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Any guesses for the most preferred location to invest in property? And if you thought Mumbai, then it's high time to get your information updated, for Kolkata's real estate business has got a new lease of life and is attracting investors both from the state and international areas.
Making a queue to invest in the resurged real estate of Kolkata are NRIs who are willing to buy property. Amongst the areas that top the buyers list is none other than EM Bypass. Fuelled by the emerging IT and BPO hubs a number of villa projects and housing complexes are slated to come up in this region.
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Affordability is the key word for attracting the buyers. With the apartments being available for within a price range of Rs. 3800 to Rs. 4500 per sq ft, buyers are lining up to invest in properties of this high-rise area. With myriad real estate companies like Eden Group, Mani Group, Prasad Group, and D.C. Paul Group, realizing the potential have launched housing projects in this sector. Experts on real estate are of the opinion that it's the continued economic growth coupled with inadequate housing projects in prime locations has made EM Bypass the most coveted prime location when it comes to investing in housing properties.
It's not just purchasing high-end apartments that are on high demand, but also a new phenomenon of leasing out fully furnished apartments is gaining momentum. A fully furnished apartment of 2400 sq-ft can command as much as Rs. 60,000 as the monthly rental. And it's amazing to see that despite the high rental, this area has witnessed a two per cent increase in demand in the last quarter.
The main reason for the escalating demand is the increasing number of corporates choosing to stay back in Kolkata. With this location enjoying a close proximity with central Kolkata and Bengal's IT hub Salt Lake, is making this sector an ideal choice for the senior executives, who are willing to invest for both convenience and luxury. Whetting the appetite of the investors in residential areas of EM Bypass is a series of malls, high-end restaurants, shopping complexes and even cineplexes.
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Teasing the investors further is a number of villa projects like Silver Spring, along the Bypass. These villas with 'green' features like rain harvesting, water recycling and some more unique environmental friendly features is creating quite a buzz amongst the buyers. With so much happening in the real estate scenario of EM bypass is definitely making it India's most wanted real estate haunt.