Nayabad is a fairly new but rapidly developing area in Kolkata which belongs to the Presidency (administrative) division of West Bengal. Rapid industrialisation and job generation have led to an expanding population in this area, attracting developers and real estate
investors with a long-term view.
Being free of slums, the area has progressive urban features and rental profile, making Nayabad one of the city’s most sought-after locations for real estate
development. Surrounded by areas like Mukundapur, Kantipota, Pancha Sayar, Ganga Jwara and Ahalyanagar which are some of the prominent areas of Kolkata, Nayabad has gained considerable appeal.
This area has well-developed social infrastructure and access to educational institutions like DPS Ruby Park School, Indus Valley School, Heritage Institute of Technology, the Satyajit Ray Film and Television Institute, as well as retail stores like Big Bazaar, Metropolis Mall, Acropolis Mall and reputed hospitals. This offers social benefits to home buyers.
The area has the strategic location advantage of being positioned near Eastern Metropolitan Bypass and Netaji Subhash Chandra Bose Road, which are the main roads connecting the city. It is also well-connected via Metro to both Central and North Kolkata. The development of Nayabad and its surroundings as employment magnets has improved its appeal especially for young IT/ITeS professionals looking for modern affordable residential properties within short drives to Kolkata’s prime destinations. Nayabad is a preferred destination for employees working in companies like Siemens, Wipro, Tata Consultancy Services and Cognizant Technology Solutions, and in the Government Central Excise offices nearby.
Adding to its advantages, the Nayabad property market is a well-planned area with better basic infrastructure such as concrete roads, drainage system, water and electricity in place than in some of the neighbouring localities such as Purbalok, Madurdaha and Kasba. This area is also close to key destinations in Kolkata like Club Verde Vista, Science City, Sector V, Garia, Mukundapur and Jadavpur.
As it is a developing locality, property rates in Nayabad are lower as compared to established localities of the city. This has helped maintain the sales momentum on the Nayabad real estate
market. Developers are offering a wide choice of options catering to the needs of a large cross-section of home buyers. Most projects offered are under construction, but ready-to-move properties are also available.
The current price range for properties in Nayabad is Rs 2,500-Rs 3,900 /sq ft depending on the exact location, project’s completion status and available amenities.
The affordability of the Nayabad property market offers opportunities to smaller-budget investors and end-users. Residential property in this locality can earn decent long-term Return On Investment considering the fast-paced development here.
The writer is Managing Director - Kolkata, JLL India