Corridor of growth - Corridor Description and Rating Areas Included: Madhyamgram, Vivekananda Sarani, and Barasat

Fig 1: Map of the corridor 02 Corridor of growth (COG)

About the Corridor Corridor Overview predominantly witnessed unregulated some respite. The Barasat-Barackpore development, occupying most of the Road bisects the NH-34 and NH-35, and The corridor is located to the north core areas of these localities. most of the recent and upcoming real of the Netaji Subhash Chandra Bose estate developments have come up on Airport and has witnessed real estate Infrastructure and Current this road only. The 100-acre Adamas development on account of availability Development Knowledge City is a key development of cheap land and proximity to the Madhyamgram starts at the north here, providing employment airport. This corridor lies around 10 corner of the International Airport opportunities. km from the airport and is accessible and has as its main through the Jessore Road (NH-34) Overall, most of the developers in the arterial road. This road is bisected and Old Jessore Road. The corridor corridor are locals and only a couple of by the -Barasat Road/Badu defines the north-most end of the players from have forayed into Road. Almost all the development in development for the city of Kolkata and the real estate development here. Most the area is along these two roads. The is an extension of developments in the of the developments are standalone internal roads are unplanned single- North Dumdum area. towers with a few additional facilities lane metallic roads and difficult to and buyers have to be aware that Historic Development traverse. As a result, development is parking and other facilities will not largely restricted to smaller projects The corridor is in its initial stages of be available in such standalone with less than 50 units in the internal development and has yet to witness developments. Many of such areas of Madhyamgram. As this locality a spree of residential real estate developments also do not comply with is the entry to the city of Kolkata for construction like other corridors of the building guidelines provided by transportation of people and goods, growth. This corridor in major part, the Kolkata Metropolitan Development it witnesses significant vehicular is set in a rural background with a Authority. These may lead to future movement in peak hours, leading to lot of congested developments by legal issues and/or may not be able to traffic jams on various pockets on the local residents. These are mostly provide sufficient living standards due Jessore Road. Because of these reasons, unregulated and do not follow any to unregulated development of the the development is moving to the west byelaws set by the governing bodies. complexes. Shelter Neeldiganta, on the Sodepur-Barasat Road. While Madhyamgram developed as Siddha Town, Eternis by Srijan Realty, a satellite town to the city of Kolkata Barsat has been developed relatively Gitanjali by Riya and Fortune Township in the 1990s, Barasat’s development recently and the development has are the key projects in the area. was more due to it being a railway not been as haphazard as it is in The advantages of the corridor mainly station. The developments in Barasat Madhyamgram. The infrastructure stem from the upcoming metro line, are relatively new and the ratio in Barasat can be considered a little which will connect it to the main of new developments to the total better than that of Madhyamgram as Kolkata city and greatly reduce the area of the locality is a little higher Jessore Road (NH-34) splits into NH-34 time travel to it. As the area is highly compared to Madhyamgram. But for and NH-35 as it enters the city. While affordable as of now with properties most part, both Madhyamgram and there is significant vehicular traffic at priced between Rs 2,100-2,700 per sq Barasat as well as the Hridayapur area, the entry of the city as one moves from ft, the advent of the metro might lead which lies between these two, have Madhyamgram, the two roads provide 03 Corridor of growth (COG)

to increase in property prices as well as Barasat Road (for Madhyamgram) apartment prices in Kolkata. As the core spur the real estate development in the and the Barasar-Barackpore Road (for area of the corridor is highly restricted, corridor. Overall, the occupancies are Barasat). The present facilities of school most of the decent sized developments moderate for most of the projects and education as well as healthcare barely with at least 100 units, are coming up it will be some time before they get suffice for the residents of the corridor in the outskirts of the corridor. While significant occupancies. and will need to expand as more there are open spaces in the outskirts, development comes on the arrival of distance from the stations of the Social Infrastructure the metro line. upcoming metro will also increase. Both Madhyamgram and Barasat Also, as the corridor will take at least Outlook are in the early stages of developing half a decade to evolve into a truly their social infrastructure and the At present the corridor does not provide satellite town to Kolkata city, the time present infrastructure largely caters many employment opportunities and horizon of return on investments might to the affordable segment. There are the key motivation for developers be long, and will come with its own very small retail developments in the here is the cheap availability of land. set of challenges. As the area does not city in the form of shop-cum-office The buying demand is also because have many employment opportunities complexes and most retail outlets are of the cheap residential prices, which at present, the renting of apartments on the Jessore Road, the Sodepur- are almost half the average residential may also face difficulties.

