Kolkata :Global real estate property consultant Knight Frank India has launched the fifth edition of its flagship half yearly report – India Real Estate. The report presents a comprehensive analysis of the residential market performance of the Kolkata for the period between January-June 2016 (H1 2016).
Kolkata continued to remain relatively stable in H1 2016, without drastic declines, in a long restrained market.With new residential projects being constricted, the number of new launches continued to be under pressure, albeit steady, in H1 2016. Consequently, new launches fell by just 2 % in the first half of the year( H 1 2016) vis a visa the corresponding period in 2015 ( H 1 2015). On the other hand , the citys’s sales volume, driven largely by end users, saw a decline of 10% in H1 2016 as compared to the sales in H1 2015.
North Kolkata’s share which had seen a significant number of new launches in H1 2015, has been reducing gradually in the recent months, primarily owing to the dearth of large, contagious land parcels in preferred residential markets close to the city centre. While its share of residential launches was 28% in H1 2015, it reduced to 17% in H1 2016.
Rajarhat has accounted for the largest share in the total number of new launches in the city in the last few years owing to persistent interest from developer community. Not surprisingly, it emerged as the region with the highest number of residential units launched in H6 2015 as well accounting for a 46% share of the total number of new launches, although the share reduced to some extent compared to H1. Nevertheless, Rajarhat is expected to maintain positivity regarding the housing demand in the forthcoming years, considering the quantum of office sector development and infrastructure underway in the region.
“Around 35% of new launches with flats priced below Rs 25 lakh and 45% priced between 25 lakh and 75 lakh are in Rajarhat. By contrast, south Kolkata and east Kolkata dominated the high-end segment with maximum launches priced above the ticket size of Rs 1 crore,”said Knight Frank chief economist and national director (research) Samantak Das.
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