Home sales in Kolkata saw an improvement in the third quarter of 2020 even though new supply continued to remain under stress because of the prevailing market conditions, data available with PropTiger.com show.
“Consumers continue to perceive real-estate as the most stable asset and a number of them are looking to upgrade their homes as working from home is likely to continue. While states such as Maharashtra have reduced stamp duty rates on property transactions, financial institutions have also brought home loan interest rates to sub-7% level. The developer community is not only ensuring buyers are able to book their future homes using virtual tools but also offering festive discounts and easy payment plans”, says Mani Rangarajan, Group COO, Housing.com, Makaan.com & PropTiger.com.
According to Real Insight Q3 2020, a quarterly analysis of India’s eight prime residential markets in India by the property brokerage firm PropTiger.com, home sales in Kolkata during the July-September period of 2020 increased 88% when compared to the previous quarter. A total of 2,479 new units were sold in the West Bengal capital during the quarter. The affordable segment continues to drive demand in Kolkata, with 57% sales concentrated in the less than Rs 45-lakh category. Price growth in Kolkata has also been flat. This makes Kolkata the second most affordable housing market after Ahmedabad among the eight cities included in the quarterly analysis.
