With its rich tapestry and cultural heritage, Howrah stands as a historical gem in the bustling landscape of Indian urban spaces. Situated on the banks of the Hooghly River, Howrah is the second highest-populated city in West Bengal and is rapidly transforming into a progressive area. With Howrah’s proximity to Kolkata, there has been a remarkable transformation in recent years, marking the resurgence that has captured the attention of investors and homebuyers alike.
The city of Howrah was historically known to have started majorly in textile and industrial manufacturing, serving as a vital link between Kolkata and other parts of India. Its strategic location and well-developed infrastructure laid the foundation that attracted businesses to settle in the area. Industrial zones such as Shibpur, Belur, and Dasnagar have fuelled the economic growth aspiration and therefore attracted investments in commercial and residential properties.
Rapid urbanisation and infrastructure development started gaining momentum. With the inauguration of the Second Hooghly Bridge in 1992, the connection between Kolkata and Howrah set the stage for future growth. The extension of the Kolkata Metro Rail further enhanced accessibility, making the city more attractive for real estate investment. The development of industrial parks such as South City, Anmol Industry Park, Hosiery Park, Foundry Park, and Plastic Park in Howrah has not only enhanced the industrial landscape of the region but has also significantly boosted the demand for real estate properties in the area. They have emerged as attractive destinations for potential buyers seeking residential or commercial properties in the vicinity of flourishing industrial zones.
The city has leveraged its location for better trade and commerce. Recent policies and developments such as the establishment of the Kona Expressway, the proposed Varanasi-Ranchi-Kolkata expressway, is a greenfield expressway under the Bharatmala Pariyojana (BMP) programme that will run parallel to NH-19, and linking Varanasi Ring Road to NH-16 near Uluberia in Howrah are positive factors that have and will contribute to the growth of Howrah as an investment destination. Additionally, the expansion of the Santragachi terminal and the East-West Metro corridor have greatly enabled commoners and businesses alike. Due to its promising infrastructure, prospective investors are drawn to Howrah, which has paved the way for establishing new industries such as expansive shipping complexes, extensive logistic hubs, and large commercial warehouses.
With the influx of commercial and residential projects, Howrah has witnessed a remarkable revival in its real estate. It caters to the evolving needs of its home buyers. From luxury apartments to aspirational homes to affordable housing, Howrah has everything to offer its discerning home buyers. Also, with the E-W metro extension, there is a projection of a 10-15% appreciation in prices over the next 12 months. This upward trajectory underscores the buoyancy of the market and its potential for further appreciation.
Over the years, Howrah has seen a change in its demographic profile, which has played a significant role in shaping the real estate market. With people travelling across the globe, rising disposable income, and a burgeoning middle-class population, there has been a growing demand for homes, especially in the affordable and mid-segment (aspirational) categories. Home buyers are looking for 2 and 3 BHK spacious apartments surrounded by nature and ample open space. They are looking for properties that offer state-of-the-art amenities and are well-connected to schools, colleges, malls, retail spaces, and multi-speciality hospitals.
We at Joyville Shapoorji Housing recently announced the launch of a tower called Parkside at our aspirational housing project Joyville Western Heights located in near Santragachi in Howrah. Complementing the residential towers is Joyville Park street, a retail haven that is set to accommodate more than 70 brand outlets.
Due to its locational and competitive price advantage, Howrah is well-positioned to ride the growth. Due to rapid infrastructural development, support, and initiatives from the state and the central government, property values in Howrah will not only elevate but also positively impact the real estate landscape.
The revival of Howrah's real estate market is a testament to the city's resilience and potential for growth. From its industrial roots to its modern-day transformation, Howrah has come a long way in redefining its urban landscape. As investors continue to flock to this emerging market, one thing is certain: the future of Howrah's real estate sector shines brightly with promise and opportunity.
This article has been produced on behalf of Teamology by ABP Digital Brand Studio.
