Kolkata Residential Market Sees Recovery Through Innovative Schemes
As the Kolkata residential market navigates the lingering effects of demonetization, developers are employing creative strategies to draw in prospective buyers.
Price Protection Schemes Drive Demand
The introduction of price protection schemes, coinciding with the budget announcement, has provided security to consumers against potential property rate declines. These schemes have demonstrably boosted demand, recording an increase of 15% in the two months following demonetization.
Expert Insights on Market Growth
Jitendra Khaitan, CMD of Pioneer Property Management Ltd., notes the market's positive trajectory. "The Market is facing a positive growth and that approximately 50% hike in queries is expected along with a hike of 10-15% in actual sales." He anticipates roughly a 50% surge in queries and a 10-15% rise in actual sales. While acknowledging the temporary nature of the price protection scheme, Khaitan emphasizes its significant impact on market recovery and increased profitability within the real estate sector.
Overcoming Post-Demonetization Challenges
Khaitan further highlighted the crucial role of these schemes in aiding the market's rebound from the slump following demonetization. The immediate aftermath of demonetization witnessed a substantial decline of up to 40% in both queries and home sales in the Kolkata area, as potential buyers anticipated a decrease in real estate values. Such initiatives are proving essential in restoring confidence and stimulating activity in the region's housing market.