Return of a share of interested home buyers to the market led to a hike in sale enquiries for residential units priced within Rs 60 lakh in Q1 2021. Rajarhat, New Town and the prime locales of South Kolkata, such as Joka, Tollygunge and EM Bypass, remained favourites of buyers and investors, alike.
Developers focussed on offloading their existing inventory by offering attractive schemes, such as booking at a minimal amount and paying rest at the time of possession. Additionally, South Kolkata locales, such as Joka, Tollygunge, Maheshtala, Thakurpur and Batanagar, saw a significant improvement in site visits after Majerhat Bridge became functional in December 2020.
Talking of housing deals, about 1,300 units were sold in Jan-Mar 2021 with micro-markets of southern and eastern zones, such as Joka, Behala, Tollygunge, Rajarhat and New Town, bagging maximum share.
The residential rental landscape continued to remain grim amid ‘work-from-home’ model that kept the migrant population confined to their hometowns. The city managed a minimal hike of a percent in average rentals on account of annual renewals. The segment might take time to show any signs of improvement in the post-pandemic world.
The recent opening of Noapara-Dakshineshwar metro stretch on Kolkata Metro Line 1 is likely to boost NorthSouth connectivity. It may fillip market sentiment in areas, such as Belghoria, Dunlop, Bonhooghly and neighbouring locales. The ongoing construction of Tala Bridge continues to put downward pressure on the property prices of the existing residential projects in North Kolkata along BT Road, namely Khardah, Dunlop and Sodepur.