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Rental Insights: Kolkata Q4-2015

Kolkata, one of the major metropolitan cities of India is renowned for its culture, heritage, monuments and the lifestyle. Formerly known as Calcutta, this city of joy, is always crowded with people from different parts of India.

The cradle for the communist movement, is the capital of West Bengal and as a result, the city is actively growing in the recent years. With great developments in the infrastructure of the city, real estate too is witnessing a surge in the demand.

At the heart of every city, are its people. But what about their city do the people love? What are the things that give them true happiness, warmth, and memories, which they carry with them through every moment of their lives? Is it always the grand architecture, the rich history, the vibrant culture? Or is it the little things? That boat ride with a lover, the tingling taste of their favourite sweet, that rush of emotion when they open an old wardrobe? Or is it a bit of both? This video will make you nostalgic!

With increasing demand for real estate, developers of Kolkata have shed their inhibitions of getting into low cost homes and are now expanding beyond the boundary of Kolkata. This article speaks about the lucrative rental market of Kolkata, with some interesting facts and inferences.

2 BHK in Kolkata

 

In this eastern city of Kolkata, 1 bhk apartments are most sought after in localities like Rajarhat, Tollygunge, Behala followed by New Town action area I and Salt lake city. There are a lot of opportunities for rent seekers across localities like Rajarhat, Tollygunge, Salt Lake city, VIP road and EM bypass where there are large number of properties distributed over various price ranges. Tollygunge, EM bypass and New Town action area I have the most wide spectrum as seen in the Box plots reflecting the diversity in the type and sophistication available in these areas. However, localities like Beguiati, Keshtopur and Garia followed by Behala have their area prices standing below the city normal trend of ₹12,000. These are closely followed by VIP road and New town action area I where the majority of distribution lies within and the locality median lies close to the city average price.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Rajarhat13000120008.3%53%
Tollygunge180001200050%62%
Behala1100012000-8.3%40%
New Town Action Area-I145001200020.8%67%
Salt Lake City160001200033.3%82%
VIP Road135001200012.5%53%
Baguiati900012000-25%5%
Keshtopur1000012000-16.7%17%
Garia1000012000-16.7%29%
EM Bypass200001200066.7%84%

3 BHK in Kolkata

 

Moving on to the 3 bhk's which are preferred generally by families, there is a lot of demand in areas like Rajarhat, Prince Anwar Shah road, New town action area I followed by EM bypass and Behala. As per the middle class fraternity's wishes, there are lot of price variations within these top localities with significant amount of spectrum lying within the city average price trend of ₹20,000. Areas like Behala, Garia, Mahestala and Rajarhat road have over 90% properties lying below the city rental price. Considering the price dispersion within localities, Prince Anwar Shah road, EM bypass, Salt lake city have a wider range of properties in various price segments though majority of them are way above the city trend, with some properties reaching upto ₹75,000 in some areas.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Rajarhat20000200000%47%
Prince Anwar Shah Road4000020000100%100%
New Town Action Area-I1750020000-12.5%33%
EM Bypass300002000050%79%
Behala1400020000-30%14%
Tollygunge250002000025%68%
Garia1500020000-25%6%
Salt Lake City250002000025%73%
Maheshtala1300020000-35%18%
Rajarhat Road1425020000-28.8%14%

Ask any renter in Kolkata and they’ll tell you that the rents are too damn high. Sadly, they aren’t exaggerating. Buying a home in Kolkata is not cheap. Renting particularly in expensive neighborhoods that are close to a city center, is not cheap either. Affordable housing in both the for-sale and rental markets has become incredibly scarce in desirable neighborhoods in urban centers. So what’s a renter to do?

Is it time to implement rent control measures like New York and San Francisco cities?

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