As per reports, affordable housing is the key trend dominating the real estate market in Kolkata. This market segment has received a major boost from the State Government which has unveiled the housing scheme named Nijoshree that offers housing units under two segments to buyers earning less than Rs. 15, 000 and less than Rs. 30, 000 each month.
According to reports, a large chunk of housing units available in the Kolkata real estate market are priced below Rs. 40 lakh. Only 9% of the current inventory is ready-to-move-into while 50%+ housing units are expected to be finished over the next couple of years which is when a massive improvement in the real estate market is expected to be seen.
There were around 1, 19, 000 units launched in the city between 2013 and the first quarter of 2018. Out of this new inventory, approximately 68% was launched between the years 2013 and 2015. Kolkata contributed 7% of total unsold inventory across India’s top 7 cities as of the first quarter of 2018. Supply levels were a little limited after 2015 in the city and as of the first quarter of 2018, Kolkata has 51, 000 unsold units which is not a staggering number if you take into account other top cities like Gurgaon. Peripheral locations in Kolkata are steadily drawing investments with new infrastructural development and availability of affordably priced residential properties in these markets. Some of the top affordably priced projects in Kolkata include BGA Amrita Awas, Shrachi Dakhinatya, Vedic Eco Homes and Swan Green to name a few.
