Kolkata Property Market Moving At A Steady Pace

A swelling inventory was among the key reasons that gave real estate developers across the country jitters even as they struggled between speeding up the work to meet deadlines and desperately trying their hand everywhere to generate cash. It is precisely for this reason that the new launches took a hit as developers upped the efforts to sell the stock.

A PropTiger DataLabs report for the north and eastern regions for August gives a better insight into this. Major cities of the two regions — Gurgaon, Noida and Kolkata — are moving towards sustainable growth by containing launches month-on-month and witnessing price rise year-on-year.

On the expected lines, combined new launches in the north and eastern regions declined 18 per cent in August over the previous month. However, with a 51 per cent rise in launches of residential units, Kolkata contributed 76 per cent to the total launches.  New launches in Gurgaon and Noida dipped.

Among the developers who launched their projects in Kolkata include Meridian Group, Bengal Emami, Ekta World Kolkata, Castrol Group, Realtech Nirman and Nikhil Somani. While Pivotal Infrastructure has launched a project in Gurgaon, The Antikesh Group has launched a project in Noida.

In terms of price rise, Kolkata stood out with its localities witnessing an annual price surge between two and 12 per cent. The Salt Lake City locality saw an annual price appreciation of 12 per cent. On the other hand, property prices in some Noida localities declined while Gurgaon localities saw a marginal price rise.With new launches and property prices — both moving in a direction that indicates long-term sustainability — the north and eastern regions may soon be on their way to a complete turnaround. Property markets in the northern region suffered the most due to the two-year-long hiatus, that may well be over now.