East Kolkata surpasses south in real estate prices for second year
Times of India | 3 April 2025
123 Kolkata: South Kolkata's stranglehold over property prices was breached with properties in east Kolkata overtaking those in the below-Rs 2 crore segment for the second consecutive year.
A report released by Kolkata's largest real estate consultancy firm, NK Realtors, on Wednesday indicated that among apartments priced below Rs 2 crore, it is properties in the Park Circus-Tangra-Topsia-Beliaghata belt that held sway over those in Tollygunge, Bhownipore, Kasba, Santoshpur, Garia, and Patuli.
"While the average price of apartments in south Kolkata increased 17% from Rs 9,864 per sq ft to Rs 11,553 per sq ft, that of east Kolkata jumped 25% from Rs 10,573 per sq ft to Rs 13,174 per sq ft. The Tangra-Topsia belt is emerging like Worli or Lower Parel in Mumbai," said NK Realtors chief data and marketing officer Manav Agarwal.
Even in the premium projects category, projects in Tangra are rivalling those in the south, while two properties located behind Science City off EM Bypass are outstripping prices in even tony south Kolkata neighbourhoods like Ballygunge and Jodhpur Park.
In the overall residential real estate market in Kolkata, average prices went up by 12% from Rs 5,923 per sq ft to Rs 6,655 per sq ft.
Sales in 2024 increased by 7% over the previous year, but supply dropped by 16%. As a result, the inventory level or time to sell decreased from 21 months in 2023 to 15 months in 2024.
By inventory throughout 2023 and 2024, 3BHK apartments were the most prevalent in terms of supply and sales, followed by 2BHK. While 3BHK units dominate, demand for 2BHK units is rising, outpacing available inventory.
While east and south vied for the top two spots in terms of price, in terms of sales volume, extended east Kolkata comprising Rajarhat, Chinarpark, New Town, and Mahishbathan saw the highest sales at 3,716 units, followed by south-west Kolkata comprising Taratala, Behala, Thakurpukur, Joka, Maheshtala, and Amtala at 1,629 units.
East Kolkata had the least number of sales at 496 units.