Monthly Watch: Home Sales Dip 4% In Kolkata

While most major cities saw number of new launches and homes sales moving upwards in the first month of the year 2017, West Bengal capital Kolkata presented a different picture. According to a PropTiger DataLabs report, new launches in the City of Joy declined 41 per cent on a monthly basis. On a yearly basis, the fall was even more prominent.  When compared to the same month last year, new launches witnessed a decline of 50 per cent.

“Home sales also slowed down, recording a dip of four per cent during the month, bringing it to the lowest levels in the past five months,” noted the report.  

Property prices in Kolkata also declined one per cent when compared to prevalent prices in January 2016. According to the report, prices in the affordable segment registered a sharper decline.

Top performers

Localities that contributed the highest to the monthly home sales figures in Kolkata include New Town, Rajarhat, Garia, Dum Dum and Sonarpur, in that order. According to the report, New Town, Rajarhat and Garia together accounted for 30 per cent of the overall home sales in January. These localities offer housing options across segments. At Sonarpur, for instance, you can buy a house for Rs 2,400 per sqft, while property at Rajarhat comes anywhere between Rs 5,000 and 5,200 per sqft. At Dum Dum, property prices stand at Rs 4,200 per sqft, at Rs 3,900-4,100 per sqft at New Town, at Rs 3,000-4,200 per sqft at Garia.

Also read: 7 Things You Should Know About Kolkata's New Property Tax Regime

Fresh in the market

Developers who launched new projects in Kolkata include Aspira, Onex Realty and Shrachi Group. Aspita has launched its new project Joy at Barrackpore. The project offers 92 units priced at Rs 2,650 per sqft. Onex Realty has launched its new project Privy at Tollygunge. The 34 apartment units at this project are priced at Es 12,000 pr sqft. At Greenwood Nest, the new project by Sharachi Group at New Town, 394 units are up for grabs for Rs 4,500 per sqft.