Do you want to buy flats in Kolkata? Here is the Kolkata property market insight from July to September to have an overview of the current situation.
Recovery of real estate sector
The mission is yet again unaccomplished as West Bengal government has still not notified respective RERA norms. It has just tabled the draft before the cabinet; neither the government has appointed a related authority yet which resulted in languid market sentiment.
Advanced tax collection
Unitary Area Assessment (UAA) is another much-spoken topic by KMC after the RERA implementation. It’s basically an online tax calculation and tax submission which can be performed by the property owners of the city. Reportedly it’s still stuck in IT glitch. This move will improve the tax collection index of the city.
Removal of unsafe constructions to create aggressive demand
The KMC is yet to form a special committee to find solution and final treatment to the unsafe buildings of the city. This committee will be set up in ward to ward basis and will be headed by the local chairperson. So, in the coming days redevelopment works are likely to happen around the city.
Allotted yet unused plots are under the magnifier
Allotted plots, with the nonappearance of any construction work would be liable for abandonment by the Housing Infrastructure Department Corporation (HIDCO) through expediting land parcel for further realty construction.
Development of infrastructure gained a huge push with an investment of Rs. 12,180 crore allocated for roads, power and water supply projects. As of now 12 road projects in Kolkata, including 6 flyovers and an elevated corridor have been thought to receive a chunk of this investment.
Price graph among the important micro-markets
|Locality||Avg. ‘Ask’ Rate (per sq ft)||QoQ change||YoY change|
|CAPITAL VALUES- APARTMENTS||RENTAL VALUES- APARTMENTS|
|Locality||Jul-Sep 2017||% Change||Locality||Jul-Sep 2017||% Change|
|Action Area I||4900||0||Action Area I||15||0|
|Jodhpur Park||7550||-4||Lake Gardens||18||3|
|Netaji Nagar||3750||-6||New Alipore||21||0|
|New Alipore||6870||1||New Town||14||0|
|New Town||4850||-5||Prince Anwar Shah Rd.||28||14|
|Picnic Garden||4650||3||Salt Lake||17||0|
|Prince Anwar Shah Rd.||10085||-4||Santoshpur||13||8|
|Prince Anwar Shah Road Connector||5000||-1||Southern Avenue||27||4|
|Salt Lake||5775||-1||VIP Road||13||-4|
What our experts say
Residential market demand in Kolkata is favourable towards compact, affordable housing apartments with modern facilities and off course relatively congested areas. BT Road, Chinar Park, Dunlop and Salt Lake are the new emerging hotspots of residential investment. Implementation GST will bring clarity in real estate tax index. Above all, will RERA implementation market is expected to get better in coming days. Market will witness a major upswing in coming one year. Property in north Kolkata has been the most popular choice of investment throughout the year. On the back of metro connectivity Joka, Barasat and Agarpara are one of those potential growth areas to be mentioned. Affordable housing contributed steadily in the sales volume.
News of rental market
Price Answar Shah Road area witnessed 14% advanced demand on YoY basis. Airport peripheral areas have annual 9% high ‘ask’ rate in areas like Chinar Park and Dum Dum. Santoshpur, Kalikapur and other few areas of EM Bypass connectivity gained 8% growth in rental values.
Despite restricted new launches availability of the houses counterbalanced the popularity parameter by 10%. This inconsistency prevailed in all demand categories. While affordable housing segment received a steady market demand, the digits of demand and supply in luxury residential category yet again failed to impress the sale.
–LNN (Liyans News Network)