Real Estate Market Pines Hope On Newly Inaugurated Metro Lines

Kolkata: The Real Estate Market is all set to witness a increase in 2024 with the inauguration of Howrah Maidan – Esplanade Metro part of East West Metro Corridor, Kavi Subhash – Hemanta Mukhopadhyay Metro part (New Garia – Airport Line) and the Taratala – Majerhat Metro part (a part of Joka- Esplanade line). Despite being partially operational, the East-West Metro Line below the River Ganges has introduced down the commutation time of the residents from the city areas of Howrah and Hooghly.

Specialists recommend that these infrastructure developments will seemingly speed up urbanization and concurrently alleviate congestion in main cities. Moreover, they’re anticipated to affect property values in these areas primarily based on components resembling location, land utilization, and the general development prospects of the native market. Real property professionals have emphasised that the Kolkata metro line won’t solely enhance accessibility to beforehand unexplored areas but additionally foster a various financial growth.

It is necessary to notice that Howrah Maidan – Esplanade Metro part of East West Metro Corridor has helped the folks from Howrah to succeed in the central enterprise district of Kolkata in 11 minutes which is usually 45 minutes of street commutation. Hence a number of builders and actual property brokers stated that they’re anticipating a development spurt projecting a ten%-15% improve in property costs starting from the brand new monetary yr of 2024-25.

“The inauguration of latest metro traces is about to speed up urbanization. Faster commutes and improved connectivity will drive extra folks to maneuver into the town and have an effect on property values. The East-West Metro Corridor, particularly, guarantees to spice up costs and improvement in key areas. At Keventer Realty, we’re devoted to shaping vibrant communities on this evolving panorama,” Mr. B.P. Singh Roy, COO, Keventer Realty stated.

Real property costs in Howrah noticed an 8% rise, growing from roughly Rs 4,213 per sq. ft in 2022 to Rs 4,537 per sq. ft in 2023. According to a current survey performed by an actual property consultancy agency, in 2022, Howrah and Hooghly collectively had a provide of 5,026 items, with 1,246 items being offered, representing 25% of the overall provide. 2023 noticed 5,847 unit technology of which 1,410 items have been offered, accounting for twenty-four% of the overall provide.

Citing the examples of earlier metro extensions throughout Kolkata, Biswadeep Gupta Director Marketing, Eden Realty Group stated, “It is a suggestive pattern replicating an analogous rise through the introduction of New Garia Metro – Tollygunge connection in 2009, Dakshin Eshwar – Noapara connection in 2021 and Behala-Joka Line when the Joka-Taratala service commenced in 2022. Real Estate giants, in addition to medium gamers, are hopeful that the East-West Metro is more likely to see developments alongside Foreshore Road, GT Road, Salkia, Shibpur and Kona Expressway.”

The easy connection amongst key areas of the town, such because the bustling IT heart of Salt Lake Sector V and residential neighborhoods of Howrah and Sealdah, is poised to spice up the demand for each business and residential properties in surrounding areas.