Kolkata market has picked up pace since the state government introduced 2% cut in stamp duty and 10% reduction in circle rate for registration of property. However, the annual sales and new launches in the market are still 30% and 13% lower than the pre-Covid level and will require a few quarters to normalize. On the bright side, a reduction in unsold stock is a welcomed change.
FY 21-22 Highlights
Kolkata records a total sale of 10.17 thousand units in FY 21-22, sales have grown by 5% Y-O-Y. New supply has more than tripled over the last year with a total new launch of 10.06 thousand units. The prices have grown by 4% Y-O-Y. The year closes with 40.37 thousand unsold units and months inventory of 48 months. Boost in sales have helped reduce months inventory by 11 months.
|Annual Sales |
Price INR PS
|Y-O-Y||5%||-15%||234%||4%||-11 months |
East Kolkata and South-East Kolkata suburbs remain a popular choice among the homebuyers, capturing 46% of the total sales in the city. Some of the most preferred locations in Kolkata are Rajarhat and New Town in East Kolkata Suburb, E-M Bypass in South East Kolkata, Howrah, and Joka in South West Kolkata suburb
Highest new launches have been seen in East Kolkata, Howrah suburb and South-East Kolkata Suburbs, contributing 30%, 19% and 19%, respectively, to the total launches in the city. Most of the new supply in these suburbs have been in INR 20-40 lac cost segment.
3BHK and 2BHK typology dominates the market, capturing 51% and 35% of total sales. The market has shown high preference for properties near completion or ready to move.
The affordable and mid segment continues to dominate the residential market. Saleable price range INR 3,000-5,000 PSF captures 58% of the total sales in the city and INR 20-60 lac cost range captures 63% of the total market.
|Howrah||Howrah, Konnagar Hugli, Uttarpara, Jagatda|
Rajarhat, New Town, Salt Lake City, VIP Road
Thakurpukur, Daulatpur, Behala, Bakrahat, Pailan, Baruipur, New Alipore, Amtala, Alipore, Mahesshtala, Batanagar
EM Bypass, Sonarpur, Narendrapur, Tollygunge, Garia, Southern Bypass, Nayabad
Tangra, Dum Dum, Phool Bagan, Ballygunge, Lake town, Entally, Maniktala, Ultadanga
Madhyamgram, BT Road, Barrackpore, Barasat, Jessore Road, Belghoria, Khardah, Nager Bazar