- Kolkata’s realty displayed stability as the average property ‘asks’ maintained status quo in Oct-Dec 2020.
- About 16 housing projects, including additional phases in existing projects, were launched within Rs 50 lakh.
- North and South Kolkata captured about 70 percent share of the total housing units launched in micro-markets such as Dum Dum, Joka and Tollygunge.
- Prime localities of East Kolkata, such as Rajarhat and New Town, witnessed maximum interest by home seekers within Rs 35-40 lakh.
- The city recorded a spike of 12 percent in the sales volume in Oct-Dec 2020 vs Jul-Sep 2020.
- Demand for 2BHK and 3BHK homes within Rs 35-40 lakh remained robust in popular micro-markets, such as New Town and Rajarhat, due to good connectivity and ample employment opportunities.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
The residential market of Kolkata exhibited modest signs of recovery in property enquiries and sales in Oct-Dec 2020. Barring the month of October, the site visits improved gradually for both new and resale housing units after housing societies relaxed norms for the entry of non-residents. However, average property prices remained unchanged, QoQ.
North and South Kolkata remained popular among builders for new residential launches. But, the pace of new launches remained slow as developers reeled under liquidity constraints. Kolkata saw an addition of about 500 residential units priced within Rs 50 lakh in the studied quarter. Noticeably, of all new project launches in Indian metro cities, Kolkata accounted for a mere four percent in Oct-Dec 2020. Low sales volume and restricted number of launches kept the unsold inventory unchanged at about 30,000 units. Developers plan to launch a few large residential projects in the ensuing months. However, increased wages, sanitisation work and transportation costs of labour and material might add to the overall cost of construction and make home ownership expensive in the city.
Eastern localities, such as Rajarhat and New Town, saw maximum demand for properties priced within Rs 35-40 lakh. However, the unstable job market, economic slowdown and the festive season continued to keep prospective buyers wary of closing deals. The influx of fresh inventory at competitive rates, new commercial deals and attractive discounts may improve the home buying sentiment and bolster the sales figures in the year 2021.
Price movement in key micro-markets
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Kestopur||3,300-3,700||12||3.94%|
|Rs 40 lakh - Rs 1 crore||New Town||4,460-5,270||16||3.79%|
|Rs 1 crore and above||Salt Lake||6,110-7,520||22||4.13%|
* 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