#FestiveImpact: Kolkata witnesses an upsurge in the demand and supply of the properties.

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The Realty Market of the city was suffering early in the year. But, it is gradually developing its pace, especially since the last 2-3 months. Rajarhat, Southern Bypass, EM Bypass and BT Road are the most sought-after destinations in the city, shares Sanjay Jain, Managing Director, Siddha Group

 

Sanjay Jain at the office1. What is the general home-buying sentiment in your city?

 The Real Estate industry of Kolkata is expanding. There is an increase in the demand and supply of the properties in the city and its outskirts. With the increasing connectivity and amenities, Kolkata is gradually becoming a hot spot for launching new real estate projects. The city has gained widespread acceptance amongst the home buyers despite the target audience being largely from the middle-segment group. Also, it has been observed that people are looking forward to buying good properties in pocket-friendly prices. 

2. How have sales, new launches and property price movement been in the last three quarters?

 Initially, the real estate exhibited a sluggish movement but in the last two quarters, it had gathered momentum in terms of sales. However, new launches have not been in the scheme of things and price movement has been stagnant. We hope to see a rise in sales by the end of 2018.

3How has the city developers prepared for the festive quarter? What kinds of deals are floating in the market?

 The festivity in the city begins with Durga Puja and will continue till Diwali. This is considered to be an auspicious time for buying a house, car, jewellery etc. The homebuyers are interested in site visits and often display enthusiasm towards investing into realty market. However, as the festive season calls for too many rituals, generally they tend to conclude the buying process immediately after the festival. The developers float various festive offers to lure the interest of the buyers towards the projects. Inspite of various deals floating in the market, the buyers’ decision depends majorly on the project location, price and the features of the property.

4. Do you think these deals will help lure buyers and augment sales?

Deals have always helped to attract the attention of the buyers and generate enquiries. But, these are definitely not the only deciding factor to buy a home.

5. Do you see a positive price movement post the festive season?

 Post-festival, there are subtle chances of an increase in demand for purchase of properties. The developers, however, would not hike the prices in order to maximize their sales after the lull period of 4-5 months.

6. Is this festive season the best time for the investors to return to the market or should they wait further? 

It can be good for investments based on financial benefits offered in terms of festive discounts. However, the festivals make no special effect on investment or returns.

7. How has been the performance of your city’s realty landscape this year? Is it at par with the expectations? What are the areas high on buyers’ popularity charts so far this year?

 The Realty Market of the city was suffering early in the year. But, it is gradually developing its pace, especially since the last 2-3 months. Rajarhat, Southern Bypass, EM Bypass and BT Road are the most searched destinations. These are providing quality living at affordable costs to the consumers. The geographical boundaries for the real estate market are rapidly increasing and offering more and choices to the customers.

8. Where is the maximum number of new launches happening in your city?

 Majority of the launches are happening across the cityscape. 

9. Do you see realty recovering fully by the end of this year? What will induce this growth?

The Real Estate sector is gaining momentum. The implementation of HIRA has helped to boost confidence amongst the buyers and this would definitely lead to the growth of the real estate sector in 2019.

 

 


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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