Kolkata is an Indian metropolitan city which holds an immense significance in the entire east zone. Every year, people from Bihar, Jharkhand, Orissa and north-eastern states migrate here in the search for better career opportunities. The city is loved by its Rajasthani communities that have settled here for hundreds of years.
The World of Real Estate in Kolkata:-
Probably the best part is that the city offers multiple resources of basic amenities at affordable prices. Real estate properties being one of the basic necessities, we can say that Kolkata would be called a true friend of its residents if the price range is kept within the reach of buyers. Fortunately, the real estate developers in Kolkata are building quality flats keeping in mind the purchasing capacities of buyers. Even the prices of luxury properties are lower than rest of other cities in India.
The Current Scenario of Luxury Real Estate in Kolkata
- A vast potential: When the issue of oversupply emerges before the real estate developers, Kolkata stands out among the metropolitan cities like Mumbai, Delhi-NCR and Bengaluru. Amidst an overall slowdown, a 20% rise has been witnessed in the sale of high-end residential properties. The simultaneous 10% rise in supply has sufficed the rising demand.
- Availability of upscale localities: Unlike Mumbai or Delhi-NCR, Kolkata is still having upscale locations left like Chowringhee, Ballygunj and Salt Lake City where land areas are available for building apartments. Apart from them, the rapidly developing residential enclaves in the smart cities of Rajarhat-New Town, are enabling the buyers to purchase their flats in the best locations.
- Affordable prices: Over the last 2 years, the prices of luxury apartments in Kolkata remained consistent. This phenomenon is driving in the sales. The buyers have faith that there are negligible chances of a sudden price rise. Hence, they can close the current deals as well as make preparations for future investments.
- Bright future prospects: Compared to Mumbai, Delhi and Bengaluru, the buyers in Kolkata are comparatively conservative. However, the mindset is gradually changing and people are moving out from heritage properties to stay in the luxury pads. In addition, the experts of the real estate property in Kolkata are predicting that the prices would increase by 3% which is a good news for the investors.
- Recovering from demonetisation: The world of properties in Kolkata is gradually recovering from the demonetisation slump. As much as a 100% rise has been noticed in the number of queries placed for luxury apartments. The market witnessed a rise in the sales graph. As the existing inventory of luxury properties would exhaust, the market experts are expecting that those housing projects which suffered from a slump would also bank in the growth trend and find suitable buyers.
Knight Frank, the international consultancy has published the report that in the last couple of years, there has been a spike in the sale of properties. Around 70% properties have been sold in the Rajarhat-New Town and Garia-Narendrapur belts. Hence, for both the buyers and sellers, lots of opportunities are there to explore.
