Doles to push up sales in real estate sr, hoectope Kolkata developers
When global real estate consultant Knight Frank presented its report on Kolkata around a month ago, the scenario appeared very bleak. Inventory of unsold apartments had hit an all-time high of 38,500 at the beginning of the year. According to projections, it would take over three years to sell these apartments. The slow pace of sales pushed down prices.
All that is set to radically change following the dollies offered to the real estate sector in the interim budget presented by PiyushGoyal on Friday. Developers in Kolkata expect accelerated sales will bring down inventories and stem the slide in prices.
Not just that, developers say the budgetary announcements will trigger a slew of launches over the next one year, most of them in affordable housing segment where demand is healthy. In 2018, launches had declined by a whopping 25%.
“This may be an interim budget but for the real estate sector, this is a lifeline. It addresses several issues and concerns and should fuel growth. I expect sales to go up by 15%-20%, particularly in affordable housing sector,” said NanduBelani, president of the Bengal chapter of Confederation of Real Estate Developers’ Association of India (Credai-Bengal).