The real estate market in Kolkata has bounce back with aplomb, registering sales of nearly 850 units valued at Rs 400 crore in June. NK Realtors, the biggest real estate consultant in the city, has sold 210 units worth Rs 100 crore during the month.
“The real estate market in Kolkata is back on track. We were initially surprised by the volume of inquiries but soon realised that customers have accepted the new reality. They are forming opinion on the projects based on virtual tours and just formalising the deal after a site visit. In July, we have rebounded to nearly 85% of the business prior to lockdown,” said NK Realtors Vice-Persident Mr. Biplab Kumar.
The company saw a steady improvement in sales from 120 units in April to 159 units in May and 210 units in June. The 489 units sold in the three months compares with 554 units sold in the corresponding period last year. The industry sales during the quarter is pegged at 1,700 units worth Rs 850 crore.
The Behala-Thakupukur-Joka belt accounted for 47% of sales followed by Serampore at 13%, Southern Bypass 10%, Dunlop-Barrackpore belt 8%, Madhyam-Barasat stretch 5%, Rajarhat 5%, and Mukundapur-Sonarpur 4%. Kolkata proper and New Town made up the rest.
Confederation of Real Estate Developers Association of India
(CREDAI) Bengal chapter President
Mr. Nandu Belani isn’t surprised that customers are back but he admits the
industry did not expect the revival this early. “The lockdown has made people
realize the importance of a home. Decisions that had been put off earlier are
now being pursued with purpose,” said Mr. Belani.
Analysis of the NK Realtor’s data indicates that those sold are priced below Rs 60 lakh. The sales of 3BHK units remain constant, sales of 4BHK units went up from 5.8% in the first three months of the year to 8% in the three months that followed.
Mr. Sushil Mohta, the President of the State Federation of CREDAI, says Kolkata’s early recovery is owing to it being a user-driven market, rather than one that is driven by investors.
“People have also realised interest rate on home loan is low. Prices haven’t increased in five years. This is the best time to buy,” he said, adding that even for investors, real estate offers the best opportunity now as the share market is in doldrums.
Source: timesofindia.indiatimes.com