs of Salt Lake and Rajarhat in the east, Central and North Kolkata. International hotel chains like Hyatt Regency, malls like Mani Square and FBB, movie theatres like Inox and Cinemax, entertainment zones like Swabhumi, stadium like Salt Lake Stadium, hospitals like Apollo Gleneagles, AMRI, Columbia Asia and premium car showrooms like Volkswagen have literally enhanced the grandiose appeal of the area. The residential capital values in this stretch of EM Bypass ranges between Rs.7000 to Rs.11,000 per square feet.

The Central segment i.e. Chingrighata to Ruby has spearheaded uniquely in providing the residents some of the best apartments in the city. In this respect, Christopher Road off this stretch is a prosperous neighbourhood which is worth mentioning boasting off with some ultra luxury apartments. The upcoming 4.2 Km flyover from Parama Island to Park Circus will further strengthen the connectivity platform. Hospitality industry in this stretch has gained robust foothold with two world class hotels like ITC Sonar and Taj Gateway providing round the clock obtrusive services. US based luxury hotel chain JW Mariott is expanding their base here. ITC is also increasing their niche hospitality exposure through further expansion. Fine dining is also another important characteristic of this stretch. Restaurants like Mainland China, Sigree, Oh!Calcutta and Sanjha Chulha give the best food experiences in the town. Apart from that, reputed hospitals like Ruby Hospital, Desun and Fortis, car showrooms like BMW, Toyota, Chevrolet and Hyundai, schools like Delhi Public School, Heritage and Calcutta International School, entertainment and educational zones like Science City and Energy Education Park and newspaper headquarter Bartaman Bhawan make this stretch of EM Bypass one of the realty hotspots in the city.

The southern segment i.e. Ruby to Kamalgazi leads the pack in blending affordability and luxury in the right proportion. Suburban growth is a reality in Kolkata and this stretch is an indispensible part of that growth. Connectivity, mobility and affordability are three potential drivers that lure the residential real estate market of this stretch. Mainly, from Garia to Kamalgazi, demand for MIG segment housing is prolific. The residential capital values in this stretch ranges between Rs.3500 to Rs.5000 per square feet and gated communities within the range of Rs.30 to Rs.70 lacs are readily available. Fully operational metro rail and suburban railways, widening of road, pollution free environment, presence of reputed educational institutions, hospitals and shopping malls among others are some prospective features that have stimulated the end user’s demand as well as that of the investors. To name a few, shopping mall like Metropolis, hospitals like Peerless, Rabindranath Tagore Institute of Cardiac Sciences & Medica Superspeciality, institution like Satyajit Ray Film Institute have largely propelled the buying sentiments. Adding to that, the Kolkata BRTS (Bus Rapid Transit System) from Ultadanga to EM Bypass will be also operational soon that will add new dimension to the connectivity domain.

Lastly, it can be stated that EM Bypass is one of the nerve centres of Kolkata’s real estate market that has grown exponentially over time and in the current scenario it disseminates immense potential.




Not much before the Act
The importance of agents or consultants in an organized real estate market is pivotal. The consultants act as a compact bridge between the buyers and sellers and help in facilitating smooth transactions and thereby equilibrate the market forces evenly. However, the importance of the consultants before the introduction of the revolutionary reform RERA (Real Estate Regulatory Act) has not been so much prominent and given due importance. However, it is matter of fact that around 75% of sales in the primary market are driven by the real estate consultants.

Changed scenario & conducive environment
The introduction of RERA has changed the scenario and strengthened the role of the real estate consultants significantly all over India. The real estate consultants need to register, get verified and certified by the authority in order to facilitate transactions in the market. As the consultants are managed under the RERA provisions, investors and home buyers’ trust have increased immensely and this is also calibrating the market transactions.

Core professionalism and trust
Yes, professionalism and trust are really ingrained to the core post RERA. The consultants are much more responsible now as they will have to disclose all appropriate information to the buyers and adhere with only RERA compliant developers. In a gradual manner, there is complete elimination of fly by night players in the market and only organized market mechanism prevail.

The three drivers for the consultants’ market in the current scenario are accountability, transparency and trust!

With the implementation of RERA, transparency has increased in the housing sector and has put buyers in a stronger negotiating position. Under the government’s initiative like the Pradhan Mantri Awas Yojana, the budget allocation for the economically-weaker sections and lower income group has been increased to 10 billion this year. Developers working on affordable housing projects have the advantage of receiving external commercial borrowings and extended time to complete their projects. While the property prices are still undergoing slow-paced corrections, buyer confidence has increased, which makes it ideal for buyers to own a house or property.

Sales of ready-to-move-in houses have increased by 10 to 12% this year as buyers do not want to take risks in buying or investing in under-construction properties or homes. These homes are not only readily available, they also provide easier rental outgo and EMIs. GST exemptions also apply for ready-to-move-in homes and land. For buyers, this is the ideal time to buy or invest because of the advantage of seeing the houses and the construction quality including easy negotiation deals.

