One of the places that crosses our mind when we talk about the premium flats in Kolkata, is definitely the area around the airport. Lately, there’s been quite a growth in the real estate sector. A number of high-end luxury flats and apartments have come up in this region. Moreover, with the rapidly growing pace of civic conveniences, real estate developers are taking interest in this area. No doubt, the area near airport has become the home to a number of finest and most luxurious apartments of the city.
But, the question is whether it’s a wise investment? To find the answer, we have to dig both the pros and cons of living in this area.
Basically there are plenty of preconceived notions about living in the areas close to the airport, which is why the area remained ignored by most of the real estate owners. However, there scenario is changing pretty fast. Increase in knowledge and awareness among the end users has created a favourable environment for the city’s real estate developers who have started focusing on the areas close to the airport. But, let us not jump to any conclusion. A better way is to weigh the pros and cons and take the final decision.
Pros of Buying Flats Near Airport in Kolkata
- Advantage for Frequent Fliers – This point hardly requires an elaboration. Staying near the airport cuts down the total journey time to and from the airport as well as on the cost associated with the journey. Any frequent flier will love to own a flat near the airport considering the ease of journey. And if you happen to be one, then there is no better deal available for you.
- Better lifestyle – As mentioned earlier the high-end premium flats near airport are designed for the up-scale people having finer taste and prefer a good lifestyle. Over the past few years, there’s been a surge of homebuyers in this area. With the number of residents increasing rapidly, a number of premium shopping malls, various stores and entertainment centres start coming up close to these flats. As a result, you can have easy access to the civic conveniences which are otherwise unavailable if you live in the suburban area.
- Higher resale value – Who would not think of good deal of profit especially when it is a real estate investment? From this perspective, a flat near the airport certainly offers a great resale value than the flats in other areas of Kolkata. Depending upon the location, the various parts close to the airport are growing in demand and thus the real estate property values are soaring high in the airport region. So, it can be easily perceived that if you ever need to sell out your flat, rest assured, you should find a great deal.
Cons of staying near the airport in Kolkata
- A Slightly High Price – With NRIs and HNIs investing generously in the premium flats of the region, it does not come as a surprise that the prices of these flats are skyrocketing. You will probably be paying quite a steep price for buying a flat in the region. However, there’s always a chance to earn it all back while reselling it.
- Health hazard – You will need to endure the noise of airplane if you are staying too near the airport. The noise can sometimes cause hearing issues. Choosing a property in close vicinity but not very close to the airport sorts out this problem.
What to do as customer?
As a potential buyer you should make sure that you are choosing the right location or paying the right price. Try to get some authentic information from internet as well as from your acquaintances before making any investment.
Buying a new house has always been a major decision and trends seem to sway one way or other from time to time. As per the market analysis by Housing.com, the Indian real estate market still sees a majority of buyers from the middle income and high middle income segment of the society and their preferred choice is the 2BHK apartment with about 40% buyers opting for this particular type of apartment. With various projects coming up across the major cities like Kolkata, the obvious question is, what are the driving forces behind this choice? Here is a list of some of the major benefits of getting a 2BHK apartment.
- Family Planning – Indian society is a closely knitted and family oriented society. Even with the increase in nuclear family, it is not merely the couples occupying an apartment all the time. Moreover, any person willing to get married will be looking forward to buying a house at first. This is generally a decision taken at the early stage of the career where the budget is a moderate one. But the budget factor should be considered in context to future plans. While considering the marriage, getting a 1BHK apartment might sound good enough for just two people, but will certainly feel cramped when family grows. Thus, 2BHK apartment becomes the obvious minimum choice.
- Cost Analysis – India is a highly cost sensitive market. Almost any buying decision is taken after checking out the price and price is generally the most important determining factor. While 1BHK apartments are comparatively cheap, they will not be practical choice for a person considering a growing family or not looking to change the apartment any soon. 3BHK apartments and above are quite expensive. In fact, the price is well exceeding the mark of 1 crore in most cases. On the contrary, 2BHK is not just a practical option, but an affordable one as well. In major cities such as Kolkata, getting a 2BHK apartment in a good locality with excellent communication advantage and other general facilities. Thus, most of the time 2BHK flats become the preferred choice.
- Better Maintenance at Low Investment – Compared to the 3BHK apartments, maintenance of a 2BHK apartment will cost much lower. However, when compared to the 1BHK apartment, the cost increase is not so significant. Thus, it is always a smarter choice to opt for a 2BHK apartment and ensure that the apartment maintenance charge remains lower than a 3 or 4 BHK.
- Better utilisation – Investments are done keeping in mind the available resources. 3BHK apartment sounds like a large space, but with the modern nuclear families cropping up especially in the metro cities like Kolkata, opting for a 3BHK apartment might just turn out to be an excess of space. 2BHK apartments are cosy and offer optimum utilisation of the space.
