Kolkata is a truly cosmopolitan city and according to Yamini who is a thorough Indore-bred girl, settling down in Kolkata after marriage was a pleasant surprise. “I still can’t believe how reasonable this metro is, both in terms of pricing as well as the pace of life. It would be wise to invest in Kolkata’s property market, I think,” says Yamini.
Given the steady property rates and pricing trends, Yamini and Argho found themselves a comfortable option in Sonarpur that was quite upmarket and convenient in terms of amenities and infrastructure. Yamini says, “Since both our offices are in Salt Lake, commuting isn’t an issue and besides, we get to experience the famous South Kolkata scene too.”
In terms of property market trends, the City of Joy is poised to attract potential homebuyers with its wide variety of housing options, from affordable to premium as well as luxury. Plus, the pricing trend in the city has remained almost stable. The north-east to New Town and south-west to Joka regions in Kolkata are driving housing demands, and are key property corridors in the city. Housing projects in Kolkata are equipped with better connectivity due to planned or upcoming metro access projects, and development of social infrastructure. Commercial and IT hubs coming up in the suburbs are fuelling affordable housing hotspots as well as luxury living areas too.
Many people are realising their dream of being homeowners in the residential projects all around Kolkata driven by the reasonability and quality of life that the city offers. What are the major trends in Kolkata’s property market? Our findings from the First Half of 2019 offer some answers.
2 BHK Homes are Ruling the Demand Roost
Overall Kolkata the demand for 2 BHK homes is driving the market. A whopping 51% enquiries from home buyers were targeted at the 2 BHK segment, followed by the 3BHK segment which had the second-highest share of enquiries at 43%. These two segments have monopolised the demand of housing units leaving only 5% enquiries for 1 BHK apartments while 4 BHK apartments receive a paltry 1% of the enquiry share. The market trend is therefore, clearly directed by the middle-income group of home buyers.
Demand is Soaring for Properties within 50 lakh
Our data suggest that the budget-wise demand for housing units in Kolkata is centred around the range of 21 lakh to 50 lakh. The market is more attracted to mid-level projects that are in the affordable segment for the middle-income and mid-high level income groups. According to the enquiry statistics, units in the range of 31-40 lakh received the highest number of enquiries standing at 25% of the total market share. This was followed by equal enquiry percentage of 17% each for the units ranging 21-30 lakh and 41-50 lakh. Budget homebuyers closely followed the enquiry percentage with 13% share for units ranging in the 11-20 lakh range. Then come the properties within 51-60 lakh range with a 12% share of enquiries.
Modest Buyers Looking for Modest Homes
Another pointer that shows how the middle-income group is the emerging homebuyer is the fact that area-wise, the demand is for homes within 1200 sq. ft. The minimalist urban living is taking the property market by storm.
The demand is soaring for properties with the space range 700-900 sq. ft. as 26% enquiries are directed to this segment. Following closely are properties within 900-1000 sq. ft. area at 25% of the enquiry share, trailed by 1000-1200 sq. ft. units which saw 22% enquiries.
The largest units that attracted credible enquiry percentages were the 1200-1500 sq. ft. spaces that saw 17% interest among the homebuyers.
The Hottest Locations
When buying a property, it is all about the location, said every property investor ever. And, it is equally true of the Kolkata property market trends as well. According to our data, South Kolkata is the centre of real estate activity and interest. Joka has emerged as the most coveted residential hotspot among homebuyers with 85% interest in the 11-20 lakh range, 35% in the 21-30 lakh range, 31% in the 31-40 lakh range and 23% in the 41-50 lakh range.
Coming a close second is the Rajpur, Sonarpur and Southern Bypass areas in the similar price ranges. The Rajarhat and New Town areas have seen much interest in the upper price brackets of 71-80 lacs to 2 crore. This price segment also showed interest in the Garia and EM Bypass areas as preferred location among homebuyers.
Other locations that evinced interests among interested buyers are BT Road, Madhyamgram, Tangra and Tollygunge.
The Trend Summary
As Kolkata sees an improvement in commercial and social infrastructure, combined with a stable property market that has a steady rate and special programs for the affordable segment, the middle-income group is gearing up to look for its abode.
Unlike the other metros, Kolkata’s property market is still reasonable without a cut-throat increase in prices. If you are looking to own a property, Kolkata remains the most economically stable and reasonable real estate destination. Let us help you find a home or an investment property in the City of Joy!
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