Spread of the realty pie

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Post inflation woes, investors community including high net worth individuals (HNWIs) have recently started shifting their focus from investing in high-end properties in Mumbai, Delhi, and, thereby accelerate strong concentration in markets such as Kolkata, Bardhaman, Durgapur, Shiliguri and Haldia in order to buy high rise apartments. As a result, real estate majors are looking at converting factories and bungalows into high rise apartments based in West Bengal, Haldia and the respective markets in Kolkata.

According to Avrajit Kar, vice president — marketing, South City Projects, “The number of investors in Kolkata and its suburbs is expected to increase from 20% to 30% within a year as the realty prices in Kolkata are more economical compared to that of other metros, including Mumbai. For instance, an apartment in Baliganj area in Kolkata is priced at Rs 4,000 to Rs 6,000 per sq ft as compared to Rs 10,000 to Rs 15,000 per sq ft in posh Bandra/ Mumbai.” As a result of an increasing number of people investing in real estate in Kolkata, Kar added that Kona Expressway area, Bantala area and Rajarhat are going to be the new satellite cities of Kolkata. Besides, Gurgaon, National Capital Region of Delhi, Pune, Hyderabad, Chennai, Bangalore, Goa, Chandigarh are considered growing markets for investors. Mumbai-based K Raheja Property is planning to enter eastern part of India, especially, Kolkata to set up high rise apartments apart from other Tier II and III cities. DLF and Unitech are planning to set up high rise apartments near Kona Expressway, Bantala area and Rajarhat.