The age of digitization has touched the real estate sector too bringing in less dependency on intermediaries. Through AI, the real estate companies can easily help their customers in making informed decisions and help the end-users track all information and progress on the on-going projects. AI also helps customers pick out their ideal homes based on the parameters listed like office location, distance from your child’s school or college, etc. All details pertaining to finding a suitable home can be monitored and accessed with just the click of a button.

The real estate sector is showing signs of recovery and is on the right path towards a buyer-friendly environment. The regulatory reforms will surely reinforce the trust amongst buyers and although the progress is still taking shape, these reforms are likely to enable a positive growth for the real estate industry in India.


Suburban growth is the sweet reality of Kolkata and South Kolkata remains the pioneer in this regard. Garia, Boral, Narendrapur, Rajpur, Sonarpur, Southern Bypass, EM Bypass (stretch from Ruby to Kamalgazi) are some prominent vicinities that have led the pack in terms of all-inclusive growth in the recent years. It is worthwhile to mention here that these areas have gradually earned the sobriquet of ‘excellent’ zones for Real Estate growth.

At the very onset, with full conviction it can be contemplated that connectivity and affordability by far have been the decisive catalysts for attracting the interests of end-users as well as investors in these areas. Garia has always been at the focal point of organized residential growth given its strategic location with three major thoroughfares namely NSC Bose Road, Raja SC Mullick Road and EM Bypass giving seamless access to the central nodes of the city. With the advent of fully operational Metro Railnetwork from the year 2010, the area’s face value has enhanced to new levels altogether. Garia’s importance is also pivotal in terms of social infrastructure like reputed schools (BD Memorial International, Techno India Public School, Miranda High School, Welland Gouldsmith), colleges (Dinabandhu Andrews Colege, Netaji Subhash Engineering College), hospitals (BRWS Hospital, Remedy Hospital, Hindustan Health Point, Welkin Medicare, Lifeline Nursing Home) shopping malls (Pantaloons, Big Bazaar), hypermarkets (Spencers, More), prominent retail outlets (Senco Gold, Anjali Jewellers) and so on.

Off late, a remarkable trend has been noticed. A sizeable proportion of young IT professionals are constantly moving in here in their quest for a better living. They ponder affordability, easy access to work place and well established infrastructure as the major drivers behind their purchase decisions of apartments. Apart from that, with the Government giving fair amount of nudge to reduce interest rate on home loans and with implementation of progressive schemes like CLSS (Credit Linked Subsidy Scheme) for home loans under PMAY (Pradhan Mantri Awas Yojna), the young buyers and people living especially in rental apartments are aggressively availing these schemes for a permanent and decent shelter. In the current scenario, the capital values of apartments in Garia hover in the range of Rs.3500 to Rs. 5500. 2 and 3 BHK are the most preferred flat sizes and the average price of flats fall in the range of Rs. 25 to 40 Lakhs.


As a spill over effect, the neighbouring areas like Boral, Narendrapur, Rajpur, Sonarpur, and Patuli have also leveraged the synergies and internalized vibrant growth. If we consider Boral, the vicinity has literally transformed into a residential hotspot. Boral Main Road has become the perfect link of convenience and feasibility. Newly constructed large gated communities with all modern amenities have given the area a dynamic facelift. Just 10 minutes away from Kavi Nazrul Metro Station, people consider Boral as the next best alternative to Garia owing to comparative affordability and peaceful environment. Social infrastructure is also perfectly tuned with the area’s growth dynamics. On Boral Main Road, there is Boral High School, engineering college namely Future Institute of Technology. In close proximity there is famous Narendrapur Ramkrishna Mission school and college, BD Memorial International School, Miranda High School, hospitals namely Mother Teresa TB Hospital, Lifeline Hospital, Hindustan Health Point etc. Local markets like Boral Market, Garia Bazar are also easily accessible for people’s day-to-day needs. The capital values here fall in the range of Rs. 2800 to Rs. 3500 per sq.ft.


On NSC Bose Road, Narendrapur is another enviable residential area. This area is already famous for the prestigious Ramkrishna Mission that carries the pride of modern India in the international podium. Plugged with EM Bypass, Extended Southern Bypass (from Kamalgazi to Baruipur), connectivity again is the base structure that catapults the areas’ growth pulse. The recently constructed Kamalgazi flyover has added more teeth to decongest the traffic and connect with EM Bypass. Metro rail and suburban railway connectivity are at a stone throwing distance that calibrates the ease of commuting further. The retail penetration is also quite prominent here with reputed malls namely Wood Square Mall where brands like Big Bazaar has anchored its operations. Other prominent retailers like Spencers, More, Great Eastern are also operating with full vigour. Competition especially in the residential market is quite high and the developers are coming up with several projects with state-of-the art facilities at reasonable prices. The capital values here hovers in the range of Rs. 2700 to Rs. 3500 per sq.ft. which is quite affordable in the current scenario.

Followed by Narendrapur, Rajpur is another area that has drawn the attraction of end-users significantly for affordable yet luxurious living. Mainly the connection of NSC Bose Road and Southern Extended Bypass has triggered the area’s importance. Nature’s bounty is an additional aspect that attracts people to live in this serene yet close to central city nodes.