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Real Estate Landscape in Kolkata

Kolkata, often called the cultural heart of India, sees a major boost in its real estate market, making it top choice for buyers and renters alike.

Residential Market Growth

In 2024, Kolkata's main residential market had a big rise in sales and new projects. First half of the year, 9,130 homes got sold, marking a 25% increase from the year before. Developers rolled out 10,829 units, marking a 60% rise and highest in seven years. The market's upward trend is set to continue, with forecasts predicting a 10-15% hike in sales to over 300,000 homes by end of 2024. This boom is thanks to better prices, government support, and a rising middle class.

Price Categories and Neighborhoods

The middle range (Rs 50 lakh to Rs 1 crore) is seeing more sales, rising from 34% in first half 2023 to 37% first half 2024. Homes under Rs 50 lakh have seen a bit less demand due to higher interest rates. High-end properties costing over Rs 1 crore are seeing a slight uptick. Popular neighborhoods include the southern (37%), northern (26%), & Rajarhat (21%) areas. The northern area is particularly growing, its share increased from 17% in first half 2023 to 26% in first half 2024.

Affordable Housing Push

Affordable housing is still very important, driven by schemes like Pradhan Mantri Awas Yojana (PMAY). Builders are focusing on the affordable segment in suburban areas like Joka, Madhyamgram, and Barasat. Here, land is more available and economical.

Luxury Real Estate Surge

Kolkata's luxury market is booming, driven by wealthy locals and Non-Resident Indians (NRIs). Projects in areas like Alipore, Ballygunge, Lake Town, and Park Street are popular because of their great amenities and prime spots.

Tech and Sustainability

Technology is changing the real estate market in Kolkata, with virtual property tours, AI-driven property management, and smart homes becoming popular. Also, demand for eco-friendly and sustainable buildings is on the rise, with developers adding solar panels and eco-friendly materials.

Rental Trends

The rental scene in Kolkata is driven mainly by IT needs, especially in places like New Town, Rajarhat, and Garia where apartment availability is lacking. Rent prices have gone up in these areas significantly. Neighborhoods like New Town, Dum Dum, Tollygunge, Garia, and Rajarhat now offer some of the highest rental returns.

Infrastructure and Connectivity

New infrastructure like metro lines, expressways, and airports is enhancing connectivity, driving demand in places with better access and making them more desirable. These projects shape the city's skyline and infrastructure.

PropertyWala's Final Thoughts

If you are looking to buy or rent in Kolkata, the current market offers many chances. With a strong increase in sales, a variety of price categories, and better infrastructure, Kolkata stays attractive and relatively affordable in India. Whether it's affordable housing, middle range homes, or luxury apartments, Kolkata has something for all lifestyles and tastes. As the market grows, it's a good time to invest or live in this energetic city.