The rise in urbanization and economic affluence supported with significant infrastructure developments, government initiatives and demand-supply gap has triggered development across Kolkata in real estate spectrum.
The 21st century saw Kolkata’s economy bloom with liberalization. Changes in the economical policy of the West Bengal government resulted in large investments into retail, hospitality, infrastructure and real estate.
Information Technology (IT) was to become the engine of growth for Kolkata as it did for other Indian cities. By the late 1990s the IT sector in Kolkata grew at 70% per annum- twice the national average.
Other factors which have contributed to the growth of Kolkata real estate are the government of India’s “Look East” policy, the opening of the Nathu La mountain pass in Sikkim on the border of India and China to international trade and the fact that South East Asian countries are looking at Indian markets for expansion.
More & more people are looking to invest in Kolkata real estate now than ever before. Many of the people are buying apartments or villas in Kolkata for their own use as well as for the purpose of investment. Property in Kolkata is also attracting many more number of people from various cities of the country as their residential destination.
Many luxury projects are coming up presently which are attracting NRIs and HNIs. Thus it can be said that Kolkata is creating buzz in the real estate market.
The Kolkata property market is gradually experiencing a rising demand in residential properties. New flats in Kolkata in different locations and price ranges have been coming up thick and fast to cater to this demand and all this augurs extremely well for the Kolkata flats market.
Recently, property developers in Kolkata just like all other regions in India have been focusing more in mid and affordable housing offerings rather than premium projects. A number of developments tagged as affordable flats in Kolkata have started coming up off late. People have already started showing tremendous interest in these affordable Kolkata flats as a result.
As per a new research study, Kolkata is India's only major property market to have seen an increase in housing units' sales in the September quarter of the current calendar year. It had a 32% jump at 4,079 units as compared to 3,092 in the same quarter (Q3) of last year. It was also one of the exceptions where prices escalated in the quarter.