Apartment prices rise 25% in Topsia-Tangra-Beleghata belt
Times of India | 22 March 2025
Kolkata: Fuelled by the development of upscale projects in the Topsia-Tangra-Beleghata belt, prices of apartments in the area have spiralled by 25% in the past year, with the weighted average saleable price increasing from Rs 10,573 per sq ft in 2023 to Rs 13,500 per sq ft in 2024.
The zone, which also includes Canal South Road and Sealdah, has witnessed a sharp rise in sales. In 2023, of the total marketable supply of 1,032 units, 38% or 396 units were sold. In 2024, supply decreased to 819 units but sales increased to 496 units, representing 61% of the supply. The inventory of unsold units almost halved from 636 units in 2023 to 323 units in 2024. The region also reflected a 23% year-on-year growth in demand.
According to Kolkata's largest real estate consultancy firm, NK Realtors, the maximum demand continued to be for 3BHK and 4BHK units. Sales of these two sizes of units increased from 290 in 2023 to 419 in 2024. The inventory also dropped sharply from 512 units to 295 units. Sales of 2BHK units declined from 83 in 2023 to 60 in 2024. The unsold units count also decreased from 79 in 2023 to 19 in 2024.
There was no addition to the 5BHK inventory during the year. Hence, sales of this size of apartments went down from 20 to 14, while unsold inventory reduced from 42 to 9.
NK Realtors chief data and marketing officer Manav Agarwal said key factors that led to a growth in demand for sales of homes in the belt included the expansion of the metro rail network and improved connectivity to the central business district via the Maa flyover.
"Areas adjacent to EM Bypass, like Matheshwartala, Tangra, Canal South Road, Anandapur, Bypass till Ruby, Science City connector, New Town, and Mahisbatan, are expected to see higher appreciation due to their strategic locations," Agarwal said, adding that this real estate micro-market is poised for steady growth in 2025, with a focus on affordability, sustainability, and modern amenities.
Developers said buyers and investors should keep an eye on emerging trends and infrastructure developments to make informed decisions. "As the demand for larger homes increases, the price-to-distance benefit is drawing many buyers towards these areas, resulting in a steady price momentum of 8%-10% for 2025. With only 323 flats left in the supply line, the scope for new launches remains positive as current supply would only fulfil seven months of monthly absorption," a developer said.