kolkata: Kolkata’s residential market has witnessed a rise in demand and supply for 2BHKs from January to March 2023 with Rajarhat Newtown topping the chart while posh South Kolkata areas witnessed a slump in average property rates.
In Q1 2023, Kolkata’s residential market displayed signs of revival after recording a decline in demand (searches) and supply (active listings) over the past two quarters, according to a study by the real estate consultancy firm Magic Bricks.
The study revealed that demand has spiked by 6.5 per cent QoQ (Quarter on Quarter), supply witnessed a surge of 1.3 per cent QoQ and the average property rate grew by 1 per cent QoQ.
As on March 2023, Kolkata’s residential market remained stable as there was an increase of 2.3 per cent QoQ in the average rate while the under-construction segment too witnessed an increase of 2.3 per cent QoQ in the average rate. Also, according to the report, some key developers based on active listings in Q1 2023 are PS Group, Shapoorji Palonji Real Estate, Srijan Realty Pvt Ltd, Sureka Merlin & JB Group, Ambuja Neotia, among few others.
Research of the Kolkata real estate market in the residential category revealed that continuing the trend from the previous quarter, the demand for 2 BHKs is on the rise, marked by a spike of 2 per cent. Presently, the demand for 2BHK is 47 per cent. Comparatively, the demand for 3BHK is 42 per cent, above 3BHK is 6 per cent and 5 per cent for 1BHK.
In terms of supply, too, “2BHKs lead the show with a 48 per cent market share”.
Further, the research cites that affordable properties which are less than Rs 5000 per sqft have dipped from 67 per cent in Q4 2022 to 64 per cent in Q1 2023.
The supply of affordable properties has consistently declined over the last year.
However, this segment continues to dominate Kolkata’s residential market, as observed in the report. Interestingly, supply in the premium segment where properties cost more than Rs 7500 per sqft witnessed an upward trend.
As per the demand-supply analysis, Rajarhat-Newtown remains the most preferred micro-market in Kolkata.
The reason as pointed out is connectivity, affordability and proximity to employment hubs. In Q1 2023, the maximum rate for residential properties in this area is Rs 7600 per sqft and the minimum is Rs 2600 sqft.
Affordable properties in the North Extension micro-markets such as Madhyamgram and Sodepur, and South-extension micro markets - Sonarpur, and Narendrapur- have seen a rise in average property rates. Densely populated localities- Behala Chowrasta and Baguihati- have witnessed a dip.
Premium localities along EM Bypass registered a spike (4.3 per cent) in their respective average property rates.
South Kolkata areas such as Ballygunge Place, Southern Avenue and Jodhpur Park have witnessed a slump, according to the report.