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Quarterly residential real estate analysis of top 8 cities in India

Kolkata Real Estate Report Jul-Sep 2021

2612 Oct 18, 2021 Download Report
  • The city saw a newfound affinity for independent homes, such as villas and bungalows, due to the need for more space. Affordable and mid-income properties priced within Rs 60 lakh in East and South Kolkata bagged over 70 percent of the enquiries in Jul-Sep 2021.
  • The addition of new homes by Grade-A developers in North Kolkata revived the interest of prospective buyers for homes priced within Rs 60 lakh.
  • The reduction in stamp duty rates by two percent and circle rates by 10 percent acted as catalysts for higher sales volume in Kolkata.
  • About 1,250 housing units priced up to Rs 50 lakh were added in this quarter. The unsold inventory stands at about 28,000 units in the period ending September.
  • The residential rental market showed no signs of recovery as the tenant community preferred to extend their stays in their hometowns. Average rental rates remained muted for the second time in a row.

 

KOLKATA REALTY AT A GLANCE

Property Prices
Rental Rates
Demand
Supply
* Property prices represent quarterly change * Rental Rates represent yearly change

* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com

 

99ACRES' OUTLOOK

Kolkata’s residential market saw renewed interest from end users in Jul-Sep 2021. Relaxation in lockdown restrictions propelled a growth in site visits, housing demand and overall sales volume.

Properties priced within Rs 60 lakh in East and South zones remained the buyer’s favourites, who attested their affinity for ready units, partially delivered or closer-to-possession projects. Nonetheless, the city posted enquiries for both new and resale homes.

The pent up demand from the last quarter, reduced stamp duty rates by two percent and slashed circle rate by 10 percent were the key growth propellers. Renewed sales, however, could not boost property prices. The average property value maintained status quo in the studied period.

Many developers deferred their new launch plans in the absence of a proper RERA authority post WBHIRA annulment. However, a few established players like Eden Realty and Orbit Group, launched projects without a RERA registration number. The city saw an addition of about 1,250 housing units priced up to Rs 50 lakh. Category-A builders, such as Merlin Group, Emami Realty and Sugam Homes, are planning to launch big housing projects in the ensuing quarters.Many developers deferred their new launch plans in the absence of a proper RERA authority post WBHIRA annulment. However, a few established players like Eden Realty and Orbit Group, launched projects without a RERA registration number. The city saw an addition of about 1,250 housing units priced up to Rs 50 lakh. Category-A builders, such as Merlin Group, Emami Realty and Sugam Homes, are planning to launch big housing projects in the ensuing quarters.

The city witnessed a newfound affinity for independent homes, bungalows and villas, due to the need for more space. Several Grade-A developers, such as Srijan Realty, Primarc, Ambuja Neotia, have plans to launch independent home projects in the next few quarters. However, these will heavily depend on the progress made in the implementation of West Bengal RERA, 2021.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhBaguihati2,900 - 3,500124.30%
Kestopur3,180 - 3,650123.89%
Rs 40 lakh - Rs 1 croreNew Town4,540 - 5,610163.76%
Rajarhat3,650 - 4,990143.43%
Garia3,550 - 4,380144.02%
Rs 1 crore and aboveSalt Lake5,540 - 6,660223.74%
Ballygunge8,500 - 11,470303.45%
New Alipore6,800 - 7,690213.63%

* 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

 

 

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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