The real estate sector of Kolkata is going through a rapid transformation. It seems like the property market is coming out from the staling state after demonetization and GST. This market has now gained huge momentum. The uneasiness about the GST being cut down, Newtown has evidently increased the buyers’ interest in the recent time. The real estate market had not seen an uprising for more than one year and no new launches Flats In Rajarhat came up in the past six months. The passive buyers’ interest creates a stack of unsold inventory. Almost a total of 2288 unsold units were graphed as per on 31st March 2018, the total unsold inventory under construction halts at 1801 units and 487 units are ready-to-move-in.
In the fiscal year 2017-18, average monthly consumption was about 7 units per project which might distinctly increase. The apartment sale differs for every project, whereas few projects have good sales figures. The word is an average time for each project to sink in the unsold inventory in about 33 months. Property In Rajarhat is encircled with mini-townships, apartment complexes, high-rises and the landscape of Newtown, Rajarhat is featuring outstanding housing projects in the city right now. Availability of low-cost homes to luxurious flats and super luxury apartments, the property investors get an array of options they would like to invest in.
Connectivity with the City
The two major roads of Kolkata i.e. EM Bypass and the VIP Road are in close quarters with Newtown connecting it with the entire city. This structure of the street allows smooth and fast-moving traffic in Newtown. Kolkata International Airport is a few minutes away from this area allowing residents to reach even faster without a road clot. Newtown is well connected with various public transports, which includes AC buses, general buses, cabs, auto-rickshaws, online cab service, etc. The ongoing Airport-New Garia Metro corridor will definitely enhance the connectivity of Newtown with the southern sides of Kolkata.
The analytical data for influential factors for booking of quarter four of 2017-18 reveals an interesting insight of the last quarter; the floor plan has topped the list from regular top factors of the Location and Connectivity. This factor is rather interesting and indicates buyers and gradually considers the other factors as well while finalizing a buying of a flat in New Town.
Newtown Rajarhat has been specially upgraded by the government of West Bengal to support the increasing housing demands of the corporate sector population by forming bases in Kolkata for building up a planned township which over the year has become home to many who now are advantaged with smooth traffic and fresh living, the clean environment has allowed a community of like-minded people to gather in Newtown. The residential properties have certainly gained the name knowing they deserved whereas, the commercial properties, convention centers, business parks, clubs, and Newtown is also the locality where maximum high profile multinational companies have rooted in their offices making it a business district of Kolkata.
The business of the area is not the only thing that prospers in Newtown; the educational sector has also caught up with the pace of multinational companies. Schools like DPS Newtown, Newtown School, Sri Chaitanya has active classes, with Universities like St. Xavier's, IIHM, UEM, IEM Techno, Alliah, and Amity has established their course with students traveling there from different locations of Kolkata. With IIT Kharagpur to soon open its second campus there. The government has allocated space to 30 premium institutes for setting up their campus in Newtown. Soon Newtown will be an educational hub as well as a business hub.
There are many other facilities for serving the basic needs of a person like the location of the Tata Medical Centre better known as Tata Cancer hospital as because of the cancer research and treatment that goes under, which is supported by other hospitals like Ohio. Not overlooking the widespread of multiplexes and shopping malls like Axis Mall, City Centre II, Central Mall, etc cutting travel costs for visiting such places. Newtown is blessed with two prominent hotels which are Novotel and Westin. The streets of Newtown witness LED lights made as a power saver with panic buttons, there are solar panels everywhere in Newtown making it a solar powered area, water treatment plants, diverse nodal transport points, e-health clinics, there are modern art museums like a wax museum, cycling tracks, cultural areas and a 480 acre Eco park filled with activities and areas that you would like to visit inside the park. HIDCO a government based body is planning to build an 8 acres car park in the central business district (CBD) of Newtown.
The gains from the last quarter
The last quarter marked an imminent growth in terms of the property sale. The last quarter of 2017-2018 was noted well than the 3rd quarter. The stats of 2017-18’s last quarter in compared to the third quarter according to reading taken from organized sectors, primary sales, and property whose price was Rs. 4000/ sq. ft. Shows that inquiry increased by 20%, site visit saw a hype of 38.53% and booking shares were evaluated to 5.04%. The real estate industry saw an uprising in all these areas from Rs. 40 lacs to 50 lacs. On the other hand, an inquiry was seen 18.52%; site visit was noted 19.57% and 13.04% stats came out for booking in the year 2017-18 and the appraisal of funds came out to be Rs. 60 lacs which initially were Rs. 50 lacs. Even though BHK wise the stats have been more or less the same in 6 months, however, 2 BHK increased by 12% and 3 BHK increased by 15%, there is hope for this industry to pace up in the upcoming fiscal year.
The advertisement mainly was done in hoardings about 28.78% while the newspaper was 20.69%, the internet advertised 22.92% while the other options did 20.70%. The existing consumers were 5.33% while the word of mouth advertisement spread 5.88%. However Newtown has not yet seen the hype that it is capable of with the imminent developments under process, there are notable attractions for such up-gradation apart from the strategic geographic location. While one side of Newtown leads to VIP Road along with the airport in the vicinity. The Saltlake Sector 5 propers with new offices mainly MNCs building a business hub that is under process and is developing with every passing day and in the near future then it will be a fully built metal body of the business sector.
However, there are plenty of resources to meet with a person’s daily needs such as educational institutes, medical halls, shopping malls, route connections, and the upcoming metro connection. Newtown could be called a city within a city. With these changes, there will be an imminent increase in price with the ongoing improvements in the liability quotient. The prior movers will reap the benefits of capital appreciation in the due course of time.
By LNN (Liyaans News Network)