Looking For New Units In Kolkata? 20,000 Homes Are Arriving Soon

For homebuyers, who prefer ready-to-move-in properties, Kolkata presents the perfect opportunity. According to data available with PropTiger.com, over 20,000 apartments are expected to be delivered in the city in the next three months while another 23,000 are scheduled for completion in next two years. Another 30,000 units are expected to enter the market in 2020-2021.

Locations to look for: Data available with PropTiger.com show, north and south of Kolkata have the highest unsold inventory. There are over 19,000 properties available for sale in north Kolkata and over 16,000 options in the south of the city. Majority of the new projects are in the prominent localities such as New Town, Joka, Rajarhat, Howrah and Salt Lake City. With the launch of the Silicon Valley project, the builders are anticipating rising demand of quality housing with better amenities.

For those looking for under-construction units, too, north and south of the city has ample options. However, north Kolkata has more affordable alternatives as the region remains a favourite among homebuyers. This region has recorded highest sales in past one year.

Apart from improved connectivity better social infrastructure, price correction is another reason that has made fence-sitters enter the market. Due to this, inventory overhang in the city has reduced to 29 months from 32 months, lowest since 2016.

Price check: In the past, rates of property in Kolkata has not seen much increase. According to the data available with PropTiger.com, average prices in the city are Rs 3,800-Rs 4,000 per square foot (psf). While property prices in New Town vary from Rs 4,000-Rs 4,500 psf, Rajarhat is offering properties are priced in the range of Rs 3,700-Rs 4,300 psf. Similarly, Tollygunge, a developed locality offers property at slightly higher prices of Rs 5,600-Rs 6,400 psf.