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Kolkata Residential Real Estate Market 2024: Key Hotspots and Budget Ranges

Infrastructure, economic prosperity, commercial activity, income, and connectivity all contributed to Kolkata's residential real estate market experiencing significant growth in 2023, which in turn increased demand and supply.

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Kolkata Residential Real Estate Market 2024: Both supply and demand in the Kolkata residential real estate market increased substantially in 2023. Recent years have seen a notable metamorphosis in the city’s residential real estate market, with significant expansion and shifting dynamics. As a result of infrastructure and economic prosperity, Kolkata’s urban area has rapidly expanded, transforming previously unattractive neighborhoods. Additionally, an increase in commercial activity, an increase in income levels, and an increase in connectivity have contributed to a growing need for housing that accommodates residents’ varied needs and ambitions.

New Supply Increase

A cumulative of 15,303 residential units were initiated in Kolkata in 2023, representing an increase of 87 percent year-on-year in comparison to the corresponding figure in 2022.

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In the final quarter of 2023, a notable surge in new supply occurred, as 5,267 units were introduced to the residential market of the city. This represents an extraordinary year-on-year growth of 90 percent and a significant quarter-on-quarter increase of 37 percent. Increasing supply indicates a renewed sense of confidence in the Kolkata real estate sector, as developers adapt to escalating demand.

Hotspots for Emerging Construction

According to the 2023 geographical distribution of new supply, New Town, Howrah, and Rajarhat were among the leading areas experiencing this expansion. These regions became prominent destinations for developers, garnering considerable financial investments and hosting a considerable quantity of residential construction endeavors. Infrastructure development and the strategic placement of these micro-markets were factors that contributed to their appeal to prospective homebuyers and developers. At this time, prices for residential properties in this area range between INR 4,000 and INR 5,500 per square foot.

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Sales of Residential Property Are Up

In 2023, the residential market in Kolkata experienced a noteworthy surge in sales, with figures climbing 16 percent year-over-year. Prospective homeowners demonstrate an optimistic outlook by selling 12,515 units.

Despite obstacles, the market continued to draw purchasers, indicating an enduring desire for residential properties.

Demand Mechanisms

Homebuyers have identified particular micro markets as their preferred options on the demand side.

In 2023, New Town, Rajarhat, Baranagar, Dankuni, and Joka were the most popular areas.

Residential prices in these areas range from INR 3,500 to INR 5,500 per square foot, reflecting a wide range of costs. The variance in prices and preferences observed among purchasers in Kolkata is indicative of their changing lifestyle preferences and priorities.

Concerning affordability Motivating Demand

With 38 percent of demand being between INR 25 and 45 lakh, affordability significantly influenced demand.

Increasing accessibility and inclusivity of homeownership by offering housing alternatives that accommodate a diverse range of buyers is crucial to this phenomenon. In 2023, 2 BHK apartments were preferred over 3 BHK apartments, accounting for 43% and 42% of the total demand. As a result, prospective homeowners are now prioritizing functional, adaptable living spaces.

To conclude,

Increasing sales, new supply growth, and shifting demand dynamics are expected to boost Kolkata’s residential market in 2023. The market is continually adapting to meet the diverse needs of homebuyers while emphasizing affordability and preferred unit configurations. In Kolkata, residential construction will face more challenges and opportunities.

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