- Kolkata registered a spike in sales volume in Jan-Mar 2021. About 1,300 units were sold with maximum share concentrated in prime locales of South and East, such as Joka, Behala, Tollygunge, Rajarhat and New Town.
- Affordable to mid-income segment homes priced within Rs 30-60 lakh remained at the buyers’ cynosure.
- About 18 residential projects, including stand-alone and additional phases to the existing projects, were launched within Rs 50 lakh. Of these, North and South Kolkata clocked almost 70 percent of the share.
- The city recorded a decline in the unsold inventory, which stood at around 28,000 units at the end of March 2021.
- The residential rental landscape remained grim amid the ‘work-from-home’ model that kept the migrant population confined to their hometowns amid a fresh wave of COVID cases.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
Kolkata’s realty market witnessed some green shoots of recovery in the first quarter of 2021. The city reported a spike in site visits, enquiries and sale conversions. Despite a sudden surge in COVID-19 cases, site visits remained at par with pre-pandemic levels. However, improved demand failed to lift the property prices up significantly, and Kolkata registered a negligible hike in average property rates, QoQ.
Housing demand remained concentrated in affordable to mid-income segment homes ranging between Rs 30 lakh and Rs 60 lakh. After several quarters, the city registered a hike in sales volume in Jan-Mar 2021. Homebuyers preferred partially delivered properties or those nearing completion. With improved sales volume and subdued number of launches, the city saw a decline in the unsold inventory, which stood at around 28,000 units around March-end.
Due to the upcoming State Elections, there were incessant delays in providing project approvals. This led to a deficit in the new housing projects during the quarter. Nevertheless, the city recorded an addition of about 1,000 residential units priced within Rs 30-50 lakh. A few premium units were launched by Merlin Group, starting at Rs 1.6 crore. Shapoorji Pallonji Group, Magnolia Realty and GM Group contributed to rest of the launches.
Housing Infrastructure Development Corporation (HIDCO) proposed building affordable homes for Low-Income Group (LIG) and Economically Weaker Section (EWS) categories in New Town (Action Area –IIC). The project will be spread over 7.6 acres and is expected to provide a boost to the realty market in Kolkata. In addition, there are about 3-4 big projects expected to be launched in the next quarter.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Baguihati||2,900-3,400||12||4.30%|
|Rs 40 lakh - Rs 1 crore||Garia||3,500-4,200||14||4.02%|
|Rs 1 crore and above||New Town||4,400-5,200||16||3.76%|
* Note: Rental Yield has been calculated for a 1,000 sq ft apartment. **Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. ***The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments