Average Kol home price up 13% in 2 yrs, north pips south
Times of India | 8 July 2024
Kolkata: The average sale price of homes in Kolkata has gone up by 13% since 2022. According to an analysis by NK Realtors, the largest real estate consultancy firm in the east, the average saleable price has increased from Rs 5,066 per sq ft in 2022 to Rs 5,728 in the beginning of this year.
Apartments in north Kolkata saw the highest price rise at 13% from Rs 6,759 per sq ft to Rs 7,635 per sq ft.In east Kolkata, the growth was 11% from Rs 5,345 per sq ft to Rs 5,935 per sq ft.
East Kolkata also had the highest supply of homes with 41% of the total pie of 25,632 units located in that part of the city, followed by south-west Kolkata at 20% and south-east 13%. South Kolkata, that has traditionally had a high saleable price in the city, saw an 8% growth during the period from Rs 8,044 per sq ft to Rs 8,686 per sq ft.
Central Kolkata, where the average saleable price is the highest, recorded an 8% growth from Rs 8,542 per sq ft to Rs 9,194 per sq ft.
South-east Kolkata witnesssed a 9% rise from Rs 4,034 per sq ft to Rs 4,385 per sq ft while south-west Kolkata saw an 11% growth in price from Rs 3,927 per sq ft to Rs 4,347 per sq ft.
Central and north Kolkata had the highest demand for apartments in this period. While the central Kolkata demand was pegged at 29%, that of north Kolkata was 24%.
While 43% of the supply in central Kolkata got sold between 2022 and the beginning of 2024, 39% of north Kolkata supply got sold during the same period. Even South Kolkata saw 40% of the supply being sold within the similar timespan.
“The average monthly absorption rate in the residential real estate market in Kolkata has grown by 6% with inventory levels going down along with the waiting period for a unit to get sold,” said NK Realtors senior vice-president (consulting and sales) Biplab Kumar.