Top 4 Areas in Kolkata Offering Property Under Rs 20 lakhs

House hunters with modest budgets would be delighted to know that they can now buy apartments for Rs 20 lakhs in areas which are well connected, have good rental and capital gains and close to business areas. The well-established localities of Keshtopur, Garia and Dum Dum offer housing within Rs 20 lakhs.

Keshtopur 
Popularly known as Krishnapur, Keshtopur is quite densely populated and is located along the north-east fringes of the city. Because of its proximity to the business districts of Salt Lake and the Sector V (only 3kms), the IT hub of the city, Kestopur has elevated rental demand. The area is also connected well with other business districts such as Ultadanga and Park Street via roads.

The IT industry is the only sector which offers handsome enough pay to house hunters. Bachelors and singles that have moved in from other cities to work in Kolkata rent apartments in Kestopur for a couple of months and then buy a 1 BHK flat in Kolkata or 2BHK apartment. Most brokers believe that annual returns in investment made in Kestopur could be around 25 percent. The average per square feet price in the area is around Rs 3,500. There are a number of multi-storeyed flats available in Keshtopur which cost around Rs 20 lakhs. The size of these apartments is between 400 sq. ft. and 800 sq. ft.

 Dum Dum
 Dum Dum is located very close to the NSC Bose International Airport of Kolkata and it is not even 10kms from the centre of the city. The physical infrastructure of the area is quite high. The strategic location along with improved infrastructure attracts investors to this area. The area enjoys good connectivity via railway and roads. There are frequent buses that travel through the area and most trains from Sealdah go by this station which allows easy commuting.

The per square feet rate of this area is around Rs 3000 to Rs 3800 and there are several 1 BHK flat in Kolkata Dum Dum and 2BHK apartments available within a budget of Rs 20 lakhs. The size of these apartments is between 350 sq. ft. and 1000 sq. ft. The latest development that has happened in Dum Dum is the Noapara metro station which serves the areas of Baranagar, Sinthee, Tobin Road and Dum Dum Cantonment along with Durganagar. This has led to an increased demand for housing in Dum Dum. The demand has sprouted for both affordable and premium properties.

Garia 
When it comes to affordable housing, Garia is a locality to reckon with in South Kolkata. It is a preferred locality for residential purposes and it has been a big gainer in terms of connectivity provided. The metro stations of KaviNazrul, KaviSubhash and other areas have improved the connectivity of Garia with Central and North Kolkata stations. Per square feet capital value in this area is around Rs 3,800. The main kinds of apartments offered are 1 BHK flat in Kolkata Garia and 2BHK units which are available within Rs 20 lakhs. These apartments are usually sized between 370 sq. ft. and 750 sq. ft. Among the areas mentioned in this article, the maximum number of constructions is happening in Garia and the apartments are all priced under Rs 30 lakhs. For women, Garia is quite safe and habitable and social infrastructure in Garia is quite advanced. Compared to localities of North Kolkata, the returns on investment made in Garia are much more.

Bansdroni 
Another South Kolkata locality which sees demand from the mid income segment for affordable housing is Bansdroni. There is a huge inflow of prospective house hunters. A 1 BHK flat in Kolkata Bansdroni would cost you around Rs 10 lakhs. You could also buy 2BHK apartments for Rs 20 lakhs or so. The 3BHK apartments have a starting price of Rs 27 lakhs or so. However, much depends on construction quality and the developer of the project.

 Because of the closeby areas such as Garia, Tollygunge, EM Bypass, Brahmapur and Naktala, there has been much increase in the capital values of Bansdroni. The starting price of 2BHK apartments in Tollygunge is around Rs 26 lakhs while those in Bansdroni have their starting price as Rs 15 lakhs. These areas are quite realistically priced and they also enjoy good connectivity via roads and railways. The closeness to the metro station of Masterda Surya Sen is also an advantage for locals. The gross yield calculated for Kolkata is highest for Bansdroni at 4.79 percent almost. The capital values in the area range between Rs 2900 sq. ft. and Rs 4,000 sq. ft. Therefore, if you are interested in flats within the range of Rs 15 lakhs to Rs 45 lakhs, then you can get rental values of Rs 7000 to Rs 20,000 from these properties in a month.

In the long run, Bansdroni is set to gain because of good social infrastructure here. A lot of families prefer to stay here because of the proximity of parks, schools, hospitals, recreational areas and libraries. Most people prefer to buy 2BHK apartments in small projects in the area although the returns are higher on 3BHK apartments in residential communities in this area. The complexes provide good security and facilities such as playgrounds, car parks, gyms and much more. Smaller and less known projects usually do not offer car park facilities and even if they do, they charge a separate amount for it. Local realtors advise that most people should opt for housing complexes which offer good quality construction. To know of the credibility of the developers, you should look up the number of apartments sold by the builder at the stage of launching the project itself. Within 5 years or so, property consultants estimate the appreciation to be around 20 percent to 25 percent in Bansdroni. They believe that because of the construction work that is ongoing, prices are low and will remain stable. Therefore, this would be the best time for home buyers to invest in Bansdroni. For long term investment, these affordable properties are ideal to be invested in.

Investment Opportunities In Real Estate In Kolkata

The real estate sector is booming in Kolkata, like other cities like Noida, Gurgaon and Bangalore. The boundaries of Kolkata are expanding and as more land is being brought into the tenets of the city, more is the number of residential projects going up. Rajarhat, Barasat, Madhyamgram, Garia and Sonarpur are some of the areas being targeted by construction companies for residential complexes.

These residential complexes are completely safe and provide every possible amenity to residents. The complexes are provided proper gates to keep the complex safe from intruders and security guards are posted at every entrance of the residential community. Generators have been installed to provide uninterrupted power to residents and fire alarms have been installed in corridors. Some residential communities also have CCTV cameras installed in the corridors to monitor visitors to the complex.

The residential communities have a lot of open spaces which residents can utilize for staying healthy and spending time with their families. Community halls are built so that residents can organize events and ceremonies there. Also, for fitness and recreation, gymnasiums and swimming pools are built. Some residential communities also have swings and slides so that children can play there.

These residential communities are usually developed in the form of 2BHK and 3BHK. The flats range between 700 sq. ft. and 1000sq ft. for 2BHKs and 1000 sq. ft. to 1500 sq. ft. for 3BHKs. When the complexes start developing, per square feet price is very low, around Rs 1500-2000. However, as the complex develops and word spreads about the amenities, per square feet cost starts rising. Somewhere near the time of completion, per square feet prices become around Rs 3000-Rs 3500. This attracts investors as the return is almost 100%.

Kolkata Real Estate

Purchase of real estate in these areas is not only for the purpose of investment, but it is also for the purpose of living. Many people, who work in the IT sector in Salt Lake and Rajarhat, buy apartments in these areas because it is close to work.

The only problem with these areas is that connectivity to the rest of the city is not very well developed. However, this barely stands to be an issue because everything that a person needs to stay comfortably is made available in these areas- banks, schools, hospitals, areas of entertainment etc. There are a couple of malls in the areas that residents can visit to buy items that they need every day, watch movies at, eat out at etc. Good schools have also come up in the area. However, it would be better for residents to own a car because it would be difficult for one to travel to the heart of the city as public transport is quite infrequent. Parking spaces are available within the residential communities and each apartment is allotted parking space for one car.

If you want to buy an apartment in Kolkata, then you can look up real estate classifieds online. You can add a location filter and find advertisements of real estate that are suitable for you.