Real Estate prices are influenced by factors like road connectivity, investment in industries and proximity to big infra projects like Metro. The setup of a Metro directly impacts real estate through increase in the value of nearby land.
The city of Kolkata is emerging as a metropolis. Its realty sector is constantly evolving as the West Bengal’s capital offers ample employment opportunities for people living within and outside the city.
Several lines of the Kolkata Metro are under-construction. New Garia with Netaji Subhas Chandra Bose International Airport will be connected via two satellite towns Salt Lake and New Town. The five ongoing Metro railway projects in the city have been allocated ₹1,542 crore for the fiscal year 2020–21.
Property experts at SMR Holdings, Ashoka Builders and Dharitri Infraventure Pvt Ltd believe that construction of metro lines in the city is increasing the property price in surrounding localities and people from different states are also interested to invest in these places. Metro connectivity increases employment opportunities and the demand for homes as well.
Keeping in mind the current scenario, Dharitri Infraventure Pvt Ltd is soon going to announce its upcoming projects in New town that would be offering premium apartments of best quality. In order to save travel cost and time, people don’t hesitate to spend more amount to buy a place near transit infrastructure. Apart from reducing the road traffic, metro benefits the nature by reducing greenhouse gas emission by several times.
The population density in the nearby locality would multiply once Metro becomes operational, and the demand for residential and office space would shoot up. The development of vacant land and open spaces is going on as it is seen as a profit multiplier due to additional floor space index (FSI) which is provided to the builders who own the space around transit corridor.
Over 3 decades back, Kolkata witnessed the India’s first metro rail system when the north-south corridor between Esplanade and Bhowanipore was set up. Lately, it extended operations from Dum Dum to Tollygunge, and now on to Noapara.
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