2018-The best time to invest in Kolkata real estate
Kolkata’s lanes have seen a gradual change with each passing day, where old structures were replaced by modern buildings supported by other infrastructure development. Today, the city, in addition to being recognized for its culture and architecture, has become an IT hub that includes business and financial sectors. With a growing population of the city (around 14.8 million) and optimal employment rate, Kolkata is facing high demand for residential real estate projects with each passing day. Therefore, in this article, we will delve into the Kolkata real estate scenario and highlight the legitimate reasons to invest in the real estate sector in the city for the year 2018.
An overview of the real estate sector of Kolkata
current scenario
The current real estate scenario in Kolkata is very different from what it used to be 3-4 years ago. According to a study by Knight Frank (a real estate advisory firm), Kolkata’s residential market value had shrunk by 15% (approximately) in the second half of 2017, due to dormant claims and defective inventory levels of units completed. Those prices included a reduction in base prices by the developers, along with the rejection of other charges such as stamp duty. Furthermore, with the Demonetization Announcement, Annual Sales were also gradually seen to drop.
However, with the implementation of (Real Estate Regulation Act) RERA in many cities resulted in a positive impact, thus promoting transparency, efficiency and increasing the confidence of home buyers to invest in real estate projects Kolkata 2018 .
End user driving growth
The determination of potential buyers in Kolkata to own the perfect home is driving developers to come up with notable real estate projects in 2018. In the quest to buy the best apartment in Kolkata, potential buyers don’t even mind visiting a residential apartment in north of Calcutta or on the outskirts. Hence, due to this current trend, property developers in Kolkata no longer hesitate to delve into low-cost housing. In fact, they are dreaming up projects in most of Kolkata, occupying regions like Garia, Kona Expressway, Rajarhat and Madhyamgram within or beyond the city limits.
Creative offers for buyers
Many real estate companies in Kolkata are putting up attractive offers to attract potential buyers, just like other metropolitan cities like Mumbai, Chennai and Bangalore. This is mainly seen in the housing complex in North Kolkata to facilitate a modern lifestyle in regions like Madhyamgram, Sodepur, Konnagar etc.
Sensitive property prices
Unlike other metropolitan cities, property prices in Kolkata are closer to reality and are within the reach of various economic levels of buyers. Infrastructure development and lower asset prices are forcing more people to invest in the housing projects in Kolkata. In fact, the largest number of buyers that Kolkata is getting is coming from NRI Indians or people residing in the small towns nearby, looking to make a safe bet. Therefore, the application for residential complexes in Kolkata is INCREASING BY STEPS AND LIMITS.
Affordable housing for all
Budget 2018 has also set a benchmark for affordable housing. ‘Housing for all’ is becoming one of the significant government projects by 2022. The Government, in fact, aims to deliver 10 million homes under this project, of which 95% of the houses will be built. for Economically Weaker Sections (EWS) and Low Income Groups (LIG). A social interest housing fund will be assigned by the National Housing Bank for priority sector credit, thus stimulating the development of housing in this segment.