Monthly Watch: New Launches Up 12% in Kolkata; Prices Stable

Real estate developers, who have been struggling to come out of a slowdown that plagued major property markets across India, were seen putting their launch plans on hold. This appears to be changing now. According to a PropTiger DataLabs report for December, new project launches in the West Bengal capital increased 12 per cent over the previous month. When compared to December 2015, launches increased 22 per cent.

It is worth mentioning here that new project launches also increased in cities of Bengaluru, Gurgaon, Hyderabad and Noida in December, show PropTiger DataLabs reports.

In what could be seen as the impact of the Central government's demonetisation drive, home sales in Kolkata saw a monthly decline of eight per cent in December. On an annual basis, too, there has been a decline of 17 per cent.

Property prices in Kolkata did not see any uptick in December but witnessed an year-on-year dip of two per cent, the report shows.

New launches

Developers who launched new projects in Kolkata in December include Bengal Shrachi Housing, Rameswara Group, RCBS Realty and Vsun Group. Units at these new projects are scattered across segments. For instance, units at Rameswara Group's Alpine Heights at Tangra locality are priced at Rs 6,900 per square foot (sqft), houses at RCBC Realty's Roopkatha project at Baruipur ar priced at Rs 2,000 per sq ft. At Greenwood Nest, the new project by Bengal Shrachi Housing at New Town, units will be sold at an average price of Rs 5,000 per sq ft. At Eco Space Residentia, Ambuja Neotia's new project at New Town, units are priced at Rs 5,200 per sq ft. Units at Vsun Dignity Heights at Sonarpur are priced at Rs 3,500 per sq ft.

Top-performing localities

Localities that contributed the highest to December home sales include New Town, Rajarhat, Garia, Baruipur and Sonarpur. These localities offer buyers housing options across segments. For instance, while average property price at New Town is Rs 4,000 per sq ft, you can find a property in Baruipur and Sonarpur anywhere between Rs 2,000-Rs 6,500 per sq ft. While average prices for property in Rajarhat is Rs 5,100 per sq ft, Garia real estate offers you property between Rs 3,100 and Rs 5,100 per sq ft.