Kolkata (West Bengal) [India], March 22: The Real Estate Market is all set to witness a boom in 2024 with the inauguration of Howrah Maidan – Esplanade Metro section of East West Metro Corridor, Kavi Subhash – Hemanta Mukhopadhyay Metro section (New Garia – Airport Line) and the Taratala – Majerhat Metro section (part of Joka- Esplanade line). Despite being partially operational, the East-West Metro Line under the River Ganges has brought down the commutation time of the residents from the urban areas of Howrah and Hooghly.
Specialists suggest that these infrastructure developments will likely accelerate urbanisation and simultaneously alleviate congestion in major cities. Moreover, they are anticipated to influence property values in these regions based on factors such as location, land utilization, and the overall growth prospects of the local market. Real estate professionals have emphasised that the Kolkata metro line will not only improve accessibility to previously unexplored areas but also foster a diverse economic expansion.
It is important to note that Howrah Maidan – Esplanade Metro section of East West Metro Corridor has helped the people from Howrah to reach the central business district of Kolkata in 11 minutes which is generally 45 minutes of road commutation. Hence several builders and real estate agents said that they are anticipating a growth spurt projecting a 10%-15% increase in property prices beginning from the new financial year of 2024-25.
“The inauguration of new metro lines is set to accelerate urbanization. Faster commutes and improved connectivity will drive more people to move into the city and affect property values. The East-West Metro Corridor, in particular, promises to boost prices and development in key areas. At Keventer Realty, we’re dedicated to shaping vibrant communities in this evolving landscape,” Mr. B.P. Singh Roy, COO, Keventer Realty said.
Real estate prices in Howrah saw an 8% rise, increasing from approximately Rs 4,213 per sq ft in 2022 to Rs 4,537 per sq ft in 2023. According to a recent survey conducted by a real estate consultancy firm, in 2022, Howrah and Hooghly collectively had a supply of 5,026 units, with 1,246 units being sold, representing 25% of the total supply. 2023 saw 5,847-unit generation of which 1,410 units were sold, accounting for 24% of the total supply.
Citing the examples of previous metro extensions across Kolkata, Biswadeep Gupta Director Marketing, Eden Realty Group said, “It is a suggestive trend replicating a similar rise during the introduction of New Garia Metro – Tollygunge connection in 2009, Dakshineshwar – Noapara connection in 2021 and Behala-Joka Line when the Joka-Taratala service commenced in 2022. Real Estate giants, as well as medium players, are hopeful that the East-West Metro is likely to see developments along Foreshore Road, GT Road, Salkia, Shibpur and Kona Expressway.”
The smooth connection among key areas of the city, such as the bustling IT center of Salt Lake Sector V and the neighborhoods of Howrah and Sealdah, is poised to boost the demand for commercial and residential properties in surrounding areas.
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