Monthly Watch: Developers Upbeat On Kolkata Realty

A remarkable increase in the number of new launches shows real estate developers are upbeat about Kolkata real estate. According to a PropTiger DataLabs report, plans to launch over 2,000 units were announced in February in the City of Joy. In January, developers announced the launch of over 500 units. On a yearly basis, new launches saw an increase of 37 per cent.

Home sales figures, on the other hand, saw a marginal dip in February, registering a three percent decline over January. Interestingly, property prices also saw a one per cent dip on a month-on-month basis in February. On an annual basis, property prices have declined three per cent, the report shows.

Seeing increased interest

Localities that contributed the highest to the monthly home sales in Kolkata include New Town, Sonarpur, Narendrapur, Dum Dum and Joka, in that order. These localities offer housing options to buyers across segments. According to PropTiger DataLabs, average property rates stand at Rs 3,900-4,100 per sq ft at New Town, Rs 2,500 per sq ft at Sonarpur, Rs 3,300 per sq ft at Narendrapur, Rs 4,200 per sq ft at Dum Dum and Rs 2,500 per sq ft at Joka.

Up for grabs

Some of the developers, who launched new projects in Kolkata in February include Devaloke Group, Dharitri Infraventure, Magnolia Infrastructure, Rungta Group and Ushashi Realstates. Dharitri Infraventure and Ushashi Realstates both launched new projects in New Town. While the name of the former's project would be Universia (400 units will be up for grabs), the latter has named the project King Town (the project will offer 600 units to buyers). Apartment units at Universia will be available for Rs 2,720 per sq ft and for Rs 2,096 per sq ft at King Town. Magnolia Infrastructure has announced the launch of its new project Magnolia Sports City at Barrackpore and has priced the 336 units at Rs 2,000 per sq ft. At Sonarpur, Devaloke Group will be constructing its new project Sonar City where the 104 apartment units will be priced at Rs 3,200 per sq ft. Madgul Antaraa is the new project of Rungta Group at Joka. The 174 units at this project are priced at Rs 3,250 per sq ft.