Friday, June 19, 2020

Howrah — Upcoming Real Estate Destination

Howrah Bridge
Howrah is popularly known as the city of bridges — as many as four bridges connect it across the Ganges to Kolkata, including the architectural marvel — Howrah Bridge. Howrah has for long been in the shadow of its more popular sister city across the Ganges — Kolkata. As the capital of West Bengal, that is expected. However, Howrah is finally emerging from the shadows and growing into its own identity. Several initiatives — both public and private — are enabling the city to embrace bigger goals and become an alternate city to Kolkata.
Howrah — Location and Connectivity
Howrah’s connectivity to Kolkata has largely depended on the numerous ferry services and the four river bridges — Howrah Bridge, Vidyasagar Setu, Vivekananda Setu and the newest bridge called Nivedita Setu — which connect the two cities. This commute across the river is set to receive a boost with the upcoming East-West Metro Line which will augment the existing connectivity and transform the way people commute.
Connecting Howrah up to Salt Lake City via Esplanade and Sealdah, the new metro line will give residents of Howrah unparalleled access to Kolkata. It has the distinction of being the first metro in the country to traverse via an underwater tunnel passing under the Hooghly river. Howrah station, a major stop on this metro line, is being designed to absorb heavy passenger traffic which is expected to grow exponentially over the next 5 years.
Howrah Rail Station
Howrah station is a major railway terminal that provides connectivity to all of Eastern India. It serves Howrah as well as Kolkata and the neighboring districts. It serves as a terminal for Eastern and South Eastern Railway services. Thus, Howrah is connected to most major cities of the country. The Howrah Bridge located right next to the terminal supports the transit of people across the river to Kolkata.
Howrah benefits from good road connectivity as well. The Kona Expressway also known as the Kolkata-Mumbai Highway passes through Howrah. A 5 km elevated, the signal-free corridor has been planned from the city to Kona Expressway which will decongestant traffic.
Furthermore, three lanes on the elevated corridor will lead traffic straight from Vidyasagar Setu to NH6. Another proposed flyover is expected to cut travel time to Kolkata by half. The famous Grand Trunk Road starts from the Indian Botanical Garden in South Howrah. These major road and rail routes put Howrah at the center of trade and commerce and make it an integral transit terminal as well as a gateway to Kolkata and North East India.
Emergence and Growth of Howrah
With the new focus on developing Howrah as a megacity with a global class of amenities and infrastructure, more residents from across the river are attracted to move to Howrah. Santragachi, a suburb in Howrah is being developed in a big way.
The Santragachi station, an important railway junction on the South Eastern Railway, is being developed into a full-fledged terminal which will have the capability to absorb additional passenger traffic from the Howrah station.
A major bus terminal coming up outside the station would provide various transit services and options. Additionally, an elevated corridor and a metro station for Santragachi will augment connectivity.
The 300 acres Kolkata West International City (KWIC) project was among the first of many ambitious residential township projects aimed at boosting Howrah’s growth. Numerous other residential projects are being developed across various neighborhoods of Howrah to match the growing demand for homes.
Taken together, these advancements are transforming Howrah into a coveted residential destination. This is noticeable in the graph below which indicates the declining inventory of housing units as more people choose to invest and live in Howrah.
Shapoorji Pallonji Joyville Howrah
The many positive steps by the local and state government to improve quality of life in Howrah as well as the many upcoming infrastructure projects are contributing to making Howrah an attractive real estate market. As the quality of housing projects like (Joyville Howrah Offering 1, 2 and 3 BHK Flats) also improves and the demand grows the price has seen a steady upward trend.
Over the last five years since 2014, the price has stayed above Rs. 3000 per sq. ft. indicating continued positive investor and home buyer interest. Experts further suggest that more people will shift to west Kolkata or Howrah as other areas become saturated.

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