January 03, 2020

Joka: A Rising Realty Hotspot in Kolkata

Kolkata, the capital of West Bengal, is considered as the third most-densely inhabited city of India, after Mumbai and Delhi. According to statistics, Kolkata’s population stands at around 15.8 million. It has an employment rate of 36.8 percent, resulting in a growing demand for residential real estate in the region. The intervention of healthy participation from investors has meant that Kolkata is witnessing continuous growth in real estate sectors.

Owing to its planned infrastructural development, Kolkata has a variety of residential options, from affordable to premium and luxury. Improved connectivity, affordability of land and well-planned world-class infrastructural developments, are boosting the demand for real estate in the peripheral areas of Kolkata. Upcoming projects like the metro rail constructions will further improve connectivity across the city and key micro-markets like Joka, New Garia, Dum Dum and Noapara. Joka, in south-west Kolkata, has emerged as a high-growth living paradise for all in the city. It has transformed into a most attractive residential hub.

Why Joka?
Joka is a promising area in south-west Kolkata and has a rapidly-growing real estate market. The development of the metro rail routes from Joka to different parts of the city has resulted in an increase in demand for residential properties in that area. With the presence of all major public transport options and metro connectivity, Joka is well-connected to areas such as Esplanade, Howrah, Sealdah and other parts of Kolkata. Joka is also connected to Kolkata through the four-lane Diamond Harbour Road and the four-lane James Long Sarani. The Joka-BBD Bagh Metro network’s construction will further boost connectivity which will result in a high demand for luxury living in the area.

Social infrastructure in Joka:
Several renowned educational institutes are located in Joka. IIM Calcutta, S Pailan World School, Gems Academia, Kolkata Model School, Delhi Public School, Kendriya Vidyalaya, and Vivekananda Mission School, are some of the well-known educational institutions in Joka. Some of the best medical and diagnostic institutes and hospitals in this region, such as ESI Hospital, BMRI Hospital, and Humanity Hospital, further elevate Joka’s popularity as an emerging residential hub.

The metro rail project, comfortable and convenient connectivity to hospitals, banks, markets, grocery stores and educational institutes along with a good local transportation system have fueled the demand for property in Joka. It can be expected that property prices in Joka will increase steadily, owing to this demand, along with other parts of the city. Apart from infrastructural development, Joka also offers a serene environment to its homebuyers. Located away from the hustle and bustle of the city, Joka provides all the comforts of modern living. It offers a diversified range of properties from affordable, as well as luxury homes and innovatively structured theme-based residential spaces. In a span of few years, Joka has emerged as ‘the next big topic of discussion’ in Kolkata’s real estate market, driven by demand from buyers who dream for lifestyle accommodation at an affordable price range.

Kolkata’s real estate market is witnessing a fast transformation and great innovation. Joka will soon transform into a fast-growing planned residential hub with world-class amenities and facilities. Each and every residential project is aiming at creating an eco-friendly environment for the residents; with spacious apartment clubs, beautifully landscaped gardens and swimming pools. Real estate investors, consulting firms and developers are eagerly looking forward to high economic growth from this part of the city.

Disclaimer: All the facts and figures are based on secondary research. Pioneer Property Management Ltd. holds no responsibility for the reliability and authenticity of the data. Data may fluctuate on the subject to market trends, market conditions, demand-supply, and various other factors. This report intends to give an overall idea about the current situation of the industry. Readers are advised to take their sole decisions before investing in the market and not to rely solely on this report. <