Kolkata’s lanes have undergone a gradual transformation over the years, as old structures have been replaced by newer ones backed up by newer infrastructure. Today, the city is known not only for its art and architecture but also as a business and financial hub thanks to its status as a major IT hub. With an ever-increasing city population (approximately 14.8 million people) and a high rate of employment, Kolkata is seeing an increasing demand for residential real estate projects. If you want to know why you should invest in Kolkata’s property market this year, we’ll go over the city’s current real estate situation in this post.
The current situation of the Kolkata real estate market
Even just a few years ago, Kolkata’s real estate market was very different than it is today. In the second half of 2020, Kolkata’s residential market value decreased by 15% (approximately) as a result of inactive demand and low inventory levels of completed units, according to a study by Knight Frank. In addition, developers slashed the base price and rejected additional fees like stamp duty. In addition, the annual sales decreased gradually after the announcement of demonetization.
Many cities have seen a positive impact from the implementation of RERA (Real Estate Regulation Act), which has increased transparency, efficiency and the confidence of homebuyers to invest in Kolkata real estate projects 2022. Read About Silver City project.
Growth is driven by the end user.
This year’s real estate projects are being inspired by the desire of Kolkata’s potential homebuyers to find the perfect place to call home. Apartments in North Kolkata and the suburbs are no problem for prospective buyers in their quest to find the best one in town. Kolkata’s real estate developers are no longer hesitant to enter the market for low-cost homes because of this current trend. As a result, they are planning projects in and around Kolkata, including Garia, the Kona Expressway, Rajarhat, and Madhyamgram, as well as areas both inside and outside the city limits.
Ingenious Deals for the Buyer
Kolkata’s real estate companies, like those in other major metropolises like Mumbai, Chennai, and Bangalore, are offering tempting incentives to entice potential purchasers. As a result, a modern lifestyle may be enjoyed in areas like Madhyamgram, Sodepur, Konnagar, and others in North Kolkata.
Property Costs That Are Reasonable
Kolkata’s property costs are more in line with reality and accessible to a wide range of buyers, compared to other major metropolises. Investing in Kolkata’s housing projects is becoming increasingly popular because of the city’s growing infrastructure and cheaper property prices. NRI Indians and residents of adjacent small towns are the two most common buyers in Kolkata, which is a secure choice for investors. As a result, the need for new apartment buildings in Kolkata is surging.
Assuring Access to Affordability in the 2022 Budget is another significant achievement. As of 2022, “housing for all” will be one of the most important government initiatives. A total of 10 million dwellings will be built under this initiative, with the majority of them going to low-income families and those in the Economically Weaker Sections (EWS) (LIG). The National Housing Bank will allocate an affordable housing fund for priority sector financing, thereby promoting housing construction in this segment.
We may finish by saying that 2022 is the ideal time to invest in Kolkata’s real estate market. In the future years, you will be able to live the life of your dreams thanks to the development of high-end residential Flats in Madhyamgram with world-class amenities. Because of this, if you’re considering buying a home but don’t have a particular preference for a city or your investing decisions are dictated only by the market, Kolkata is the best place to look.