Decline in Kolkata Real Estate Market Due to Unsold Residential Property
Are you probing for the higher property locations then the city Kolkata welcomes you. Kolkata is that the wonderful town surrounded with the plenty of greenery, it is very good climate and offers a good diversity. The rates of property in Kolkata are simply similar or on top of the cities like Delhi. One will simply manage to induce a Property for rent in Kolkata within the limited budget. The flats for rent in Kolkata is varying on the locality you select like in the other town.
The first and most vital issue you may do when considering investment in an exceedingly residential property in Kolkata that is below market value is to collect the most quantity information relating to the property as potential, significantly if you are getting to sell it on. Regularly take a good examine the surface of the building for signs of any problems that may cause expensive repairs. Metros like Delhi and Mumbai grappling with the predicament of high unsold residential stocks for the last couple of months, Kolkata appears to possess weigh down its inventory over the past three years.
A quick survey of the three metros’ residential markets by country’s leading property consultant Jones Lang LaSalle’s property intelligence service confirms this. Available-for-sale residential property in Kolkata have dipped by 19.32% to 7776 in end-2011 from 9639 units in end-2010. Total number of active stock was abundant higher at 14908 units in end-2009.
In Mumbai, unsold homes are more than the 2009 levels at 50198 residential units. Comparatively, unsold inventory levels in Delhi NCR, as well as Delhi and metropolitan areas of Ghaziabad, Faridabad, Noida and Gurgaon were over twice the 2009 levels at 112993 units in end-2011.
Realtors and real estate consultants attribute the town’s declining active stocks to less launches within the city over the last one year compared to the previous year and therefore the year before. This could even be kept in mind that the new launches predominantly geared toward the premium phase not like launches targeting totally different income categories since past two years.
Since demand for residential property in Kolkata has been sturdy, real estate corporations — public, state- owned moreover as those within the joint sector as well as the likes of state-owned West Bengal Housing Board, PS Group, Ideal Group, Mani Group and Ambuja Realty, among many others are attempting to eliminate their stocks. Sales are happening, though at a slow pace. Sellers and consumers are negotiating hard to clinch a deal. In keeping with JLL figures, Grade A residential apartment sales in Kolkata averaged 5581 units in end-2011, against 9031 residential units and 5786 units in end-2010 and in end-2009.
Developers attribute the less launches to overall economic slowdown, including demagogic uncertainty, lack of confidence in the state government, absence recent land parcels moreover as non availability of fresh source of land. With anonymity, a city-based developer stated, statutory authorities within the state is holding on to allows on some pretext or other options. Lack of designing and infrastructure in the city has conjointly blocked enlargement of town horizontally or vertically.
Mr. Arup Biswas, Housing Minister of West Bengal, stated, work on ongoing residential property in Kolkata is on. New real estate property both private as well as within the joint sector is welcome. We are cautiously scrutinizing new ventures to review whether or not the building norms, as well as fire safety rules, are being complied with before giving them positive indication. The Housing Board jointly plans to launch new residential property in Kolkata.
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