Top Realty Performer in India – Kolkata
Introduction
Homebuyers these days are smart enough and quite dogged about search of their perfect home. They not only focus on looking for a dream home that suits their budget but also best of living. Some of the reasons why realty market did not receive response from the homebuyers as expected, include lower economic growth, lower rates of job creation, high capital values and high interest rates and delay in delivery of projects. Developers and authorities seem to have come up with proper solutions to tackle the prevailing issues and play a big part in keeping prospective homebuyers positive about the market over the past few years. Non-Resident Indians (NRIs) are targeting to invest in the real estate market here, thereby boosting the demands further. Reasons why the top realty performer in India – Kolkata :
Booming Property Market
Demands for properties or even house for rent in Kolkata have gone up, and residential segment has been largely benefitted with this. First few months after Durga Puja have always been critical for the property segment, which has till now, witnessed a sign of demand revival. Such a rapid increase in demands is mainly attributed to slow economic growth and property transaction rates.
Builders have now cut down their profit their margins, which has certainly gave the sales volume a boost. Properties are available at comparatively lower prices. Buyers these days can grab the desired ones at a discount of no less than 5-10%. These discount includes mainly cash discounts, flexi-payment plans, free parking spaces, gifts like gold coins, air-conditioner etc.
Builders have taken a sign from the realty markets of other metropolitan cities like Delhi, Mumbai, Chennai and Bangalore, and have come up with similar business models. Earlier being a less buyer-friendly market, both residential and commercial segments of Kolkata are more interested to fetch buyers’ attention by offering them with free cars to the first few buyers, free air-conditioners, and modular kitchens, among others.
Popular Localities
South Kolkata has been quite a crowd puller if we talk about property demands. Localities like Baruipur, Kalikapur, Garia, Rajpur and Sonarpur have witnessed the maximum demand from both investors and the end users.
Other areas like Ballygunge and Jodhpur Park have marked 100% hike in capital values in just three years. They have been benefitted a lot with the launch of some of the integrated developments. Property prices are still under control are thus the demands are up. For luxurious properties, the city’s business families have posed demands for some more such premium and low density projects.
Conclusion
Kolkata real estate is booming and there is no looking back for the city. Markets are all set to herald new customers and are mainly driven by investment instincts and not sentiments. Weak infrastructure and underdeveloped localities are the things of past in Kolkata now. Realty market holds bright prospects and capital values are expected to be at par with cities like Delhi and Mumbai.
