Garia home to young dreams

TNN, May 20, 2004, 03.00am IST

TIMES OF INDIA

KOLKATA: Garia is getting younger by the day. A favourite abode for the retired, the area has recently witnessed a dramatic demographic transition, with young couples making a beeline for swanky homes that have sprung up lately.

In the last year and a half, nearly 5,000 couples — mostly in the 25-35 years bracket — have purchased apartments in the locality. Thousands are waiting for new housing projects to be unveiled.

All residential projects (Victoria Greens, Sugam Park, Merujeen and Victoria Enclave) are chock-full. "In Garia, demand outpaces supply," Agarwal said.

"About 80 per cent owners are young executives, mainly IT professionals. EM Bypass allows them hassle-free access to offices at Salt Lake. At Rs 8-16 lakh, the flats are just the right price for first-time investors," said Anirudh Daga of Adani Group, promoter of Victoria Greens.

All complexes offer clubs, shopping arcades, open lawns and playgrounds — facilities that have become standard in the city's real estate industry. "The cost of real estate at EM Bypass has become too prohibitive with flats going at Rs 20-40 lakh. A little further down, housing projects Garia offer a similar quality of life at half the price. It's naturally more appealing to those in their late 20s and early 30s," said technical consultant Rachit Khanna.

Sensing the promise that the Garia-Narendrapur belt holds, many more developers are queuing up for a share of the pie. PS Group project Sherwood Estate, a complex with foreign language schools and performing art facilities, is expected to give a big boost to prospects in the area.

"In the years ahead, more builders will look at the region. Metro Railways will definitely spur this growth as it has done in the Tollygunge-Prince Anwar Shah area," Agarwal added.

"From a sleepy suburb to a throbbing township, the three kilometre stretch between Garia and Narendrapur has metamorphosed in the last couple of years. While improved connectivity — EM Bypass, and Metro Railway's proposed extension to Garia — has sparked the real estate boom, affordability has led to the rush," said real estate consultant Pawan Agarwal.