The real estate market in Kolkata is experiencing a boom period, and there are various factors that are driving its growth. Kolkata is the capital of West Bengal and highly populous with millions of people crowding its streets and adding to the vibe of the city.
The industrial sector has been developing at a rapid rate in the past years and has fuelled the demand for real-estate properties. A vast number of industries are cropping up within its boundaries. The advancements in the field of Information Technology are also responsible for the surge in demand for buildings in the city. Various reputed multinational software companies such as IBM, TCS, Infosys, and Wipro have started operations in Kolkata.
Kolkata is also recognized to be the ‘cultural capital’ of India because of its richness in culture and is also the reason for its popularity worldwide. Several renowned scholars such as Satyajit Ray, Rabindranath Tagore and Swami Vivekananda hail from the city. Additional factors that are contributing to its real estate success story is its cosmopolitan background. Moreover, it is rated to be one of the most inexpensive places worldwide.
The city is also attracting a huge number of investments in the Real Estate domain because of the improvement in government laws and policies. Moreover, the city is based on the banks of the river Hooghly which facilitates trade and encourages many commercial organizations to set base in the metropolis. The rippling effect of this economic growth is also seen in the upsurge of employment opportunities and is inducing people to be part of its success story. This, in turn, is also causingthe prices of renting, leasing and buying to go upwards. However, there aremany flats in Behala that are being offered at discounted rates for the job seekers.
Several malls and stores are also emerging because of the rise in demand for products and services due to the large influx of people. The government is also directing their efforts to entice more foreign investors to start operations here. Also, the norms are being eased for them to transact smoothly and without having to face complex legal procedures. Furthermore, multinational organizations are entering into commercial leasing agreements keeping in mind the city’s efforts to make it easy for the investors to conduct business.
In the above-mentioned details, we have seen the reasons for the progress of real estate in Kolkata. The city's population is only growing by the day due to which many lucrative deals arebeing offered to the patrons who are looking to reside in the city for exploiting its varied prospects.