Realty prices drop, but developers spy revival
The real estate market in Kolkata has, according to multiple reports, recorded a dip in price amidst rising inventory but major developers in the city have pinned their hopes on a recovery based on the hike in sales in recent months.
A report by independent non-brokerage realty research company LaisesForas released on Tuesday showed the average property price in Kolkata had declined from Rs 4,386 per sq ft in the fourth quarter of 2017-18 to Rs 4,256 in the first quarter of 2018-19, a dip of 3%.
International realty firm Knight Frank had earlier shown sales had declined 19% in the first half of 2018 against the corresponding period previous year while launches were down 35% as developers wary of RERA and GST postponed their projects.
According to the LaisesForas report, the number of unsold units in Kolkata has ballooned by nearly 16,000 units in 12 months. Against 45,414 unsold units in April-June 2017, the city has 61,307 units in 12 months. Against 45,414 unsold units in April-June 2017, the city has 61,307 units unsold in the same period this year. In the past three months, the unsold inventory has gone up a whopping 10,364 units.
The silver lining though was in sales with the market appearing to show signs of revival after a steady slide over for nearly five years now. Chennai was the only other market that saw inventory go up against last year.