The real estate sector of the city of Kolkata has faced a real decline in the rate of growth over the last few years. Statistics show that the sales of residential projects are gradually decreasing.
Kolkata, 9th April 2017: The residential real estate market of Kolkata had seen a substantial rise in supply in the year 2014 and had suffered a normal steady slump through the following years. From about 30000 units that are launched in the year 2014, there has been a considerable decline in the last year as per a report by the Knight Frank India.
A pile-up in inventory, as well as lukewarm demand for luxurious properties, has driven the sector downhill as per the global property consultant. Samantak Das, the chief economist and national director of research at the Knight Frank India has said that the residential market of the city had been relatively stable in the initial half of 2016 on a per year basis with anticipations of improvement in the year’s second half. However, the factor of demonetization has altered the market scenario in the last part of the year and had led builders as well as developers to refrain from taking any property-concerned decisions.
Developers such as Mani, Jain Group, Sriddha and the Forum Group has not announced any further projects as the maximum of them are struggling to sell the fabulous offerings they came up with in the last few years. Rishi Jain, the director of the Jain Group has said that the flurry of legislation that has been in the discussion has left everyone confused. There are RERA and GST and much more. Everyone is attempting to be on the correct side of compliance officers. The focus of the market has shifted from drawing from newer products to selling off the previous stock.
Property launches fell to a good rate in 2016’s second half as against the earlier corresponding period. In the last part of 2016, it was steeper at a good rate when compared to the similar period one year ago. While North Kolkata has shown the worst results, the results of South Kolkata are still better.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.