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With Announcement Of A Number Of Transport And Road Infrastructure projects, Rush Begins For Suburbs


By Nishant, Section Real Estate
Posted on Sun Aug 17, 2008 at 11:47:20 PM EST

Distance is no longer a deterrent for prospective buyers on the look out for a dream home. It seems people do not mind travelling a few extra miles as long as the location provides for convenience of commuting.

With the announcement of a number of transport and road infrastructure projects, property prices are shooting up in the suburbs.

The construction of Barasat-Raichak Expressway to be undertaken by the Salim Group has sent property prices rocketting in the Barasat-Madhyamgram area in North 24 Parganas.

A year ago, the cost of flats constructed by Bengal Shelter at Shishirkunj near Rajarhat hovered between Rs 1,300 to Rs 1,400 per square feet. The prices for the same properties have now gone up to Rs 1,800 per square feet. "There were practically no big real estate projects in the area even a year ago. Now, at least two giant corporate houses like a venture of Vedic Realty-Diamond Group and Fortune Group is underway. There are more in the offing," said Swarajit Dutta Gupta, senior marketing executive of Pioneer Property Management Ltd.

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He was speaking at a recent property exhibition organised by the Bengal chapter of Confederation of Real Estate Developers Association of India (CREDAI).

Even residential projects located near the Chapadali crossing at Barasat have prices, which was unthinkable even a year ago. The township to be developed by the Fortune Group will be located at a distance of 20 minutes from the Kolkata airport.

The same ripple effect of infrastructure projects was evident at Maheshtala in South 24 Parganas. The 8-km long flyover to come up from Jinzira Bazaar to Taratala junction has given an added impetus to the Eden City projects at Batanagar township in Maheshtala. "The flyover will be constructed under the JNNURM scheme. It will boost the infrastructure in the area and will definitely make the housing projects in the area more attractive for buyers," said Biswadeep Gupta, General Manager, Eden Realty Ventures Private Limited.

The project of N K Realtors located at South 24 Parganas is also drawing buyers. A host of transport projects have been announced in the locality to provide better transport linkages from the city to the suburbs.

"The proposed Budge-Budge Taratala monorail, better bus connectivity and the future possibility of beginning flight operations at the Behala Flying Training Institute (BFTI) will be an added advantage," said a spokesperson for N K Realtors.

Source: Express News Service 18/Aug/2008

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