Kolkata recorded steady growth in the residential new launches and sales in the last few quarters, however the market is expected to witness increased traction around the festive period, shares Rishi Jain, Executive Director, Jain Group in an exclusive interview with 99acres.com.
1. What is the general home-buying sentiment in your city?
The homebuying sentiment of any city depends on the priority and the time when someone has decided to buy a property. Kolkata, of course, has a gamut of every kind of projects – suitable for all type of pocket sizes. However, we must add that affordable housing, especially homes priced within Rs 16-20 lakh have witnessed increased traction in the last few years.
2. How have sales, new launches and property price movement been in the last three quarters?
The last three quarters have been steady in terms of sales, new launches and price settlements. Clearing the initial clutter about the new implementation of housing acts and regulations, we have witnessed a positive response from the target audiences in the last few months. Despite the festive season, the initial sale figure has been quite inspiring.
3. How have the city developers prepared for the festive quarter? What kinds of deals are floating in the market?
The festive quarter in West Bengal typically starts from October itself, and usually, the first half of the quarter remains relatively dry in terms of market response. The deals mostly depend on priority and project offerings. We have recently launched composite rates for projects, the EMI cost of which is actually lesser than the cost of any rented home, and we are getting an excellent response for the same.
4. Do you think these deals will help lure buyers and augment sales?
The exact term should not be ‘Lure’ but to ‘Benefit’ buyers and we strongly feel that the special offers that we witness during the festive season would surely be beneficial for the buyers at large.
5. Do you see a favourable price movement post the festive season?
We are extremely hopeful about the market feedback during and even post the festive season and looking forward to good times concerning investment and interest towards the sector.
6. Is this festive season the best time for the investors to return to the market or should they wait further?
There is nothing called the ‘best time for investment’ in real estate, since probably it is the only industry that offers the maximum ROI and the motto of the industry is ‘sooner is better’. Hence, the best time is always now.
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 most significant positive point for Kolkata is that the city has every kind of project suitable for people of every sort accruing their affordability. So, I would say, the performance of the city’s realty landscape has been positive. There has been a splurge of buyer interest in places like Joka, Rajarhat, Madhyamgram, Hooghly river belt areas such as Konnagar, Rishra, Dankuni etc., and several new projects have been launched in these locations.
8. Do you see realty recovering fully by the end of this year? What will induce this growth?
The sector which has been going through sustainable changes since last few years, cannot be recovered fully when the changes are very much constant. However, the silver line is the sector is showing maturity, and the market is expected to rebound by the end of the fiscal.
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.