Due to paucity of land Kolkata might have remained bereft of mega housing projects. But small parcels of development is likely to keep the real estate sector moving in the city. Kolkata and its fringes are likely to see a multitude of small housing projects in areas like Rajarhat, EM Bypass, Diamond Harbor, Garia and Kona Expressway over the next twelve to eighteen months, according to developers.
Kolkata could see launch of at least five to six new projects within the city limits. In the fringes, as many as 40 new projects are being lined up. Post budget, the sector will further look up, said Pradeep Chopra, Chairman and Managing Director of Kolkata-based PS Group of Companies.
Harshavardhan Neotia, Chairman, Ambuja Realty, who launched projects like the City Centre Malls and housing estate Upohar, is too planning to launch another housing project in south Kolkata by the end of this year, albeit a smaller one.
Neotia said that there is demand in general, though there is no boom in the market. Also, there is a hope that interest rates will come down after budget, which will also lead to more investorsÂ’ interest in the real estate market, said Neotia.
In Rajarhat too, where there has been a sloth in activity over the last one or two years, construction activity has picked up. In Rajarhat the growth in the number of small sized housing projects is quite phenomenal,Neotia said.
Traditionally, Kolkata has been regarded as an end-users, rather than investors market, which has kept the real estate sector immune to sharp price movements in other parts of the country.
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