Prices of property in Kolkata on Sharp Rise

Nov. 21, 2011 - PRLog -- Peoples of kolkata found sharp rise in property value. Mr. Akash sold his flat at Rs.34 Lac, he paid only 18 lac in 2009 for that flat. Some peoples like retired persons dreams was shattered because hike in property values.

Price appreciation in Kolkata has been one of the sharpest in the country in the last two years. For a retail investor, the rate of return on his investment stands doubled, even in the edge areas of the city and beyond. When compared against 2004, there is a near four-fold rise in prices in seven years.

Kolkata has added 711 residential units in the second quarter of 2011. The availability has increased at a higher rate in Chennai and Bangalore.

A SBI confirms that though the total sbi home loan advances increased considerably, there is hardly any growth in number of proposals sanctioned in last two years. The average loan ticket size of SBI has increased from Rs 8-12 lakh to Rs 18-20 lakh during the period.

With rising prices, there is a growing concern for an anticipated slowdown. “Demand for homes may come down due to hike in price barriers”

Infrastructure development like extension of Metro connectivity, EM bypass has pushed up property prices in the edge areas. While prices esteemed considerably in Behala and Garia; suburban towns or villages like Uttarpara and Boral are now on the radar of city developers.

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