Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Decline in Kolkata Real Estate Market Due to Unsold Residential Property

By Vinay Jain Subscribe to RSS | August 3rd 2012 | Views:

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.

Vinay Jain - About Author:
PropTiger is an independent real estate advisor with a pan-India presence. We aspire to be your first port of call if you want to buy a property in Kolkata.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Real Estate Articles Subscribe to RSS

Kelowna real estate is the best properties of Canada
Published by Warner on April 23rd 2012 | Real Estate
Kelowna real estate is the most reputed name when it comes to purchasing a residence in the locality...
Malaysians top the list for purchase of properties in foreign lands
Published by Jeevan Nanthan on May 26th 2012 | Real Estate
The most notable development in this was undertaken by a leading developer in property penang- SP Se...
Luxury properties India – How to decide the best?
Published by Mike Nicholson on February 9th 2012 | Real Estate
India has grown a lot in different terms – becomes the most emerging outsourcing hub in the world,...
Luxury properties in Houston
Published by Brad Hermes on May 16th 2012 | Real Estate
Investment in the luxury properties is indeed the biggest investment in someone's life. For many peo...
Industry Trends for NCR commercial and residential properties
Published by Rahul on August 14th 2012 | Real Estate
The National Capital Region, commonly called Delhi/NCR, continues to be a dynamic hub of real estate...
Aruba for sale properties can make the best home for your family
Published by Sothebysrealty Aruba on March 16th 2012 | Real Estate
Owning a house in Aruba is worth the money aid for the place and the accommodation as there are many...
Buying commercial properties in metro cities
Published by Maaya on April 4th 2012 | Real Estate
If a person have a housing property in a big metro cities like Pune, Chennai or Chandigarh, they him...
Why invest in residential properties in Malaysia?
Published by Jeevan Nanthan on July 1st 2012 | Real Estate
Malaysia real estate may offer plethora choices to investors, but buyers in residential sector must ...
Finest real estate properties of California
Published by Henry Fuol on June 22nd 2012 | Real Estate
The decision of buying a real estate property is very vital as it involves a huge sum of money as we...
Lucknow properties: Bringing luxury to life
Published by Komal Chauhan on January 12th 2012 | Real Estate
This article is related to Lucknow's most luxurious project named Omaxe Residency Lucknow and its va...
Fulfill your dream of buying luxury properties in India
Published by Mike Nicholson on January 17th 2012 | Real Estate
Are you dreaming of a plush luxury property with stunning interiors and all the ultra-modern ameniti...
Avail of expert guidance while searching for rental properties Phoenix
Published by Leoparade on June 25th 2012 | Real Estate
Those who need to search for a rental house must be aware of the troubles they have to face. It is r...
Things to bear in mind when perusing properties to rent in Bath
Published by on June 19th 2012 | Real Estate
However whether you are looking for properties to rent in Bath or Birkenhead there are some things w...
Town houses as investment properties
Published by Darcy on March 19th 2012 | Real Estate
If you are considering an investment property then this is a great move that can help you to earn a ...
Buying properties in Malaysia through auctions
Published by Jeevan Nanthan on June 20th 2012 | Real Estate
Any buyer should carefully study the difficulties or issues that they can encounter while buying any...
Finding properties to sale or rent in Chessington
Published by Glyn Jones on January 21st 2012 | Real Estate
An reliable and reputable estate agents makes it quite easy to find the respective properties for sa...