A series of residential project launches in the next three-six months is likely to invigorate the real estate market, as demand for houses in the city is poised for to grow.
In the last three months, property prices increased by 5-10 per cent in some plush locations of Kolkata, said developers. Realtors who had put their projects on hold due to a sloth in demand last year are now gearing up to launch them in anticipation of further pick-up in demand in the next few months.
For example, inspired by the success of one of the most expensive realty projects in the city, several city developers, including the Sureka Group, Srachi, M K Jalan-promoted real estate firm and Emami Realty,among others, have formed a consortium to launch a similar residential project behind EM Bypass. The project, Urbana, is expected to be launched in the next 10-15 days, according to one of the developers of the consortium.
Similarly, Rungta Group,is planning to take up a mega residential project in the next three-six months.
“The demand for residential projects is picking up in the city. We are also planning to launch a major residential projects in the next three-six months,” said Santosh Rungta of the Rungta Group.
Jitendra Khaitan of Pioneer Properties said in the last three months, every month there has been a price appreciation in the range of 2-2.3 per cent in residential projects.
“There are several projects lined up to be launched in the city in the next three to six months. The sales have touched almost the peak level prior to the recession. In the last one year, the prices have gone up by almost 15 per cent. “The demand this time has been driven by residential projects, and there is no more speculative buying,” Khaitan said.
Sureka Group is planning to launch another residential project, with prices between Rs 25-30 lakh in the by the end of this year.
A recent report on the Kolkata residential market by Cusham and Wakefield had pointed out that the residential market was likely to witness further strengthening of capital values, especially in the high-end segment while the mid segment was expected to remain stable.
Under-construction projects witnessed significant commitments due to the possibility of a further rise in prices in the coming quarters, said the report. Areas like Garia, Behala, Howarh and Thakurpukur in city fringes were likely to draw considerable number of home buyers in the next few months, said developers.
However, most developers are still silent about the viability of commercial projects in the city, with several office spaces in the projected IT hub of the city, Rajarhat still vacant.
