Real estate news on Kolkata sees rise in luxury home sales by 20 per cent

Price Trends, Real Estate services, Residential Properties, Kolkata, Cushman & Wakefield, Luxury homes
Posted on Aug 04, 2016
KOLKATA: With the sale of premium residential realty space in the city rising by 20 per cent in the first half of the 2016 calendar year from last year, the supply of these units also rose by 10 per cent, according to Cushman & Wakefield. Upcoming projects in areas like Chowringhee, Rawdown Street, Ballygunge and Jodhpur Park have helped a pick-up in sales with the ticket price of Rs 5 crore and above.

"These locations have seen select large project launches in the high-end or luxury segment in the last few quarters.The projects are being targeted at the ultra rich and high net worth individuals because of the exclusivity attached to them. Some projects are coming up on heritage sites, while some have facilities like skywalk and helipad.This trend is expected to continue for a while and developers are planning to launch more such projects in these areas," said Shveta Jain, managing director, residential services at Cushman & Wakefield.

"Locations like EM Bypass and its periphery have come up with projects tagged above Rs 10 crore. New Town is also adding to the inventory in the segment," said Samantak Das, chief economist and national director of research at Knight Frank India.

The weighted average price growth year-on-year in the premium segment improved 3 per cent in the first half of 2016 from a year ago. "While KOLKATA still remains a conservative market compared to Mumbai, Bangalore and Delhi, the new generation of investors are opening up to the idea of moving from inherited property to luxury pads," said Das.

Consistent pricing has also been driving sales. "Since the prices in the segment have remained consistent through the last two years, hovering between Rs 12,000 and Rs 20,000 per sq feet, depending upon the location, speculative buyers are not expecting any revision in price and are closing deals they have been sitting on," said Champalall Baid, director at Champalall and Co, a city-based real estate firm.

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