Real Estate Market in Kolkata

Real estate market in Kolkata has faced upheavals due to several reasons. However, it appears that it may finally change for better. In fact it has already stabilized to a great extent. When the real estate crisis was at its peak, the price of property had plunged greatly. It was good for the buyers as the rates were low too. But it was definitely not good news for the property owners.

 

When the TATA Nano project got stalled, the price of property in the adjoining areas nosedived. But prior to the launch of the project, the price of property in the same area had skyrocketed.

 

Another factor that sent the real estate market in Kolkata to go into hibernation was the worldwide economic shortfall. Since prices plunged, real estate developers and builders stopped their projects and preferred not to invest further in their housing and commercial projects due to the fear that their investment may turn out to be a waste.

 

The main cause was uncertainty that prevailed in the real estate market in Kolkata which forced builders and developers in Kolkata to change their plans. However, the real estate builders should heave a sigh of relief as things are turning around for good.

 

There were several real estate builders who failed to deliver their projects within the stipulated time as there was a shortage of funds which forced builders in the city to bring their project to a halt.

 

Alternatively, consumers did not have sufficient fund to buy property. So, the purchasing power was hit and there was shortage of liquidity in the real estate market in Kolkata.

 

Since there is always light at the end of the tunnel, real estate market in Kolkata has improved and is in the process of further improvement. This is evident from the fact that there is marked appreciation in property values.

 

Studies reveal that during the property fair – Realty Expo 2009, there was remarkable number of enquiries. Not only this, there were many people who made spot bookings for residential apartments in different areas of the City of Joy. This further strengthens the conviction that real estate market in Kolkata is destined to grow further.

 

Residential areas developing rapidly in Kolkata –

 

 

Areas where commercial real estate market in Kolkata is developing –