Kolkata : Quarterly report of 99acres.com focusing on capital and rental price trends in the residential real estate market across seven major cities of India . According to the report, property prices in Kolkata surged by 2 per cent in Apr-Jun 2015 as compared to the preceding quarter, when capital values had risen by 3 per cent. Average rental values in the city grew by 5 per cent in the current quarter as compared to 2014. Residential apartments configured as 2BHK and 3BHK units recorded maximum supply in Kolkata.
Commenting on the report, Mr Narasimha Jayakumar, Chief Business Officer, 99acres.com,said, “With demand for office space increasing in the city in the first six months of the year, the residential real estate market is expected to get a boost too. The state government’s announcement on relaxation of Floor Area Ratio (FAR) also impacted the market positively. According to report , areas close to the upcoming metro corridor registered growth in property transactions. Localities such as Garia, Joka and Barasat benefited from their proximity to the metro, which would ease commutation once completed.
Such report noticed, Garia witnessed the highest rise in property prices to the tune of 10 per cent in Apr-Jun 2015, as against Jan-March 2015. Kasba, a developing locality situated close to EM Bypass, saw property prices propelling by 9 per cent.
On the other hand Kolkata’s rental market grew by 5 per cent between Apr-Jun 2014 and 2015. Jadavpur and Salt Lake witnessed a hike of 14 per cent, each, in rental values in the last one year, While 9 per cent rise in rental values was witnessed in both Behala and Chinar Park in the last one year. Localities largely offered 2 and 3BHK units on lease. Rental values increased by 7 per cent in Kasba. Its easy accessibility via the EM Bypass and Rashbihari Connector plays a major role in attracting tenants to the area. Ballygunge and Prince Anwar Shah Road registered a 4 per cent rise, each, in rental values due to new project deliveries.