Kolkata has witnessed remarkable growth and changing trends in affordable residential property market. The city embraces the new developments of modern style housing models instead of traditional housing. This transformation has been driven by infrastructural development and economic prosperity, leading to a rapid expansion of urban areas. Areas that were considered city outskirts including Rajarhat, Madhyamgram, Sonarpur-Rajpur, etc as the most sought-reality estate zones.
According to the latest report released by real estate consulting firm Knight Frank India, 4,806 apartments were registered in February 2024 in comparison to 1,184 flats that were registered in January 2024 which is a threefold increase. Significantly, data from the state directorate of registrations & stamps revenue cites that Last year, the January registration count was at 4,178, and 2,922 flats in February.
Further, Kolkata witnessed a significant increase in the residential real estate market activity during Q3 2023. The city has witnessed an upsurge to 3,610 units, surpassing the 2,530 units sold during Q3, 2022. Showing the growth of 43%.
Elaborating on the trend, Mr B P Singh Roy, COO – Sales & Marketing, Keventer Realty said, “Recent trends show aggressive investments in property, the value of which appreciates over time while providing stable rental income, thus creating a viable, secure asset.”
Stating that the surge in Kolkata’s residential real estate market is a positive trend, Mr. Saumya Vardhan Patodia, Director of Signum Group said, “This is a conducive scenario in the real estate market that promises opportunities for both homebuyers and investors. We are committed to leveraging this market environment to deliver exceptional value and best services to our clients.”
Another real estate promoter of the city, Mr. Manish Shahra, Chairman & Managing Director of Anik Group said, “Kolkata’s residential real estate market is experiencing an unparalleled boom, and as the MD of Anik Group, I couldn’t be more excited. This boom isn’t just about numbers; it’s a reflection of evolving lifestyles, urban aspirations, and community dynamics. Our role isn’t just to sell properties; it’s to create homes that resonate with the soul of the city”.
This boom in the residential market of Kolkata signifies a positive impact on the economy and development of the city altogether