For anyone who is considering buying a new apartment, it is the smartest option to invest in a 2BHK apartment, even if the person is single at the moment. It will offer you a better expand ability along with better resale value in the future if required.
While investing in a new property, almost every person checks out the locality of the property. Though every city has its share of high and low demand areas, there are a few regions that depict common trends among buyers when it comes to demand for residential properties, the area around the airport being one of them.
A section of real estate buyers really look up at getting properties near the airport. However, there is yet another group for whom locations near to the airport are not the first priority for a residential complex. So, there is the obvious question, which is a smarter decision? On closely analyzing, it can be said that buying a flat near airport definitely has its set of perks. Check them out and see if these are good enough reasons for you to invest in a residential property near the airport.
- Ease of conveyance – Needless to say, that the area near the airport enjoys one of the best communication and conveyance facilities. It is easy to reach most parts of the city as well as a great location for those who are frequent fliers. Those who happen to travel a lot by air due will find that having a property near the airport will save them a whole lot of time, trouble and expenses in the long run and no more missed flights.
- Better quality of living – Severalpremium projects are located in the locations near the airport. If you are checking out high class living along with a really great quality of life, the New Town Rajarhat is a great place to start your search for real estate property that will provide all the amenities and facilities you are searching for and is the most developed location being near to the airport
- The higher scope of employment – Believe it or not, there has been an upward trend in setting up of various offices including IT/ITeS in the localities close to the airport like Rajarhat. Most organizations that deal with overseas clients and have offices in various cities prefer to set up office at a location that is easily accessible for anyone travelling to the city. The airport area fits this criterion perfectly. Even Kolkata, which did not see such a major trend in the past, is witnessing this change as more & more offices are being set up near airport or areas close by, such as Rajarhat.
- Better investment options – Are you planning on setting up your own business and looking for an office space or planning to invest into a residential apartment for rental yields? The airport area will certainly give you great choices. Business options such as setting up café or restaurant are among the best ideas if you have the means to set it up and the airport is definitely the best place. Even renting apartments are much easier in New Town Rajarhat due to high demand from IT/ITeS sectors.
- Higher ROI – Who does not want a higher return on investment? Whenever you are investing in a real estate property, you must be checking the resale value compared to the original price. While, in most cases, the resale value increases with inflation and thereby not providing you any effective profit, the flats near airport can actually give you a better return than other areas.
Sadesh Romaji had invested in premium residential projects all over India. He had about 18 successful projects in Delhi, 6 in Bangalore, 12 in Mumbai , 4 in Pune, 3 in Kochi to name a few. His passion was building high-end luxury properties and he loved to cater to the niche market. “Why haven’t you invested in Kolkata?” asked, a reporter for a daily newspaper. “Kolkata has really developed. Have you heard of Rajarhat, the new information technology and residential hub in the north-eastern fringes of Kolkata?’’“I have but I am a bit skeptical about investing in the place,” Sadesh said.
“You will be surprised at the kind of interest people are showing in investing in high-end residential properties there”, said the reporter before leaving. The next week Sadesh set out with his business partner for Kolkata to do a survey on Rajarhat and find out if the place really served what it promised.
He met a big investor in Rajarhat who hailed from Kolkata and felt that the class people had in this city was unique. Rajarhat had a lot of facilities, he explained.
- It is one of the most well planned townships in India where each cluster has been made self sufficient and people from all over the globe are settling down with ease in the new luxury apartments that have been set up.
- Several top global companies already have or are planning to have offices here. Highly paid professionals are enjoying the advantages of this location and are looking for luxury residential projects to make their home.
- A number of upmarket shopping plazas and malls are catering to the needs of the upper class and a lot more are in the pipeline.
- Top specialized hospitals have already setup elaborate health-care facilities. More international brands are planning projects here.
- The township has an excellent drainage system, so no worries of water logging in monsoons.
- Residents receive treated water from the Hooghly River.
- Solid waste management has also been meticulously taken care of.
- The place is also called the ‘Smart Green City’. It has consciously worked on its ecosystem and also designed itself as an IT hub.
- The road and transport facilities are well planned and are managed with utmost efficiency.
- The place has also preserved the cultural aspects of Bengal through museums and entertainment parks.
The investor took Sadesh to tour Rajarhat. He specially mentioned One Rajarhat project, surrouned by several star hotels and commercial complexes having the upcoming metro station right across the road. This luxury project met the expectations of the upper-class residents. “There is a great location positioned close to the airport” suggested the investor and was happy to assist him in booking the land for his luxury flats near airport. Sadesh returned to Delhi feeling content. He knew hehad invested in a winning project!