Why is Kolkata an Emerging Hub for Ultra-luxury Residential Properties?

Monday, November 11 2019

Kolkata isn’t a city typically associated with a clear-cut concept of luxury. Culture, yes. Festivals, of course. Nobody could see Kolkata as a hub for elegant housing and ultra-luxury apartments, at least not a few years back. However, there have been certain changes that will make us think otherwise.

A relatively new segment of housing called ultra-luxury is becoming more prevalent in the city. New skyscrapers such as THE 42 and Atmosphere are striving to redefine the concept of luxury housing. In fact, the term ‘luxury’ fails to be an indicator of quality since the term is often advertised for residential property in Kolkata. Ultra-luxury however, stands as a class apart.

Generously-sized apartments, ingenious facilities, cutting edge technology in homes – these are a few of what you can expect from this type of apartments. Residences are as private as the term itself, and residents are subject to the best that modern homes have to offer. Be it home décor, fittings or colour schemes – each is handled by professional brands and top names in interior design.

Thanks to several builders, Kolkata can now luxuriate in the company of ultra-luxury homes. However, why Kolkata? Here are a few reasons that demonstrate why Kolkata is an emerging hub for ultra-luxury property.

What Makes Kolkata a Destination for Ultra-luxury Apartments?

Kolkata and its Improved Market Conditions
Thanks to the intervention of government policies and the benefit of time, Kolkata has greatly improved as a residential area over the years. Here a few conditions that make Kolkata conducive to buying high-end homes in Kolkata:

Regulatory bodies such as HIRA and RERA have played a part in protecting the interests of homebuyers, especially those purchasing homes for the first time.

The Model Tenancy Act has been introduced for well-defined rules between owner and tenant, which allows people to easily rent out their luxury homes in Kolkata.

The RBI has slashed its repo rate by 25% which has contributed to cheaper home loans for homebuyers.Reduction in GST rates has been observed. For under-construction property valued up to Rs. 45, GST has fallen from 12% to 1%. On the other hand, there has been a change from 18% to 5% for homes valued more than 45 lakhs.

NRI and HNI Demand for Luxury in Kolkata

With luxury residential projects in Kolkata such as THE 42 and Atmosphere, the limelight is falling on the ‘City of Joy’. That being said, the focus is not to have a branded home at a lavish price. Rather, it has shifted to the quality of life that projects such as these seem to offer. Of course, the term itself is exaggerated because every project claims to offer ‘luxury’. However, these projects offer novel features not seen before and exclusive to a specific group of buyers. This has fuelled more engagement with buyers, specifically HNI’s and NRI’s.

Kolkata is Undergoing Full-fledged Development

Kolkata is far from being called underdeveloped. Gone are the days when the city was linked to low standards of living. The tables have turned and instead, Kolkata has become a preferred destination for modern residential property. Here are a few factors that make this possible:

The 2019-20 Budget announcements have stressed on development of infrastructure
Abundance of schools and colleges, not just restricted to the prime locations.
Expansion of metro lines in order to connect the suburbs to the central regions.
Thus, Kolkata has undergone several changes over the years and will continue the same.

Several Reputed Builders in Kolkata’s Real Estate

NRIs have shown a tendency to primarily invest in their home markets. Followed by this, they flock to regions where esteemed developed are active. Kolkata is a city which has no shortage in that department. Alcove Realty, Siddha Group, Forum Group, Mani Group, and the list is endless. It is an understatement to say that there are a variety of real estate builders in the region. These builders have created a plethora of residential projects in the city spanning from low-cost housing to the ultra-luxury segment of apartments.

Replication of International Standards in Kolkata

It is seen that most have their opinions about luxurious homes based on international content and exposure. Mediums such as television and films have successfully created an aspirational style of living in the minds of consumers. Consequently, builders have strived to create residential property in Kolkata with every modern amenity and facility that adheres to this aspiration. Picturesque views, rooftop pools, homes with biometric functions, etc. are a few of what to expect.

As far as statistics go, there was a reported 37% decline in unsold luxury stock in Kolkata. Similarly, flats in luxury residential projects are being sold at low prices aided by lucrative offers by builders in Kolkata. Thus, several conditions are paving the way for more to enjoy the taste of luxury in Kolkata. A modern lifestyle can now be enjoyed, considering the improvement and development that the city is subject to.

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