Buying A Home In Kolkata? Here's Why You Should Consider New Town, Rajarhat

Affordability is the latest theme that is redefining the realty market of Kolkata. Rajarhat-New Town is a rapidly growing satellite city. The locality has been counted among one of the proposed areas to be developed as a Smart Green City under the government's Smart Cities Mission project.

New Town, which is a part of the erstwhile village of Rajarhat, is a part of North 24 Parganas district and South 24 Parganas district. High-rise residential communities, IT parks, commercial spaces and ample plotted developments; the township is replete with various real estate investment options.

PropGuide gives you five good reasons to choose New Town, Rajarhat, as your next home.

Government focus on affordable housing in New Town

Spread across 7,000 acres, New Town Rajarhat is an expansive township comprising of various housing options, to suit all budget categories. There is ample availability of mass housing projects in the locality, for the low-income families.  

Rajarhat is witnessing growth in terms of affordable housing. New projects are coming up in the region, which are in the range of Rs 30 to 70 lakh. In New Town, affordable properties are more prominent on the outskirts. There is also the availability of high-end homes ranging between Rs 70 lakhs and Rs 1 crore.  

Must Read: New Town Among Localities That Boast Healthy Rental Yield

Average property price in the region is Rs. 3,782 per sq ft in Rajarhat and Rs. 3, 543 per sq ft in New Town. India's leading real estate developers like Unitech Limited, Siddha Group and Unimark Group are a few prominent players having a major presence in the area.

IT and business hubs in Rajarhat

The area is home to premier corporate and financial institutions. There are offices of renowned companies viz. Wipro, Cognizant, TCS, Unitech, DLF, Tech Mahindra, IBM, Genpact and Hewlett-Packard. Regarded as an education hub, New Town houses prestigious educational institutes like the St. Xavier's University, Presidency University and Rabindra Bharati University.

Infrastructure in Rajarhat

The presence of multi-speciality hospitals, private clubs, shopping malls, family parks, supermarkets, 5-star hotels, spas, cultural centres, etc., ensure that the lifestyle needs of the residents are met. New Town is expected to receive its first e-health centre which will be equipped with world-class facilities.

Connectivity from Rajarhat

The area possesses a good transport system connected through major arterial roads and state highways. There is availability of public transportation like AC/ non-AC government and private buses, taxis, auto rickshaws and e-rickshaws. The area is in proximity to Netaji Subhash Chandra Bose International Airport (approximately 10 kilometres) . Various housing projects which were stalled owing to illegal settlements, have now been resumed. The Rs. 4,500 crore New Garia airport project has also been proposed.

Rajarhat will also receive metro connectivity under the East-West Metro project led by the state government. Country's first underwater metro tunnel, the first phase of the East West Metro will be operational by 2018. Rental demand is high and so the area will prove to be ideal for rental returns. The present average rental price of properties is Rs. 24,731 per month in New Town (Starting at Rs. 4,500 per month for 1 BHK Unit) . Whereas for Rajarhat the rental price is at Rs. 14,955 per month (Starting at Rs. 6,000 per month for 1 BHK Unit) .

Smart City features of Rajarhat

Rajarhat New Town has secured a place for itself in the second list of 13 cities chosen to receive funding under the Smart City Mission. Some noteworthy features of the new township encompass E-health clinics, intelligent streetlights with panic buttons, cycling tracks, multi-nodal transport hub, GPS-enabled e-transport and bus stops, solar panels in parks and playgrounds, new water treatment plants. New Town was recently enabled with a 10.5 km Wi-Fi Zone connecting the main arterial road to the airport, to Sector V, thus, making it India's first Wi-Fi road.

Future real estate trends for Rajarhat

With the government's affordable housing programme picking up pace, the future seems promising for the locality and experts assure that there is a vast scope for price appreciation in the near future. The area is also garnering attention from the NRI community owing to the availability of various options like plots, office spaces and residential units.