Overall Connectivity Social Infrastructure Security/Water

Properties available in the corridor he corridor offers a significantly narrow in almost all other corridors across . developed the affordable segment only. The variety of price ranges, less than any Only 6% of the properties in the corridor are corridor has recently evolved and only 40% of Tother growth corridor across India. in the above Rs 40 lakh category, which can the corridor’s listings supply is ready-to-move- This is the only corridor, which provides a be considered mid-segment. The corridor in. The corridor predominantly has 2BHK significant proportion of its properties in the faces direct competition from the Newtown- units, forming more than half the supply, Rs 10-20 lakh, constituting 30% of the total. Corridor, which has significant followed by the 3BHK units. The supply of both The bulk of the properties are in the Rs 20-30 supply in the mid segment. As a result, the 1BHK format and 4 and above BHK formats is lakh range, which is considered affordable Barasat-Madhyamgram Corridor has mostly miniscule in the corridor.

Fig 2: Distribution of properties by price Fig 3: Distribution of properties by delivery status Fig 4: Distribution of properties by bedroom configuration 04 Corridor of growth (COG)

Table 1: Sizes and prices of flats available for The corridor provides a narrow range of sq ft and 1600 sq ft respectively. These are various room configurations choices for each bedroom configuration much less than the national averages and the Sales Price Covered Area with prices varying along the length of the neighbouring corridor of Newtown-Rajarhat. ( Lacs) (Sq.ft) corridor. Unlike other corridors in India, the In the quest to keep the prices in the ultra- 1 BHK 13-17 520-570 range of apartment sizes in the corridor is affordable segment, local developers have 2 BHK 16-28 720-950 very limited. The average size of apartments reduced the apartment sizes. Hence, buyers 3 BHK 22-40 960-1320 in the corridor for configurations of 1, 2, 3 and need to look at the apartment sizes, matching 4BHKs are around 560 sq ft, 840 sq ft, 1150 it with their needs before making a purchase. 4 BHK & above 32-80 1430-1820 Best sectors to invest in a home Based on rental demand in sectors

Fig 5: Top localities by consumer for renting a house hile more properties are listed in the demand. This trend is largely because of the developed by small local developers. On the Madhyamgram area, accounting for nature of residential supply in Madhyamgram other hand, supply in Barasat has a decently W70% of the total, the Barasat area and Barasat. While there is significant supply big share with bigger projects with med-tier surges ahead in terms of demand for renting in Madhyamgram, a large portion of it is very developers. houses, accounting for 57% of the total small projects of less than 50 units being Based on home buying demand in sectors

Fig 6: Top localities by consumer for buying a house 05 Corridor of growth (COG)

he home buying tendency usually give better returns to owners. But in case of in its nascent stages of development. While follows closely with the rent seeking Madhyamgram-Barasat Corridor, the rent and people are preferring Barasat for better project Ttendency on the corridor as all the buying demands move in opposite directions quality and location, Madhyamgram is being localities which have high rental demand will as the corridor has not yet stabilized and is preferred for buying as it is closer to Kolkata

Best bedroom configurations to buy Preferred buying and renting options

Table 2: Demand distribution for buying and renting he buying and renting trends for the account for less than one fourth of the renting Buying Renting corridor are quite deviating for the demand. Although the average apartment Total (BHKs) Total (BHKs) Tdominating bedroom types. The 2BHK sizes in the corridor are significantly less than 1 BHK 4% 4% type apartments, which form almost half the national average and the preference for 2 BHK 47% 73% the demand for buying, account for almost 1BHK formats is miniscule by both buyers and three fourth of the demand for renting. On by people looking to rent a property. Overall, 3 BHK 46% 23% the other hand, the bigger 3BHK units, which the corridor is highly affordable and demand 4 BHK and Above 3% 0% also form almost half the demand for buying, for 4BHK units and above is also miniscule. Price changes and future prospects

Historic Price movement Corridor Average Price Rs/sqft Table 3: Historical Price changes

6 monthly change Yearly change 1% 4% lthough the price change in the corridor over the last 5 quarters has not been Aeven, with rising for 2 quarters, falling for two, and remaining stable for one, overall the price has moved up by Rs. 70 per Sqft over the period. The price has moved up by just 1% in the last 6 months, and by 4% over the last one year. However, given the inventory in the market, as well as low occupancies, the market is not expected to show major price improvements in the next 4-5 of quarters.

