In the constantly changing realm of real estate in the country, Kolkata stood out in 2023 with its impressive growth and resilience. The city’s residential market witnessed a robust surge in new supply, sales, and a remarkable balance in inventory management. Let’s take a look into the key highlights that shaped Kolkata’s residential real estate story in 2023.
New Supply Surges Ahead While Residential Sales Observes Steady Momentum
Kolkata’s residential real estate landscape experienced a substantial boost in the fourth quarter of 2023, with a quarter-on-quarter (QoQ) increase of 37 percent. The year-on-year (YoY) growth in new supply saw an even more significant increase, with a growth rate recorded at 90 percent in Q4 2023 over the figure in Q4 2022.
On the whole, the period 2023 saw a significant 87 percent YoY growth, with developers launching a total of 15,303 units during the year. Meanwhile, the residential sales market in Kolkata displayed commendable growth as well, recording a 16 percent YoY increase in 2023.
A total of 12,515 units were sold, reflecting a robust demand from homebuyers. The city’s real estate market, thus, demonstrated a fair quantum of resilience, sustaining positive momentum despite the challenging economic situation.
Top Locations Where Kolkata's Homebuyers Picked Their Homes and Developers Launched their Projects
New Town, Rajarhat, and Howrah emerged as the primary hotspots, witnessing a flurry of activity in terms of new residential launches. Interestingly, New Town and Rajarhat played a pivotal role in driving sales in the city, too, along with Baranagar, Dankuni and Joka evolving as key contributors in the total residential units sold during 2023.
New Town and Rajarhat have become favoured residential destinations in Kolkata, thanks to their strategic combination of contemporary amenities, infrastructure, and lifestyle offerings. These areas are conveniently located near major IT parks and numerous office projects, providing employment opportunities, seamless connectivity and efficient transportation in close proximity to residents' homes.
On the other hand, Baranagar, Dankuni, and Joka are rapidly gaining popularity in Kolkata's real estate landscape due to their strategic locations and evolving infrastructure. Homebuyers are drawn to these areas for their relatively affordable housing options, improved connectivity, planned development, and emerging employment opportunities, making them preferred choices for residential investment.
Price Range and Unit Configuration Preferences
In terms of price brackets, homes in the INR 25-45 lakh range commanded the highest share in total sales, capturing 38 percent of the market. This trend suggests that while the city's real estate market caters to a broad spectrum of buyers, including those in the mid and high-end income segment, affordability remains a key factor influencing homebuying decisions in Kolkata.
In 2023, 2 BHK apartments constituted a significant 43 percent of the total units sold in the Kolkata residential market, underscoring substantial demand for this housing category. Following closely, 3 BHK units captured a considerable market share, accounting for 42 percent of the overall sales. This nuanced demand reflects a balanced preference for both compact living spaces and larger, more spacious homes.
Inventory Management
In a notable contrast to other major cities, Kolkata claimed the lowest share of 3 percent in the total unsold stock of 9.55 lakh units across the top 8 cities. This underscores Kolkata's ability to align supply with demand and maintain a healthy balance in its real estate market.
In conclusion, Kolkata's residential market in 2023 showcased resilience, adaptability, and a keen understanding of the evolving needs of homebuyers. As Kolkata continues to chart its real estate journey, the emphasis on affordability, diverse configurations, and efficient inventory management positions it as a promising market in the broader real estate landscape.
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