The streets of Kolkata have undergone a gradual change with each passing day, where old structures were replaced by modern buildings supported by other infrastructure development. Today, the city, in addition to being recognized for its culture and architecture, has become an IT hub that includes the business and financial sectors. With a growing population of the city (around 14.8 million) and an optimal employment rate, Kolkata faces a high demand for residential real estate projects with each passing day. Therefore, in this article, we will delve into the Kolkata real estate scenario and highlight the legitimate reasons to invest in the city’s real estate sector for the year 2018.
An overview of Kolkata’s real estate industry
The current Kolkata real estate scenario is very different than it used to be even 3-4 years ago. According to a study by Knight Frank (a real estate consulting firm), Kolkata’s residential market value had fallen 15% (roughly) in the second half of 2017, due to idle lawsuits and faulty inventory levels of finished units. Those prices included a reduction in base prices by developers, along with a rejection of other charges such as stamp duty. Furthermore, with the announcement of demonetization, annual sales were also gradually falling.
However, with the implementation of the (Real Estate Regulation Law), RERA in many cities led to a positive impact, thus promoting transparency, efficiency and increasing the confidence of home buyers to invest in real estate projects of Kolkata 2018.
End user drives growth
The determination of potential Kolkata buyers to own the perfect home is driving developers to come up with remarkable real estate projects in 2018. In the quest to buy the best apartment in Kolkata, prospective buyers don’t even mind visiting a residential area. apartment in the north of Kolkata or on the outskirts. Therefore, due to this current trend, Kolkata real estate developers no longer hesitate to enter low-cost housing. In fact, they are coming up with projects in most of Kolkata that span regions such as Garia, Kona Expressway, Rajarhat and Madhyamgram within or beyond the city limits.
Creative offers for buyers
Many real estate companies in Kolkata are putting up attractive offers to attract potential buyers, as are other metropolitan cities such as Mumbai, Chennai, and Bangalore. This is mainly seen with the housing complex in the north of Kolkata to facilitate a modern lifestyle in regions like Madhyamgram, Sodepur, Konnagar, etc.
Sensitive property prices
Unlike other metropolitan cities, property prices in Kolkata are closer to reality and within reach of buyers of various economic levels. Infrastructure development and lower asset prices are forcing more people to invest in housing projects in Kolkata. In fact, the largest number of buyers Kolkata receives comes from NRI Indians or people residing in nearby small towns, looking to make a safe bet. Therefore, the demand for residential complexes in Kolkata is increasing by leaps and bounds.
Affordable housing for all
The 2018 Budget has also set a mark for affordable housing. ‘Housing for all’ is becoming one of the important government projects by the year 2022. The government, in fact, intends to deliver 10 million houses under this project, of which 95% of the houses will be will build. for the Economically Weaker Sections (EWS) and Low Income Groups (LIG). There will be an allocation from an affordable housing fund under the National Housing Bank for priority sector loans, thus stimulating housing development in this segment.