Monthly Watch: Home Sales Up 27% in Kolkata

At a time when major property markets of the country are registering a sharp decline in home sales numbers, Kolkata has bucked the trend. According to PropTiger DataLabs report, home sales in Kolkata saw a monthly increase of 27 per cent in October on a month-on-month basis. Top performing localities for the month include Uttarpara Kotrung, New Town, Bow Bazaar, Rajarhat and Dum Dum, contributing the highest to monthly home sales. In September, too, home sales in Kolkata increased 36 per cent over August. In its second quarter report (Q2) for the financial year 2016-17 (FY17), PropTiger DataLabs had shown home sales appreciated 35 per cent on a quarter-to-quarter basis in the city. The Q2 report also showed that at 31 months, the inventory overhang in Kolkata remained in the lower range when compared to other cities. Noida, for instance, has an inventory overhang of 53 months in the same period.

However, launches took a hit in October.

According to PropTiger DataLabs, new launches in Kolkata declined 38 per cent over September. This is in contrast with a 77 per cent increase in new project launches witnessed in September over August. On an annual basis, however, launches have registered an increase of 59 per cent in October.

Developers who launched new projects in the City of Joy in October include Ambuja Neotia, Shree Krishna Developers and Sriram Properties. Units in these projects are available in a price range of Rs 2,750-7,500 per sq ft.

While property prices witnessed no monthly movement, there has been a one per cent decline when compared to October 2015.