Kolkata Apartment For Sale At A Whopping 16 Crore!

It seems that the luxury market of Kolkata is all set to fly high again. Check out the 6200 sq ft apartment in Kolkata that is priced at an outstanding Rs 25,000 per sq ft! Magicbricks asked real estate insiders how they see their business faring and although the market has been stagnant for quite some time now, luxury buyers have been actively enquiring!

K Joardar of GLR Realty Management Pvt Ltd says, “The buyers are not NRIs. It is a popular assumption that most luxury buyers may be those who have lived abroad for most of their lives. However, in Kolkata the main drivers of luxury are well placed and settled locals.”


Most traditional rich feel that living in an apartment gives a cooped up feeling. But if you have a heavy purse, it can fetch you skyvillas where your door wouldn’t open into another family’s room! All sides of such apartments are open. Some of the common facilities available are air conditioned lobbies, internet and wi-fi connectivity, banquet halls, conference rooms, visitor parking, bar and lounge, parks, laundry services, lifts, club houses, gyms, swimming pool, service and goods lifts and water storage among others. All this at a prime location called Ballygunge!

Depending on the developer, you may also be lucky to have landscaped interiors, jogging tracks and gardens, office space for residents welfare, boom barriers, tennis courts, panic alarms, digital recording surveillance for entry points and much more! Almost everything that money can buy!

Luxury has captured a considerable market share - from 1-3 per cent to almost 8-11 per cent, Kolkata too, seems to have joined the luxury league. You shouldn’t be too surprised to see such properties throng along premium residential corners of localities such as Park Circus, Narendrapur, Rajarhat, Kankurganchi, Bantala, Southern Avenue, Belghoria and Ballygunge.

Satyajeet Dasgupta of Laurel Properties says, “Realty giants have launched their projects here and the most recent ones have takers even at Rs 21,000 per sq ft! Depending upon the sizes which are usually above 2000 sq ft, prices can go up to Rs 11 crore.”

Amordeep Rajan, owner, Kolkata Properties says, “Most of the buying population constitutes a mixed group of majorly locals and a few NRIs, who put in as much as Rs 12 crore in such projects.”

Rajan also adds, “Neighbourhood is a concern for most buyers. Cleanliness, status of the neighbours and their jobs become as important as one’s own for these luxury buyers. Although most buyers enjoy a cosmopolitan culture, sometimes religion also poses a problem. But most educated folk are above all these petty issues.”

Dasgupta advices that a luxury buyer should research the developer’s project thoroughly, before investing. “Often buyers complain of not getting what they had been promised. An open space that was shown in the original map is judiciously utilised as a parking area or another project altogether! It is important to verify because after the harm has been done, only influential buyers can ask for an explanation.” Interested in investing? Options abound but invest wise!