The real estate market in West Bengal is experiencing a high trend, and this includes a notable increase in luxury real estate property sales in Kolkata. In the period between January and March 2022, the number of flats sold in Kolkata reached 3,810, which is almost three times higher compared to the previous year when only 1,320 flats were sold.
The luxury real estate market in West Bengal is dynamic. From suburban to semi-urban, real estate companies are showing interest to develop luxury properties because West Bengal has a high demand for upscale real estate properties. Kolkata has significantly transformed into the most emerging real estate market.
West Bengal: Demand Of Luxury Real Estate Market
After the Covid-19 pandemic, West Bengal has seen drastic changes in the luxury real estate market. The growing trend among individuals residing in apartments is to seek more expansive residences within gated communities to enhance their quality of life with access to various amenities. The state government’s incentives, including a 2 % reduction in stamp duty and a 10 % in circle rates, have encouraged even those who were undecided to purchase their first home.
According to the “Real Estate Developers Sentiment Survey” conducted by the Realtors’ apex body CREDAI, in 2024, 43% of developers anticipate residential demand to remain stable, while 31% believe it will rise by up to 25%.
The affordable segment is fueling the demand, but there is a notable increase in the mid and premium segments as well. This growth is supported by the resurgence of the Indian economy, expansion in the IT sector, and start-up businesses.
Real Estate Market In Kolkata: Trends Of 2024
In Kolkata, homes with a price range of Rs 50 lakh to 75 lakhs continue to dominate the market. Accounting for 60% of the total, the majority of sales are for properties priced between Rs 60 lakh and Rs 1 crore. primarily driven by increasing income levels.
However, there has been a notable increase in the demand for luxury apartments priced above Rs 1 crore, suggesting a growing interest in larger layouts and the availability of sufficient funds.
Approximately 15% of the units sold exceed Rs 1 crore in price. In Kolkata, well-known developers are introducing high-end projects, appealing to individuals with higher incomes and elevating their aspirations.
While we are talking about the luxury real estate property trend in 2024, people are showing interest in living bang on the river or buying Villaments. However, the prices primarily reflect the location and land worth of the real estate undertaking.
Unique Features Of Luxury Real Estate property In West Bengal
Bolpur, Maheshtala, Joka, Sonarpur, Newtown, Rajarhat, Barasat, Howrah, Garia, and Madhyamgram are the most demanding places where developers built luxurious properties. These areas have road connections and all necessities like hospitals, schools, colleges, universities, shopping malls, and local marketplaces.
However, Srijan Realty has come up with many premium to luxury residential properties. Where you will get fast jetty & ferry service, in-house shuttle service, Playground, Theatre, Gym, Indoor play Area, Meditation area, Swimming pool, Badminton court, Club, Bar, Restaurant, Gathering Hall, Banquet, Parking Area, Garden, Water Body, Work Space and more.
As the latest real estate market in West Bengal, it can be said that the real estate business is one of the growing businesses. With innovative engineering design and following the IGBC guideline, Srijan Realty built the future of luxury living.
We share with you our thoughts and expertise to choose the best home as per your desire and way of living. So, stay with us and explore the meaning of life.
Frequently Asked Questions (FAQs):-
Q1. What Is The Real Estate Forecast For 2024 In India?
According to a report, The real estate market in India is projected to experience a compound annual growth rate (CAGR) of 9.2% from 2023 to 2028. As a result, the fiscal year 2023-2024 will see a strong foundation as an increase in the number of buyers and lower interest rates on home loans.
Q2. Is 2024 A Good Year To Buy A House In India?
2024 is expected to be a period of booming growth for the real estate market. NRIs and millennials are expected to play a significant role in shaping the 2024 real estate market due to real estate property becoming common property.
Q3. How Is The Real Estate Market In Kolkata?
At present, the Kolkata real estate market contributes 20,000 crores to the GDP, and it is projected to expand to 65,000 crores by 2050. As the overall real estate sector is experiencing rapid growth, the Kolkata market is also keeping pace with this trend.