The value of Dilip Ghosh’s flat in Bagantala, Garia, has increased three-fold in one year, as the Metro extension project has led to an increase in real estate prices along the stretch.

“I have been staying here since 1984. I had bought my flat for Rs 16 lakh and now it’s worth over Rs 32 lakh. Since Indian Railways announced that it would begin a Metro line along this stretch, real estate prices have shot up,” said Ghosh, who lives with his son and daughter.

With the Metro extension from Tollygunge to Garia Bazaar, south Kolkata is witnessing a steady increase in real estate prices. The Metro route stretches to 5.887 km and is expected to cover another 2.77 km after it is extended to New Garia and Birji. The present stretch includes areas in Kudghat, Bansdroni, Naktala, Garia Bazar.

Sitanath Das (62), a resident of Charu Market, said his relative bought a flat for Rs 40,000 at Kamrabad in Garia nearly a year and a half ago and it costs Rs 1 lakh at present.

“There has been a 15 to 20 per cent increase in real estate prices along the areas close to the new Metro route,” said Anup Kumar Sarkar of Naktala.

According to Pradeep Surekha, the president of the state unit of the Confederation of Real Estate Developers Associations of India (CREDAI), “Not much land is available in this congested area. With better connectivity now through Metro, this stretch is now on the radar of real estate developers, leading to an increase in property prices.”