Fig 7: Historical Price changes of corridor 06 Corridor of growth (COG)

Price movement for top localities by Consumer Preference he prices in the 3 key localities of the corridor have shown varying price changes over the last quarter, with TMadhyamgram gaining by almost 2%, while Barsat falling by 3%. However, the overall corridor remained mostly stagnant, and the price changes were due to addition of new supply, which was launched at a slight premium/ discount in these corridors, based on location and amenities.

Fig 8: Price changes in top localities by consumer demand

Master Plan adhyamgram and Barasat form their along with the fact that these areas are still proper integrated planning of these areas with own and do not fall under considered semi-rural, their Master Plans have the Kolkata Master Plan comes to fruition. Mthe Kolkata Municipal limits. This, not yet evolved and it will be sometime before Infrastructure Updates Kavi Subhash-Biman Bandar Metro Line he under construction 30-km metro superb connectivity to the International Airport Subhash locality. Work on the line started line, which runs along the Biswa-Bangla and area in the North and the Salt in 2011 with the deadline of 2017, but the TRoad, traverses the whole length of the Lake area in the south-west. The metro line completion of the line may get delayed. Madhyamgram-Barasat Corridor, providing goes south along the EM Bypass, till the Kavi

IN NEWS Barasat in Kolkata offers affordable housing Idyllic Barasat attracts end users Barasat is a bustling hub of real estate activity, taking the heat Situated on the Jessore Road, Barasat promises good location off the main city bursting at its seams, in terms of housing needs. with easy access to civic amenities. Barasat, which was earlier less Today, infrastructure developments and housing demand drive the developed, is growing at a fast rate and is giving other areas such as growth in this area. The area also has the required infrastructure Rajarhat and New Town, a tough competition. Barasat is becoming - Barasat Metro, Barasat Railway Station, Chapadali bus terminal, a sought-after option as it is affordable as compared to other areas a main market and Icore Mall, Barasat Hospital, and the Barasat and is well-connected to business hubs. Barasat is just 15 minutes University. It is a major roadway junction. The NH-34 goes towards away from the Netaji Subhash Chandra International Airport and north ultimately to the and is the major link between the railway station. Barasat Junction, is also at a distance of about Kolkata and the North-. Though consumers buying here 10 minutes. Barasat town is well-connected with roads to Kolkata, comprise investors, buying property for end use is also on the rise as North Bengal, and other towns of while well. The advantage of staying in Barasat is due to its connectivity. many of these routes originate from Barasat Bus Terminal. n Source: Magicbricks Bureau n Source: Magicbricks Bureau MOST POPULAR PROJECT in Barasat-Madhyamgram http://magicbricks.com/investment-hotspots/kolkata/barasat-madhyamgram/

KEY DEVELOPERS in Barasat-Madhyamgram http://magicbricks.com/investment-hotspots/kolkata/barasat-madhyamgram/

PROJECT SUMMARY BY POSSESSION STATUS in Barasat-Madhyamgram http://magicbricks.com/investment-hotspots/kolkata/barasat-madhyamgram/

PROJECT SUMMARY BY BUDGET in Barasat-Madhyamgram http://magicbricks.com/investment-hotspots/kolkata/barasat-madhyamgram/

CONTACT US l Join our discussion forum at - openhouse.magicbricks.com l For business enquiries - [email protected]

D I S C L A I M E R

Every effort has been made to make this report as complete and accurate as possible. MagicBricks accepts no responsibility for inaccuracies in the information/data contained in this report. It shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information contained in this report. The information/data in this report is subject to change from time to time due to market condition.