Owing to the second wave of the Coronavirus pandemic, the real estate market of Kolkata has suffered a great deal, and property prices have declined by an average four percent across Kolkata.
According to the recently released Housing Price Index, the real estate sector of Kolkata is among the worst-hit real estate markets in India. During the pandemic, leading locations in Kolkata have suffered an average property prices drop of four percent in January-March 2021 (Q1 2021).
In Kolkata, the micro-markets of Rajarhat and Howrah are among the worst affected locales with dismal sales numbers. In 2020, the sales numbers in these localities were down by 27 percent. Among other localities, Rajarhat saw a price drop of two percent, while Salt Lake and Jessore Road saw a decline, too. Kankurgachhi and BT Road saw a property prices decline of up to one percent.
According to Divya Grover, Assistant Vice President (Research), Knight Frank, “The Decline in certain pockets has pulled down the weighted average property prices in Kolkata. Although sales numbers had started to pick up during the second half of the year 2020, the second wave has hit the real estate market again.”