New Town, Keshtopur Among Localities That Boast Healthy Rental Yield
Kolkata's real estate market has performed brilliantly even when the main real estate markets are witnessing a setback. As per PropTiger DataLabs report, the sales of residential units in Kolkata witnessed a monthly increase of 27 per cent in October. Big names such as Shoppers Stop, Philips, Manyavar, Linc have acquired land for setting up of warehouses. This positive market scenario and the interest by commercial set ups creates demand for rental apartments in Kolkata. The annual rental yield in Kolkata increased by 4.90 per cent.
MakaaniQ lists localities that have witnessed an increase in rental returns over 2016.
As per PropTiger DataLabs report, New Town is one of the top performing localities in the month of October. New Town's proximity to Salt Lake, Sector-V and commercial hubs is one of the main reasons for the increase in the rentals in New Town. From February 2016 to November 2016, the rental rates increased from Rs 13 per sq ft to Rs 14 per sq ft. This gives landlords an extra rental income of Rs 1,000 from renting out 1,000 sq ft. However, this also depends on the amenities provided by the landlords, exact location of the house and the maintenance of the house too.
The rental rates of apartments in Keshtopur increased from Rs 10 per sq ft to Rs 11 per sq ft over the period ranging from Jan 2016 to Nov 2016. Its closeness to Baguihati, Kaikhali, Dum Dum, New Town, Salt Lake City, Kankurgachi, Lake Town and Rajarhat is the main reason that it is preferred by the tenants.
The Eastern Metropolitan Bypass (EM Bypass) is a flourishing commercial, residential and retail paradise. The EM Bypass helps the residents of South Kolkata to reach the international airport in a lesser span of time. The smooth connectivity offered by EM Bypass is one of the main reasons that tenants are looking for the apartments in EM Bypass. This increased demand pushed the rental rates from Rs 19 per sq ft to Rs 20 per sq ft. This increase of Rs 1,000 for every 1,000 sq ft came over a period ranging from Jan 2016 to November 2016.
Also read: Top 3 Realty Hotspots To Invest In Kolkata
E M Bypass is easily accessible from Garia. This helps the residents to easily commute to Salt Lake City and Rajarhat. The connectivity in the locality will be enhanced by the metro and the upcoming Garia-Airport Metro Link. This creates demand for rental apartments in Garia. Over the period ranging from January 2016 to November 2016, the rental rates in Garia increased from Rs 13 per sq ft to Rs 16 per sq ft.
Tangra is known for its tanneries and Chinese restaurants. The property prices in Tangra is skyrocketing because of multinational companies that have set base here. This is one of the reasons that led to an increase in the rental rates. In January 2016, the rental rates for apartments in Tangra were Rs 20 per sq ft. This increased to Rs 23 per sq ft in November 2016.